Consolidated opening financial statement of the Eurosystem as at 1 January 2008 and Consolidated financial statement of the Eurosystem as at 4 January 2008

9 January 2008

Consolidated opening financial statement of the Eurosystem as at 1 January 2008 (compared with the financial statement of the Eurosystem as at 31 December 2007)

As announced last week, the ECB is publishing a consolidated opening financial statement of the Eurosystem as at 1 January 2008 that includes the balance sheet figures from the Central Bank of Cyprus and the Central Bank of Malta, which joined the Eurosystem on that day, together with the consolidated weekly financial statement as at 4 January 2008. In addition, the consolidated opening financial statement of the Eurosystem takes into account the incorporation of the Italian Foreign Exchange Office (UIC) in the Banca d’Italia which took place on 1 January 2008. As a consequence of the entry of the Central Bank of Cyprus and the Central Bank of Malta into the Eurosystem, items previously denominated in Cypriot pounds and Maltese liri respectively have been moved from items “denominated in foreign currency” to items “denominated in euro”. Transactions and balances of accounts held with residents of Cyprus and Malta have been moved from “non-euro area” balance sheet items to “euro area” items. Furthermore, the item capital and reserves (liability item 12) has increased compared with the consolidated weekly financial statement as at 31 December 2007, reflecting both the effect of the entry of Central Bank of Cyprus and the Central Bank of Malta into the Eurosystem and the incorporation of the Italian Foreign Exchange Office (UIC) in the Banca d’Italia.

Consolidated financial statement of the Eurosystem as at 4 January 2008 (compared with the opening financial statement of the Eurosystem as at 1 January 2008)

Items not related to monetary policy operations

In the week ending 4 January 2008, the decrease of EUR 76 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 of 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 0.2 billion to EUR 155.2 billion on account of customer and portfolio transactions.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) remained virtually unchanged at EUR 98.2 billion. Banknotes in circulation (liability item 1) fell by EUR 9 billion to EUR 670.8 billion. Liabilities to general government (liability item 5.1) increased by EUR 10 billion to EUR 50.1 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) decreased by EUR 127.4 billion to EUR 397 billion. On Friday, 4 January 2008, two main refinancing operations of EUR 348.6 billion and EUR 20 billion matured and a new one of EUR 128.5 billion was settled. On the same day, fixed-term deposits fell by EUR 102.3 billion on account of primarily the maturity of a liquidity-absorbing fine-tuning operation of EUR 101.6 billion conducted through the collection of fixed-term deposits.

Recourse to both the marginal lending facility (asset item 5.5) and the deposit facility (liability item 2.2) was EUR 0.6 billion (compared with EUR 0.1 billion and EUR 9.1 billion respectively in the consolidated opening financial statement of the Eurosystem as at 1 January 2008).

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) decreased by EUR 126.3 billion to EUR 143.7 billion.

Consolidated opening financial statement of the Eurosystem as at 1 January 2008 (compared with the financial statement of the Eurosystem as at 31 December 2007)

Assets (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
1 Gold and gold receivables 201,820 274
2 Claims on non-euro area residents denominated in foreign currency 136,653 1,482
2.1 Receivables from the IMF 9,146 91
2.2 Balances with banks and security investments, external loans and other external assets 127,507 1,391
3 Claims on euro area residents denominated in foreign currency 42,930 1,019
4 Claims on non-euro area residents denominated in euro 15,351 1,524
4.1 Balances with banks, security investments and loans 15,351 1,524
4.2 Claims arising from the credit facility under ERM II 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 637,176 0
5.1 Main refinancing operations 368,607 0
5.2 Longer-term refinancing operations 268,476 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 91 0
5.6 Credits related to margin calls 2 0
6 Other claims on euro area credit institutions denominated in euro 26,700 2,802
7 Securities of euro area residents denominated in euro 98,223 2,178
8 General government debt denominated in euro 38,705 1,642
9 Other assets 327,686 3,077
Total assets 1,525,244 14,000
Liabilities (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
1 Banknotes in circulation 679,822 3,145
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 382,802 3,621
2.1 Current accounts (covering the minimum reserve system) 269,969 2,634
2.2 Deposit facility 9,135 304
2.3 Fixed-term deposits 102,263 683
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1,435 0
3 Other liabilities to euro area credit institutions denominated in euro 440 314
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 48,064 1,891
5.1 General government 40,121 2,005
5.2 Other liabilities 7,943 −114
6 Liabilities to non-euro area residents denominated in euro 45,154 64
7 Liabilities to euro area residents denominated in foreign currency 3,197 707
8 Liabilities to non-euro area residents denominated in foreign currency 15,698 146
8.1 Deposits, balances and other liabilities 15,698 146
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,311 33
10 Other liabilities 125,693 1,316
11 Revaluation accounts 147,665 255
12 Capital and reserves 71,398 2,508
Total liabilities 1,525,244 14,000

Consolidated financial statement of the Eurosystem as at 4 January 2008 (compared with the opening financial statement of the Eurosystem as at 1 January 2008)

Assets (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
 
1 Gold and gold receivables 201,744 −76
 
2 Claims on non-euro area residents denominated in foreign currency 137,995 1,342
  2.1 Receivables from the IMF 9,146 0
  2.2 Balances with banks and security investments, external loans and other external assets 128,849 1,342
 
3 Claims on euro area residents denominated in foreign currency 41,698 −1,232
 
4 Claims on non-euro area residents denominated in euro 14,705 −646
  4.1 Balances with banks, security investments and loans 14,705 −646
  4.2 Claims arising from the credit facility under ERM II 0 0
 
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 397,546 −239,630
  5.1 Main refinancing operations 128,499 −240,108
  5.2 Longer-term refinancing operations 268,487 11
  5.3 Fine-tuning reverse operations 0 0
  5.4 Structural reverse operations 0 0
  5.5 Marginal lending facility 560 469
  5.6 Credits related to margin calls 0 −2
 
6 Other claims on euro area credit institutions denominated in euro 26,212 −488
 
7 Securities of euro area residents denominated in euro 98,175 −48
 
8 General government debt denominated in euro 38,705 0
 
9 Other assets 329,010 1,324
 
Total assets 1,285,790 −239,454
 
Liabilities (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
 
1 Banknotes in circulation 670,815 −9,007
 
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 144,214 −238,588
  2.1 Current accounts (covering the minimum reserve system) 143,652 −126,317
  2.2 Deposit facility 554 −8,581
  2.3 Fixed-term deposits 0 −102,263
  2.4 Fine-tuning reverse operations 0 0
  2.5 Deposits related to margin calls 8 −1,427
 
3 Other liabilities to euro area credit institutions denominated in euro 349 −91
 
4 Debt certificates issued 0 0
 
5 Liabilities to other euro area residents denominated in euro 57,571 9,507
  5.1 General government 50,112 9,991
  5.2 Other liabilities 7,459 −484
 
6 Liabilities to non-euro area residents denominated in euro 45,584 430
 
7 Liabilities to euro area residents denominated in foreign currency 1,591 −1,606
 
8 Liabilities to non-euro area residents denominated in foreign currency 17,594 1,896
  8.1 Deposits, balances and other liabilities 17,594 1,896
  8.2 Liabilities arising from the credit facility under ERM II 0 0
 
9 Counterpart of special drawing rights allocated by the IMF 5,311 0
 
10 Other liabilities 123,693 −2,000
 
11 Revaluation accounts 147,665 0
 
12 Capital and reserves 71,403 5
 
Total liabilities 1,285,790 −239,454
 

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