Consolidated financial statement of the Eurosystem as at 2 December 2005

Items not related to monetary policy operations

In the week ending 2 December 2005, the decrease of EUR 108 million in gold and gold receivables (asset item 1) reflected sales 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) decreased by EUR 0.3 billion to EUR 164.1 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 0.9 billion to EUR 93.5 billion. Banknotes in circulation (liability item 1) rose by EUR 9.7 billion to EUR 547.9 billion. Liabilities to general government (liability item 5.1) decreased by EUR 19.7 billion to EUR 42.9 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) decreased by EUR 4.8 billion to EUR 396.2 billion. On Wednesday, 30 November 2005, a main refinancing operation of EUR 311 billion matured and a new one of EUR 306.5 billion was settled. On Thursday, 1 December 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 preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.3 billion (compared with EUR 0.1 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 4.5 billion to EUR 158 billion.