Consolidated financial statement of the Eurosystem as at 3 June 2005

Items not related to monetary policy operations

In the week ending 3 June 2005, the decrease of EUR 141 million in gold and gold receivables (asset item 1) reflected the selling of gold by three Eurosystem central banks (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) remained virtually unchanged at EUR 159.5 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.2 billion to EUR 83.2 billion. Banknotes in circulation (liability item 1) rose by EUR 5.2 billion to EUR 517.1 billion. Liabilities to general government (liability item 5.1) increased by EUR 4.8 billion to EUR 59.2 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) increased by EUR 10.7 billion to EUR 371.9 billion. On Wednesday, 1 June 2005, a main refinancing operation of EUR 271 billion matured and a new one of EUR 281.5 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.5 billion (compared with EUR 0.2 billion in the previous 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) increased by EUR 1.7 billion to EUR 145.9 billion.