Consolidated financial statement of the Eurosystem as at 15 January 2010

Items not related to monetary policy operations

In the week ending 15 January 2010 the decrease of EUR 1 million in gold and gold receivables (asset item 1) reflected a technical adjustment carried out by a 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 2.9 billion to EUR 159.1 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 swaps had no effect on the net position of the Eurosystem in foreign currency. As announced on 18 January 2010 these Swiss franc liquidity-providing operations will no longer be conducted after 31 January 2010.

The holdings by the Eurosystem of securities other than those held for monetary policy purposes (asset item 7.2) decreased by EUR 3.2 billion to EUR 297.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 8.5 billion to EUR 787.9 billion. Liabilities to general government (liability item 5.1) decreased by EUR 4.5 billion to EUR 110.5 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 9.2 billion to EUR 487.7 billion. On Wednesday, 13 January 2010, a main refinancing operation of EUR 54 billion matured and a new one of EUR 60.1 billion was settled. On Thursday, 14 January 2010, a longer-term refinancing operation of EUR 1.1 billion, with a maturity of three months, matured, as did a longer-term refinancing operation of EUR 9.1 billion, with a maturity of six months.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 232.1 billion (compared with EUR 227.1 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 0.8 billion to EUR 29.9 billion in the week ending 15 January 2010.

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 1.7 billion to EUR 162.4 billion.