Consolidated financial statement of the Eurosystem as at 14 October 2005

Items not related to monetary policy operations

In the week ending 14 October 2005, the decrease of EUR 104 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) increased by EUR 0.4 billion to EUR 165.9 billion on account of customer and portfolio transactions.

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 91.8 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.9 billion to EUR 535.4 billion. Liabilities to general government (liability item 5.1) fell by EUR 1.7 billion to EUR 38.6 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 6.9 billion to EUR 371 billion. On Wednesday, 12 October 2005, a main refinancing operation of EUR 288 billion matured and a new one of EUR 281 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 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 3.3 billion to EUR 150.8 billion.