Consolidated financial statement of the Eurosystem as at 1 July 2005

6 July 2005

Items not related to monetary policy operations

In the week ending 1 July 2005, the net increase of EUR 11.7 billion in gold and gold receivables (asset item 1) mainly reflected quarterly revaluation adjustments, after sales of gold by three national central banks of the Eurosystem (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) increased by EUR 9.6 billion to EUR 168.2 billion. The increase was due mainly to the effects of the quarterly revaluation of assets and liabilities.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 1.5 billion to EUR 85.7 billion, in large part due to quarterly revaluation adjustments. Banknotes in circulation (liability item 1) rose by EUR 5.6 billion to EUR 526 billion. Liabilities to general government (liability item 5.1) decreased by EUR 15.2 billion to EUR 68.6 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 1.9 billion to EUR 398.2 billion. On Wednesday, 29 June 2005, a main refinancing operation of EUR 310 billion matured and a new one of EUR 308 billion was settled. On Thursday, 30 June 2005, a longer-term refinancing operation of EUR 30 billion matured and a new one of EUR 30 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was virtually nil (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 7.4 billion to EUR 154 billion.

Quarter-end revaluation of the Eurosystem’s assets and liabilities

In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter. The net impact of the revaluation on each balance sheet item as at 30 June 2005 is shown in the additional column “Difference compared to last week due to revaluations”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR 361.231 per fine oz.

USD: 1.2092 per EUR

JPY: 133.95 per EUR

Special drawing rights: EUR 1.2059 per SDR

Assets (EUR millions) Balance Difference compared to last week due to
i) transactions
ii) revaluations
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Gold and gold receivables 138,451 −360 12,094
2 Claims on non-euro area residents denominated in foreign currency 162,561 436 9,175
2.1 Receivables from the IMF 22,150 −3 814
2.2 Balances with banks and security investments, external loans and other external assets 140,411 439 8,361
3 Claims on euro area residents denominated in foreign currency 21,043 −455 1,196
4 Claims on non-euro area residents denominated in euro 9,177 111 38
4.1 Balances with banks, security investments and loans 9,177 111 38
4.2 Claims arising from the credit facility under ERM II 0 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 398,187 −1,882 0
5.1 Main refinancing operations 308,001 −1,998 0
5.2 Longer-term refinancing operations 90,000 −2 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 184 177 0
5.6 Credits related to margin calls 2 −59 0
6 Other claims on euro area credit institutions denominated in euro 3,229 103 2
7 Securities of euro area residents denominated in euro 85,746 1,064 452
8 General government debt denominated in euro 40,731 −440 −27
9 Other assets 129,316 −1,449 515
Total assets 988,441 −2,873 23,446
Liabilities (EUR millions) Balance Difference compared to last week due to
i) transactions
ii) revaluations
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Banknotes in circulation 525,982 5,593 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 153,971 7,345 0
2.1 Current accounts (covering the minimum reserve system) 153,958 7,350 0
2.2 Deposit facility 12 −6 0
2.3 Fixed-term deposits 0 0 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 1 1 0
3 Other liabilities to euro area credit institutions denominated in euro 153 11 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 75,720 −15,061 0
5.1 General government 68,637 −15,201 0
5.2 Other liabilities 7,083 140 0
6 Liabilities to non-euro area residents denominated in euro 9,741 −139 0
7 Liabilities to euro area residents denominated in foreign currency 339 −94 17
8 Liabilities to non-euro area residents denominated in foreign currency 9,129 45 550
8.1 Deposits, balances and other liabilities 9,129 45 550
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,896 0 195
10 Other liabilities 56,929 −573 2,353
11 Revaluation accounts 92,292 0 20,331
12 Capital and reserves 58,289 0 0
Total liabilities 988,441 −2,873 23,446

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