Consolidated financial statement of the Eurosystem as at 11 December 2009

Items not related to monetary policy operations

In the week ending 11 December 2009 the increase of EUR 1 million in gold and gold receivables (asset item 1) reflected the purchase of gold coin by one 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 1.1 billion to EUR 163.4 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) increased by EUR 0.3 billion to EUR 302.3 billion. Banknotes in circulation (liability item 1) increased by EUR 4.1 billion to EUR 789.4 billion. Liabilities to general government (liability item 5.1) decreased by EUR 11.1 billion to EUR 131.1 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) increased by EUR 72.4 billion to EUR 597.2 billion. On Tuesday, 8 December 2009, a main refinancing operation of EUR 58.1 billion matured and a new one of EUR 55.8 billion was settled. On the same day a longer-term refinancing operation of EUR 2.5 billion, with a maturity of 27 days, matured and a new one of EUR 2.7 billion, with a maturity of 43 days, was settled. On Thursday, 10 December 2009, a longer-term refinancing operation of EUR 3.2 billion, with a maturity of three months, matured and a new one of EUR 2.9 billion was settled. On the same day a longer-term refinancing operation of EUR 18.2 billion, with a maturity of six months, matured and a new one of EUR 1.7 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with EUR 0.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 32.1 billion (compared with EUR 123.4 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR  0.4 billion to EUR 26.7 billion in the week ending 11 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) increased by EUR 83.2 billion to EUR 242.6 billion.