Consolidated financial statement of the Eurosystem as at 4 December 2009

8 December 2009

Items not related to monetary policy operations

In the week ending 4 December 2009 the decrease of EUR 2 million in gold and gold receivables (asset item 1) reflected the sale of gold (consistent with the Central Bank Gold Agreement that came into effect on 27 September 2009) and gold coin by one Eurosystem central bank as well as the purchase of gold coin 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 4.2 billion to EUR 164.5 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
2 December 2009 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 8 billion CHF 4.4 billion
3 December 2009 6-day US dollar liquidity-providing reverse transaction USD 17.9 billion -
3 December 2009 7-day US dollar liquidity-providing reverse transaction - USD 11.6 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 0.6 billion to EUR 302 billion. Banknotes in circulation (liability item 1) increased by EUR 10.8 billion to EUR 785.2 billion. Liabilities to general government (liability item 5.1) decreased by EUR 16.2 billion to EUR 142.2 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 56 billion to EUR 524.8 billion. On Wednesday, 2 December 2009, a main refinancing operation of EUR 59.1 billion matured and a new one of EUR 58.1 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 123.4 billion (compared with EUR 68.3 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 billion to EUR 26.2 billion in the week ending 4 December 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 45.8 billion to EUR 159.4 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 238,145 −2
2 Claims on non-euro area residents denominated in foreign currency 192,660 489
2.1 Receivables from the IMF 62,234 177
2.2 Balances with banks and security investments, external loans and other external assets 130,426 312
3 Claims on euro area residents denominated in foreign currency 35,973 −3,742
4 Claims on non-euro area residents denominated in euro 15,655 −1,746
4.1 Balances with banks, security investments and loans 15,655 −1,746
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 648,119 −886
5.1 Main refinancing operations 58,807 −938
5.2 Longer-term refinancing operations 589,146 −1
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 138 63
5.6 Credits related to margin calls 28 −9
6 Other claims on euro area credit institutions denominated in euro 22,569 1,988
7 Securities of euro area residents denominated in euro 328,224 354
7.1 Securities held for monetary policy purposes 26,226 955
7.2 Other securities 301,998 −600
8 General government debt denominated in euro 36,191 1
9 Other assets 241,893 3,787
Total assets 1,759,429 243
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 785,221 10,829
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 282,732 9,343
2.1 Current accounts (covering the minimum reserve system) 159,370 −45,756
2.2 Deposit facility 123,361 55,100
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 386 206
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 150,926 −15,710
5.1 General government 142,234 −16,167
5.2 Other liabilities 8,691 457
6 Liabilities to non-euro area residents denominated in euro 49,614 −7,350
7 Liabilities to euro area residents denominated in foreign currency 3,236 −9
8 Liabilities to non-euro area residents denominated in foreign currency 10,018 990
8.1 Deposits, balances and other liabilities 10,018 990
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 161,175 1,942
11 Revaluation accounts 192,254 0
12 Capital and reserves 72,963 3
Total liabilities 1,759,429 243

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