Consolidated financial statement of the Eurosystem as at 9 October 2009

In the week ending 9 October 2009, the decrease of EUR 2 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 2009).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 4.1 billion to EUR 179 billion on account of customer and portfolio transactions and the 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) increased by EUR 0.4 billion to EUR 305.6 billion. Banknotes in circulation (liability item 1) increased by EUR 1.3 billion to EUR 772.3 billion. Liabilities to general government (liability item 5.1) decreased by EUR 2.4 billion to EUR 138.4 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 33.9 billion to EUR 549.8 billion. On Wednesday, 7 October 2009, a main refinancing operation of EUR 66.8 billion matured and a new one of EUR 62.6 billion was settled. On Thursday, 8 October 2009, a longer-term refinancing operation of EUR 3 billion, with a maturity of three months, matured and a new one of EUR 1.1 billion was settled. On the same day, a longer-term refinancing operation of EUR 36.1 billion, with a maturity of six months, matured and a new one of EUR 2.4 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 144.8 billion (compared with EUR 150.6 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 1.8 billion to EUR 17.4 billion in the week ending 9 October 2009.

As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) decreased by EUR 41.8 billion to EUR 176.5 billion.