Consolidated financial statement of the Eurosystem as at 16 October 2009

In the week ending 16 October 2009 the increase of EUR 1 million in gold and gold receivables (asset item 1) reflected the purchase of gold coin by one Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 1.2 billion to EUR 177.9 billion on account of customer and portfolio transactions and the US dollar liquidity-providing transaction.

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 0.3 billion to EUR 305.9 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.4 billion to EUR 770.9 billion. Liabilities to general government (liability item 5.1) increased by EUR 5.9 billion to EUR 144.4 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 73.6 billion to EUR 623.4 billion. On Wednesday, 14 October 2009, a main refinancing operation of EUR 62.6 billion matured and a new one of EUR 61.6 billion was settled. On the same day, a longer-term refinancing operation of EUR 10.6 billion, with a maturity of one month, matured and a new one of EUR 7.7 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 68 billion (compared with EUR 144.8 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.9 billion to EUR 18.3 billion in the week ending 16 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 77.5 billion to EUR 254 billion.