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Consolidated financial statement of the Eurosystem as at 30 September 2005

5 October 2005

Items not related to monetary policy operations

In the week ending 30 September 2005, the net increase of EUR 12.1 billion in gold and gold receivables (asset item 1) mainly reflected quarterly revaluation adjustments, as well as a sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement of 27 September 2004) and a purchase of gold coins 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 0.7 billion to EUR 165.4 billion. The decrease was due mainly to the effects of the quarterly revaluation of assets and liabilities, while customer and portfolio transactions carried out by Eurosystem central banks in the period under review resulted in a decrease of EUR 0.1 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.8 billion to EUR 90.9 billion, with an increase of EUR 1.1 billion due to transactions which more than offset a decrease due to revaluations. Banknotes in circulation (liability item 1) rose by EUR 4.3 billion to EUR 533.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 5 billion to EUR 57.9 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 6.4 billion to EUR 383.9 billion. On Wednesday, 28 September 2005, a main refinancing operation of EUR 287.5 billion matured and a new one of EUR 293.5 billion was settled. On Thursday, 29 September 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 0.5 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion (also compared with virtually nil 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 3 billion to EUR 145.1 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 September 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 393.124 per fine oz.

USD: 1.2042 per EUR

JPY: 136.25 per EUR

Special drawing rights: EUR 1.2036 per SDR