Consolidated financial statement of the Eurosystem as at 17 July 2009

In the week ending 17 July 2009 gold and gold receivables (asset item 1) remained unchanged.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 7.2 billion to EUR 201.5 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 1.5 billion to EUR 300.1 billion. Banknotes in circulation (liability item 1) increased by EUR 0.1 billion to EUR 770.4 billion. Liabilities to general government (liability item 5.1) increased by EUR 7.8 billion to EUR 132.4 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) decreased by EUR 40.5 billion to EUR 612 billion. On Wednesday, 15 July 2009, a main refinancing operation of EUR 106.4 billion matured and a new one of EUR 100.3 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 189.9 billion (compared with EUR 155.5 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 1.1 billion in the week ending 17 July 2009.

As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) decreased by EUR 42.3 billion to EUR 229.5 billion.