Consolidated financial statement of the Eurosystem as at 4 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.

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.