Consolidated financial statement of the Eurosystem as at 5 August 2005

Items not related to monetary policy operations

In the week ending 5 August 2005, the decrease of EUR 87 million in gold and gold receivables (asset item 1) reflected the selling of gold by two 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 166.9 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.3 billion to EUR 85.9 billion. Banknotes in circulation (liability item 1) rose by EUR 3.7 billion to EUR 537.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 13.8 billion to EUR 64.2 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) decreased by EUR 2.8 billion to EUR 404 billion. On Wednesday, 3 August 2005, a main refinancing operation of EUR 317 billion matured and a new one of EUR 314 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (approximately the same as in the previous week), and recourse to the deposit facility (liability item 2.2) was also virtually nil (compared with EUR 0.2 billion in the previous 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 152.4 billion.