Consolidated financial statement of the Eurosystem as at 13 February 2009

In the week ending 13 February 2009, the decrease of EUR 155 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 2004) and the net 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 3.3 billion to EUR 311.7 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 12 February 2009, a US dollar liquidity-providing reverse transaction of USD 21.3 billion matured, and a new transaction of USD 15.4 billion, with a maturity of 28 days, was settled. On the same day, a further US dollar liquidity-providing reverse transaction of USD 59.1 billion matured, and a new transaction of USD 70 billion, with a maturity of seven days, was settled. Also on Thursday, 12 February 2009, an EUR/USD foreign exchange swap operation of USD 0.1 billion, with a maturity of 28 days, matured. This foreign exchange swap operation had no effect on the net position of the Eurosystem in foreign currency. All US dollar-denominated transactions were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the European Central Bank (ECB) and the Federal Reserve System. On Wednesday, 11 February 2009, an EUR/CHF foreign exchange swap operation of CHF 35.3 billion matured and a new operation of CHF 35.7 billion, with a maturity of seven days, was settled. On Friday, 13 February 2009, an EUR/CHF foreign exchange swap operation of CHF 0.7 billion, with a maturity of 84 days, matured. These operations were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and the Swiss National Bank and had no effect on the net position of the Eurosystem in foreign currency.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 2.3 billion to EUR 283.7 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.2 billion to EUR 740.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 1.7 billion to EUR 82.6 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 49.3 billion to EUR 605.2 billion. On Wednesday, 11 February 2009, a main refinancing operation of EUR 207.1 billion matured and a new one of EUR 197.7 billion was settled. On the same day, a supplementary longer-term refinancing operation of EUR 113.4 billion matured and a new one of EUR 104.7 billion, with a maturity of 28 days, was settled. On Thursday, 12 February 2009, a supplementary longer-term refinancing operation of EUR 66.8 billion matured and a new one of EUR 18.5 billion, with a maturity of three months, was settled. On the same day, another supplementary longer-term refinancing operation of EUR 10.7 billion, with a maturity of six months, was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.6 billion (compared with EUR 0.8 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 75.9 billion (compared with EUR 180.7 billion in the preceding week).

As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) increased by EUR 52.5 billion to EUR 247.5 billion.