Consolidated financial statement of the Eurosystem as at 2 October 2009

In the week ending 2 October 2009, the increase of EUR 6,256.3 million in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments, as well as the sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement that came into effect on 27 September 2009).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 6.1 billion to EUR 183.1 billion. This change was due to the effect of quarterly revaluation adjustments, customer and portfolio transactions and US dollar liquidity-providing transactions.

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 0.4 billion to EUR 305.2 billion, mainly on account of quarter-end adjustments. Banknotes in circulation (liability item 1) increased by EUR 4.8 billion to EUR 770.9 billion. Liabilities to general government (liability item 5.1) decreased by EUR 4.2 billion to EUR 140.8 billion.

The Eurosystem’s net lending to credit institutions (asset item 5 minus liability items 2.2, 2.3, 2.4, 2.5 and 4) increased by EUR 19.4 billion to EUR 583.7 billion. On Wednesday, 30 September 2009, a main refinancing operation of EUR 85 billion matured and a new one of EUR 66.8 billion was settled. On Thursday, 1 October 2009, a longer-term refinancing operation of EUR 6.4 billion, with a maturity of three months, matured and a new one of EUR 2.8 billion was settled. On the same day, a longer-term refinancing operation of EUR 75.2 billion, with a maturity of one year, 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 150.6 billion (compared with EUR 116.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 1.3 billion to EUR 15.6 billion in the week ending 2 October 2009.

As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) increased by EUR 28.5 billion to EUR 218.3 billion.

In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter. The net impact of the revaluation on each balance sheet item as at 2 October 2009 is shown in the additional column “ Difference compared with last week due to quarter-end adjustments”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR 683.774 per fine oz.

USD: 1.4643 per EUR

JPY: 131.07 per EUR

Special drawing rights: EUR 1.0813 per SDR