Consolidated financial statement of the Eurosystem as at 1 January 2010

6 January 2010

Items not related to monetary policy operations

In the week ending 1 January 2010, the increase of EUR 28.8 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 3.3 billion to EUR 162.7 billion. This was due to quarterly revaluation adjustments, as well as customer and portfolio transactions carried out by Eurosystem central banks.

The holdings by the Eurosystem of securities other than those held for monetary policy purposes (asset item 7.2) decreased by EUR 1.2 billion to EUR 299.9 billion, mainly on account of quarter-end adjustments. Banknotes in circulation (liability item 1) decreased by EUR 0.7 billion to EUR 806.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 5.2 billion to EUR 120.5 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 23.3 billion to EUR 587.8 billion. On Wednesday, 30 December 2009, a main refinancing operation of EUR 58.6 billion matured and a new one of EUR 78.6 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 1.3 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 162.1 billion (compared with EUR 164.1 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.3 billion to EUR 28.8 billion in the week ending 1 January 2010.

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) increased by EUR 28.9 billion to EUR 233.5 billion.

Quarter-end revaluation of the Eurosystem’s assets and liabilities

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 1 January 2010 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 766.347 per fine oz.

USD: 1.4406 per EUR

JPY: 133.16 per EUR

Special drawing rights: EUR 1.0886 per SDR

Assets (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Gold and gold receivables 266,919 0 28,771
2 Claims on non-euro area residents denominated in foreign currency 195,480 1,641 1,930
2.1 Receivables from the IMF 62,799 1,056 389
2.2 Balances with banks and security investments, external loans and other external assets 132,680 585 1,541
3 Claims on euro area residents denominated in foreign currency 32,151 −261 704
4 Claims on non-euro area residents denominated in euro 15,198 −514 16
4.1 Balances with banks, security investments and loans 15,198 −514 16
4.2 Claims arising from the credit facility under ERM II 0 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 749,906 21,322 0
5.1 Main refinancing operations 79,293 20,072 0
5.2 Longer-term refinancing operations 669,297 1 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 1,289 1,249 0
5.6 Credits related to margin calls 27 0 0
6 Other claims on euro area credit institutions denominated in euro 26,281 516 0
7 Securities of euro area residents denominated in euro 328,652 109 −1,003
7.1 Securities held for monetary policy purposes 28,782 307 −29
7.2 Other securities 299,870 −198 −974
8 General government debt denominated in euro 36,161 −2 −25
9 Other assets 254,188 1,023 −1,755
Total assets 1,904,935 23,835 28,637
Liabilities (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Banknotes in circulation 806,522 −669 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 395,614 26,930 0
2.1 Current accounts (covering the minimum reserve system) 233,490 28,897 0
2.2 Deposit facility 162,117 −1,971 0
2.3 Fixed-term deposits 0 0 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 6 5 0
3 Other liabilities to euro area credit institutions denominated in euro 340 11 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 129,749 −4,011 0
5.1 General government 120,495 −5,198 0
5.2 Other liabilities 9,253 1,187 0
6 Liabilities to non-euro area residents denominated in euro 46,759 300 0
7 Liabilities to euro area residents denominated in foreign currency 4,032 269 60
8 Liabilities to non-euro area residents denominated in foreign currency 9,616 −95 143
8.1 Deposits, balances and other liabilities 9,616 −95 143
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 51,249 0 343
10 Other liabilities 167,840 1,066 127
11 Revaluation accounts 220,212 0 27,958
12 Capital and reserves 73,001 32 5
Total liabilities 1,904,935 23,835 28,637

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