The net position of the Eurosystem in foreign currency increased by EUR 8.6 billion to EUR 349.5 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Friday, 28 November 2008, a US dollar liquidity-providing reverse transaction of USD 72.5 billion matured, and a new transaction of USD 84.6 billion, with a maturity of seven days, was settled. On the same day, a EUR/USD foreign exchange swap operation of USD 0.9 billion matured and a new operation of USD 0.8 billion, also with a maturity of seven days, was settled. This foreign exchange swap operation had no effect on the net position of the Eurosystem in foreign currency. All US dollar-denominated transactions were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the European Central Bank (ECB) and the Federal Reserve System. On Wednesday, 26 November 2008, a EUR/CHF foreign exchange swap operation of CHF 17.9 billion matured and a new operation of CHF 20 billion, with a maturity of seven days, was settled. This operation was conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and the Swiss National Bank and 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 increased by EUR 1.2 billion to EUR 120.5 billion. Banknotes in circulation increased by EUR 4.8 billion to EUR 731.5 billion. Liabilities to general government increased by EUR 25.7 billion to EUR 132.4 billion.
Items related to monetary policy operations
The Eurosystem’s net lending to credit institutions increased by EUR 11.7 billion to EUR 591 billion. On Wednesday, 26 November 2008, a main refinancing operation of EUR 338 billion matured and a new one of EUR 334.5 billion was settled. On Thursday, 27 November 2008, a longer-term refinancing operation of EUR 50 billion matured and a new one of EUR 42.2 billion was settled.
Recourse to the marginal lending facility was EUR 4.4 billion (compared with EUR 1.9 billion in the previous week), while recourse to the deposit facility was EUR 203.9 billion (compared with EUR 224.2 billion in the preceding week).
Current accounts of euro area credit institutions
As a result of all transactions, the current account position of credit institutions with the Eurosystem decreased by EUR 7.7 billion to EUR 197.2 billion.
