Consolidated financial statement of the Eurosystem as at 23 December 2005

28 December 2005

Items not related to monetary policy operations

In the week ending 23 December 2005, the decrease of EUR 165 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 3.4 billion to EUR 161.2 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 0.6 billion to EUR 94.4 billion. Banknotes in circulation (liability item 1) rose by EUR 9.4 billion to EUR 568 billion. Liabilities to general government (liability item 5.1) increased by EUR 1 billion to EUR 35.6 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 5.6 billion to EUR 404 billion. On Wednesday, 21 December 2005, a main refinancing operation of EUR 308.5 billion matured and a new one of EUR 314 billion was settled.

On the same day, the ECB arranged for the usual longer-term refinancing operation (LTRO) of EUR 30 billion for settlement on Thursday, 22 December 2005, when an earlier LTRO matured. However, an erroneous bid prevented the ECB from executing this new longer-term refinancing operation for the standard amount, with only EUR 12.5 billion being settled on the specified day. The residual amount of EUR 17.5 billion was subsequently allotted by means of an exceptional refinancing operation based on normal LTRO procedures on Thursday, 22 December 2005, and was settled on Friday, 23 December. Both refinancing operations will mature on Thursday, 30 March 2006.

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 0.1 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 7.6 billion to EUR 150.7 billion.

Assets (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
1 Gold and gold receivables 148,133 −165
2 Claims on non-euro area residents denominated in foreign currency 152,014 −4,697
2.1 Receivables from the IMF 16,440 −3,140
2.2 Balances with banks and security investments, external loans and other external assets 135,574 −1,557
3 Claims on euro area residents denominated in foreign currency 23,960 1,354
4 Claims on non-euro area residents denominated in euro 9,289 −167
4.1 Balances with banks, security investments and loans 9,289 −167
4.2 Claims arising from the credit facility under ERM II 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 404,019 5,503
5.1 Main refinancing operations 314,002 5,502
5.2 Longer-term refinancing operations 90,017 17
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 0 0
5.6 Credits related to margin calls 0 −16
6 Other claims on euro area credit institutions denominated in euro 3,500 297
7 Securities of euro area residents denominated in euro 94,435 576
8 General government debt denominated in euro 40,274 −388
9 Other assets 144,125 493
Total assets 1,019,749 2,806
Liabilities (EUR millions) Balance Difference compared with last week due to transactions
Totals/sub-totals may not add up, due to rounding
1 Banknotes in circulation 567,962 9,366
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 150,732 −7,658
2.1 Current accounts (covering the minimum reserve system) 150,714 −7,569
2.2 Deposit facility 18 −89
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 0 0
3 Other liabilities to euro area credit institutions denominated in euro 207 −12
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 43,476 1,087
5.1 General government 35,559 1,047
5.2 Other liabilities 7,917 40
6 Liabilities to non-euro area residents denominated in euro 12,364 299
7 Liabilities to euro area residents denominated in foreign currency 480 70
8 Liabilities to non-euro area residents denominated in foreign currency 8,424 −17
8.1 Deposits, balances and other liabilities 8,424 −17
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,885 0
10 Other liabilities 68,041 −332
11 Revaluation accounts 103,749 0
12 Capital and reserves 58,429 3
Total liabilities 1,019,749 2,806

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