Consolidated financial statement of the Eurosystem as at 1 February 2008
Items not related to monetary policy operations
In the week ending 1 February 2008, the decrease of EUR 160 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) and a net purchase of gold coin by another 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 0.2 billion to EUR 151.7 billion on account of customer and portfolio transactions. On 31 January 2008, one US dollar liquidity-providing operation matured and, as announced by the ECB in a press release dated 10 January 2008, a new operation of USD 10 billion was settled, with a maturity of 28 days. These operations were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and the Federal Reserve System.
The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 1.3 billion to EUR 99.3 billion. Banknotes in circulation (liability item 1) rose by EUR 3.1 billion to EUR 652.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 16.3 billion to EUR 47.8 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 8.7 billion to EUR 435.2 billion. On Wednesday, 30 January 2008, a main refinancing operation of EUR 175.5 billion matured and a new one of EUR 167.5 billion was settled. On Thursday, 31 January 2008, a longer-term refinancing operation of EUR 50 billion matured and a new one of EUR 50 billion was settled.
Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with 0.5 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.5 billion, which was approximately the same as 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 (liability item 2.1) increased by EUR 5.8 billion to EUR 198.5 billion.
| 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 | 201,452 | −160 | |
| 2 | Claims on non-euro area residents denominated in foreign currency | 143,046 | 3,015 | |
| 2.1 | Receivables from the IMF | 9,121 | −3 | |
| 2.2 | Balances with banks and security investments, external loans and other external assets | 133,925 | 3,018 | |
| 3 | Claims on euro area residents denominated in foreign currency | 34,525 | −1,831 | |
| 4 | Claims on non-euro area residents denominated in euro | 14,501 | −1,693 | |
| 4.1 | Balances with banks, security investments and loans | 14,501 | −1,693 | |
| 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 | 435,999 | −8,492 | |
| 5.1 | Main refinancing operations | 167,501 | −7,999 | |
| 5.2 | Longer-term refinancing operations | 268,491 | 4 | |
| 5.3 | Fine-tuning reverse operations | 0 | 0 | |
| 5.4 | Structural reverse operations | 0 | 0 | |
| 5.5 | Marginal lending facility | 4 | −488 | |
| 5.6 | Credits related to margin calls | 3 | −9 | |
| 6 | Other claims on euro area credit institutions denominated in euro | 30,695 | 2,123 | |
| 7 | Securities of euro area residents denominated in euro | 99,340 | 1,283 | |
| 8 | General government debt denominated in euro | 38,634 | −71 | |
| 9 | Other assets | 332,726 | −798 | |
| Total assets | 1,330,918 | −6,624 | ||
| 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 | 652,624 | 3,110 | |
| 2 | Liabilities to euro area credit institutions related to monetary policy operations denominated in euro | 199,240 | 6,041 | |
| 2.1 | Current accounts (covering the minimum reserve system) | 198,471 | 5,791 | |
| 2.2 | Deposit facility | 510 | 9 | |
| 2.3 | Fixed-term deposits | 0 | 0 | |
| 2.4 | Fine-tuning reverse operations | 0 | 0 | |
| 2.5 | Deposits related to margin calls | 259 | 241 | |
| 3 | Other liabilities to euro area credit institutions denominated in euro | 256 | −58 | |
| 4 | Debt certificates issued | 0 | 0 | |
| 5 | Liabilities to other euro area residents denominated in euro | 55,057 | −16,915 | |
| 5.1 | General government | 47,820 | −16,255 | |
| 5.2 | Other liabilities | 7,237 | −660 | |
| 6 | Liabilities to non-euro area residents denominated in euro | 48,797 | −2,244 | |
| 7 | Liabilities to euro area residents denominated in foreign currency | 1,301 | 121 | |
| 8 | Liabilities to non-euro area residents denominated in foreign currency | 19,267 | 1,289 | |
| 8.1 | Deposits, balances and other liabilities | 19,267 | 1,289 | |
| 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 | 131,749 | 2,086 | |
| 11 | Revaluation accounts | 147,665 | 0 | |
| 12 | Capital and reserves | 69,651 | −54 | |
| Total liabilities | 1,330,918 | −6,624 | ||
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