Consolidated financial statement of the Eurosystem as at 28 October 2005

Items not related to monetary policy operations

In the week ending 28 October 2005, the decrease of EUR 398 million in gold and gold receivables (asset item 1) reflected sales 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) decreased by EUR 0.2 billion to EUR 165.6 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 0.5 billion to EUR 92.3 billion. Banknotes in circulation (liability item 1) rose by EUR 2.9 billion to EUR 536.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 1.4 billion to EUR 57.6 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) increased by EUR 5.5 billion to EUR 391.4 billion. On Wednesday, 26 October 2005, a main refinancing operation of EUR 296 billion matured and a new one of EUR 301.5 billion was settled. On Friday, 28 October 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 virtually nil (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion (also 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 0.9 billion to EUR 150.2 billion.