Consolidated financial statement of the Eurosystem as at 20 November 2009

24 November 2009

Items not related to monetary policy operations

In the week ending 20 November 2009 the net decrease of EUR 3 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 2009), as well as the purchase of gold coin by one Eurosystem central bank and a technical adjustment carried out by another 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 1.1 billion to EUR 170.8 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
18 November 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 6.8 billion CHF 9.4 billion
19 November 2009 7-day US dollar liquidity-providing reverse transaction USD 22 billion -
19 November 2009 8-day US dollar liquidity-providing reverse transaction - USD 19.9 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) decreased by EUR 1.1 billion to EUR 301.9 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.6 billion to EUR 771.6 billion. Liabilities to general government (liability item 5.1) increased by EUR 8.1 billion to EUR 155.4 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) increased by EUR 7.8 billion to EUR 603.4 billion. On Wednesday, 18 November 2009, a main refinancing operation of EUR 51.3 billion matured and a new one of EUR 52.6 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.8 billion (compared with EUR 2.5 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 46.1 billion (compared with EUR 54.3 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 1.4 billion to EUR 24.2 billion in the week ending 20 November 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 2.4 billion to EUR 229.8 billion.

Other issues

It should be noted that some items of the consolidated weekly financial statement of the Eurosystem as at 13 November 2009 (published on 17 November 2009) were updated, owing to the receipt of a revised balance sheet from one Eurosystem central bank, although the changes were immaterial.

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 238,147 −3
2 Claims on non-euro area residents denominated in foreign currency 193,776 −205
2.1 Receivables from the IMF 62,201 −27
2.2 Balances with banks and security investments, external loans and other external assets 131,575 −178
3 Claims on euro area residents denominated in foreign currency 41,172 −708
4 Claims on non-euro area residents denominated in euro 17,071 329
4.1 Balances with banks, security investments and loans 17,071 329
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 649,482 −424
5.1 Main refinancing operations 53,258 1,308
5.2 Longer-term refinancing operations 595,401 1
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 773 −1,750
5.6 Credits related to margin calls 50 17
6 Other claims on euro area credit institutions denominated in euro 22,058 291
7 Securities of euro area residents denominated in euro 326,084 323
7.1 Securities held for monetary policy purposes 24,172 1,427
7.2 Other securities 301,913 −1,104
8 General government debt denominated in euro 36,195 0
9 Other assets 237,490 2,269
Total assets 1,761,476 1,871
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 771,617 −1,558
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 275,891 −10,611
2.1 Current accounts (covering the minimum reserve system) 229,825 −2,387
2.2 Deposit facility 46,065 −8,224
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1 0
3 Other liabilities to euro area credit institutions denominated in euro 413 −29
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 163,603 8,085
5.1 General government 155,395 8,053
5.2 Other liabilities 8,207 32
6 Liabilities to non-euro area residents denominated in euro 62,084 3,860
7 Liabilities to euro area residents denominated in foreign currency 3,589 −583
8 Liabilities to non-euro area residents denominated in foreign currency 9,702 790
8.1 Deposits, balances and other liabilities 9,702 790
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 50,906 0
10 Other liabilities 158,458 1,914
11 Revaluation accounts 192,254 0
12 Capital and reserves 72,959 3
Total liabilities 1,761,476 1,871

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