Consolidated financial statement of the Eurosystem as at 22 May 2009

In the week ending 22 May 2009 the decrease of EUR 14 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).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 18 billion to EUR 243.5 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 marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 1.9 billion to EUR 294.7 billion. Banknotes in circulation (liability item 1) increased by EUR 0.1 billion to EUR 758.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 6.4 billion to EUR 141.1 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 2.2 billion to EUR 603.5 billion. On Wednesday, 20 May 2009, a main refinancing operation of EUR 229.6 billion matured and a new one of EUR 221.3 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 15.6 billion (compared with EUR 21.6 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) decreased by EUR 11.1 billion to EUR 206.7 billion.