Consolidated financial statement of the Eurosystem as at 15 January 2010

19 January 2010

Items not related to monetary policy operations

In the week ending 15 January 2010 the decrease of EUR 1 million in gold and gold receivables (asset item 1) reflected a technical adjustment carried out by a 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 2.9 billion to EUR 159.1 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
13 January 2010 7-day Swiss franc liquidity-providing EUR/CHF foreign exchange swap CHF 2.9 billion CHF 2.2 billion
14 January 2010 7-day US dollar liquidity-providing reverse transaction USD 5.4 billion USD 1.2 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 swaps had no effect on the net position of the Eurosystem in foreign currency. As announced on 18 January 2010 these Swiss franc liquidity-providing operations will no longer be conducted after 31 January 2010.

The holdings by the Eurosystem of securities other than those held for monetary policy purposes (asset item 7.2) decreased by EUR 3.2 billion to EUR 297.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 8.5 billion to EUR 787.9 billion. Liabilities to general government (liability item 5.1) decreased by EUR 4.5 billion to EUR 110.5 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) decreased by EUR 9.2 billion to EUR 487.7 billion. On Wednesday, 13 January 2010, a main refinancing operation of EUR 54 billion matured and a new one of EUR 60.1 billion was settled. On Thursday, 14 January 2010, a longer-term refinancing operation of EUR 1.1 billion, with a maturity of three months, matured, as did a longer-term refinancing operation of EUR 9.1 billion, with a maturity of six months.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 232.1 billion (compared with EUR 227.1 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.8 billion to EUR 29.9 billion in the week ending 15 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 1.7 billion to EUR 162.4 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 266,918 −1
2 Claims on non-euro area residents denominated in foreign currency 196,411 273
2.1 Receivables from the IMF 62,816 0
2.2 Balances with banks and security investments, external loans and other external assets 133,595 273
3 Claims on euro area residents denominated in foreign currency 28,170 −3,264
4 Claims on non-euro area residents denominated in euro 17,324 1,134
4.1 Balances with banks, security investments and loans 17,324 1,134
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 719,875 −4,155
5.1 Main refinancing operations 60,707 6,055
5.2 Longer-term refinancing operations 659,103 −10,199
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 46 0
5.6 Credits related to margin calls 19 −11
6 Other claims on euro area credit institutions denominated in euro 27,264 375
7 Securities of euro area residents denominated in euro 327,173 −2,465
7.1 Securities held for monetary policy purposes 29,894 783
7.2 Other securities 297,278 −3,247
8 General government debt denominated in euro 36,171 0
9 Other assets 251,300 −881
Total assets 1,870,606 −8,984
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 787,904 −8,488
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 394,517 6,685
2.1 Current accounts (covering the minimum reserve system) 162,360 1,676
2.2 Deposit facility 232,147 5,006
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 10 4
3 Other liabilities to euro area credit institutions denominated in euro 516 19
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 119,094 −4,277
5.1 General government 110,466 −4,467
5.2 Other liabilities 8,628 190
6 Liabilities to non-euro area residents denominated in euro 43,404 −2,934
7 Liabilities to euro area residents denominated in foreign currency 4,994 284
8 Liabilities to non-euro area residents denominated in foreign currency 9,215 −345
8.1 Deposits, balances and other liabilities 9,215 −345
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 51,249 0
10 Other liabilities 165,474 −994
11 Revaluation accounts 220,213 0
12 Capital and reserves 74,028 1,066
Total liabilities 1,870,606 −8,984

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