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Consolidated financial statement of the Eurosystem as at 6 June 2008

10 June 2008

Items not related to monetary policy operations

In the week ending 6 June 2008, the decrease of EUR 30 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) increased by EUR 0.1 billion to EUR 167.4 billion on account of customer and portfolio transactions. On Thursday, 5 June 2008, one US dollar liquidity-providing operation of USD 25 billion matured and a new operation of USD 25 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 0.9 billion to EUR 114.9 billion. Banknotes in circulation (liability item 1) rose by EUR 3.6 billion to EUR 675.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 5.1 billion to EUR 59.6 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 17.8 billion to EUR 438 billion. On Wednesday, 4 June 2008, a main refinancing operation of EUR 170 billion matured and a new one of EUR 153 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.8 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.1 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) decreased by EUR 12.4 billion to EUR 195.1 billion.

Other issues

It should be noted with respect to the consolidated weekly financial statement of the Eurosystem as at 30 May 2008 (published on 3 June 2008) that claims on non-euro area residents denominated in foreign currency (asset item 2) should have shown a balance of EUR 136,603 million, instead of EUR 136,301 million, and that liabilities to non-euro area residents denominated in foreign currency (liability item 8) should have read EUR 16,817 million, instead of EUR 16,514 million.

Thus, the actual week-on-week changes in these positions are a decrease of EUR 399 million and of EUR 230 million respectively.

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 209,515 −30
2 Claims on non-euro area residents denominated in foreign currency 136,204 −399
2.1 Receivables from the IMF 9,427 −7
2.2 Balances with banks and security investments, external loans and other external assets 126,777 −392
3 Claims on euro area residents denominated in foreign currency 55,300 357
4 Claims on non-euro area residents denominated in euro 15,077 −536
4.1 Balances with banks, security investments and loans 15,077 −536
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 438,030 −17,791
5.1 Main refinancing operations 153,000 −17,002
5.2 Longer-term refinancing operations 285,027 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 0 −791
5.6 Credits related to margin calls 3 2
6 Other claims on euro area credit institutions denominated in euro 31,396 −699
7 Securities of euro area residents denominated in euro 114,943 943
8 General government debt denominated in euro 38,007 0
9 Other assets 369,274 2,352
Total assets 1,407,746 −15,803
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 675,558 3,551
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 195,146 −12,436
2.1 Current accounts (covering the minimum reserve system) 195,069 −12,447
2.2 Deposit facility 70 15
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 7 −4
3 Other liabilities to euro area credit institutions denominated in euro 156 0
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 66,496 −5,420
5.1 General government 59,587 −5,103
5.2 Other liabilities 6,909 −317
6 Liabilities to non-euro area residents denominated in euro 72,348 −1,025
7 Liabilities to euro area residents denominated in foreign currency 2,396 116
8 Liabilities to non-euro area residents denominated in foreign currency 16,587 −230
8.1 Deposits, balances and other liabilities 16,587 −230
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,148 0
10 Other liabilities 146,008 −92
11 Revaluation accounts 156,231 0
12 Capital and reserves 71,672 −267
Total liabilities 1,407,746 −15,803
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