Consolidated financial statement of the Eurosystem as at 20 November 2009

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.

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.

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.

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.

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.