Consolidated financial statement of the Eurosystem as at 25 September 2009

29 September 2009

Items not related to monetary policy operations

In the week ending 25 September 2009 the decrease of EUR 58 million in gold and gold receivables (asset item 1) reflected the sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement that came into effect on 27 September 2004) and the purchase of gold by another Eurosystem central bank. As announced on 7 August 2009, a new Central Bank Gold Agreement came into effect on 27 September 2009, covering a concerted programme of gold sales over a five-year period.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 1 billion to EUR 189.2 billion on account of customer and portfolio transactions and US dollar liquidity-providing transactions.

Extraordinary transactions

Value date Type of transaction Maturing amount New amount
23 September 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 11.3 billion CHF 12 billion
24 September 2009 7-day US dollar liquidity-providing reverse transaction USD 41.3 billion USD 40 billion

The liquidity-providing transactions were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangements (swap lines) that the European Central Bank has with the Swiss National Bank and the Federal Reserve System. The EUR/CHF foreign exchange swap had no effect on the net position of the Eurosystem in foreign currency.

The holdings by the Eurosystem of securities other than those held for monetary policy purposes (asset item 7.2) increased by EUR 0.2 billion to EUR 304.8 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.4 billion to EUR 766.1 billion. Liabilities to general government (liability item 5.1) increased by EUR 10.7 billion to EUR 145 billion.

Items related to monetary policy operations

The Eurosystem’s net lending to credit institutions (asset item 5 minus liability items 2.2, 2.3, 2.4, 2.5 and 4) decreased by EUR 30.5 billion to EUR 564.3 billion. On Wednesday, 23 September 2009, a main refinancing operation of EUR 87.8 billion matured and a new one of EUR 85 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 116.8 billion (compared with EUR 89 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 1.5 billion to EUR 14.2 billion in the week ending 25 September 2009.

Current accounts of euro area credit institutions

As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) decreased by EUR 46.5 billion to EUR 189.8 billion.

Assets (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
1 Gold and gold receivables 231,913 −58
2 Claims on non-euro area residents denominated in foreign currency 196,308 −358
2.1 Receivables from the IMF 63,585 272
2.2 Balances with banks and security investments, external loans and other external assets 132,723 −630
3 Claims on euro area residents denominated in foreign currency 58,096 −1,035
4 Claims on non-euro area residents denominated in euro 15,007 −604
4.1 Balances with banks, security investments and loans 15,007 −604
4.2 Claims arising from the credit facility under ERM II 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 681,048 −2,789
5.1 Main refinancing operations 85,004 −2,796
5.2 Longer-term refinancing operations 595,863 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 141 −8
5.6 Credits related to margin calls 40 15
6 Other claims on euro area credit institutions denominated in euro 26,356 1,670
7 Securities of euro area residents denominated in euro 319,065 1,614
7.1 Securities held for monetary policy purposes 14,239 1,460
7.2 Other securities 304,826 154
8 General government debt denominated in euro 36,229 −1
9 Other assets 226,220 −1,169
Total assets 1,790,242 −2,730
Liabilities (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
1 Banknotes in circulation 766,140 −1,376
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 306,532 −18,702
2.1 Current accounts (covering the minimum reserve system) 189,778 −46,459
2.2 Deposit facility 116,751 27,757
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 2 0
3 Other liabilities to euro area credit institutions denominated in euro 154 −15
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 160,743 14,998
5.1 General government 145,034 10,677
5.2 Other liabilities 15,709 4,321
6 Liabilities to non-euro area residents denominated in euro 85,716 2,350
7 Liabilities to euro area residents denominated in foreign currency 3,030 −120
8 Liabilities to non-euro area residents denominated in foreign currency 10,712 −287
8.1 Deposits, balances and other liabilities 10,712 −287
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 51,481 0
10 Other liabilities 144,980 423
11 Revaluation accounts 187,797 0
12 Capital and reserves 72,959 0
Total liabilities 1,790,242 −2,730

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