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Consolidated financial statement of the Eurosystem as at 30 December 2005

4 January 2006

Items not related to monetary policy operations

In the week ending 30 December 2005, the net increase of EUR 15.7 billion in gold and gold receivables (asset item 1) mainly reflected quarterly revaluation adjustments, but also sales of gold by one Eurosystem central bank (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 2 billion to EUR 163.1 billion. The increase was due mainly to the effects of the quarterly revaluation of assets and liabilities.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) decreased by EUR 2.1 billion to EUR 92.4 billion, in large part due to transactions. Banknotes in circulation (liability item 1) fell by EUR 2.7 billion to EUR 565.2 billion. Liabilities to general government (liability item 5.1) decreased by EUR 1.4 billion to EUR 34.2 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 1.7 billion to EUR 405.7 billion. On Thursday, 29 December 2005, a main refinancing operation of EUR 314 billion matured and a new one of EUR 315 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.9 billion (compared with virtually nil in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.3 billion (also compared with virtually nil 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 4.6 billion to EUR 155.3 billion.

Year-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 the end of 2005 is shown in the additional column “Difference compared with last week due to revaluations”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR 434.856 per fine oz.

USD: 1.1797 per EUR

JPY: 138.90 per EUR

Special drawing rights: EUR 1.2099 per SDR

Assets (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)revaluations
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Gold and gold receivables 163,881 −27 15,775
2 Claims on non-euro area residents denominated in foreign currency 154,141 236 1,891
2.1 Receivables from the IMF 16,391 −148 99
2.2 Balances with banks and security investments, external loans and other external assets 137,750 384 1,792
3 Claims on euro area residents denominated in foreign currency 23,694 −555 289
4 Claims on non-euro area residents denominated in euro 9,185 −79 −25
4.1 Balances with banks, security investments and loans 9,185 −79 −25
4.2 Claims arising from the credit facility under ERM II 0 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 405,967 1,948 0
5.1 Main refinancing operations 315,001 999 0
5.2 Longer-term refinancing operations 90,017 0 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 949 949 0
5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 3,635 135 0
7 Securities of euro area residents denominated in euro 92,367 −1,495 −573
8 General government debt denominated in euro 40,113 −135 −26
9 Other assets 145,169 940 104
Total assets 1,038,152 967 17,436
Liabilities (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)revaluations
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Banknotes in circulation 565,216 −2,746 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 155,535 4,803 0
2.1 Current accounts (covering the minimum reserve system) 155,283 4,569 0
2.2 Deposit facility 252 234 0
2.3 Fixed-term deposits 0 0 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 0 0 0
3 Other liabilities to euro area credit institutions denominated in euro 207 0 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 41,767 −1,709 0
5.1 General government 34,190 −1,369 0
5.2 Other liabilities 7,577 −340 0
6 Liabilities to non-euro area residents denominated in euro 13,224 860 0
7 Liabilities to euro area residents denominated in foreign currency 367 −122 9
8 Liabilities to non-euro area residents denominated in foreign currency 8,405 −212 193
8.1 Deposits, balances and other liabilities 8,405 −212 193
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,920 0 35
10 Other liabilities 70,043 167 1,835
11 Revaluation accounts 119,113 0 15,364
12 Capital and reserves 58,355 −74 0
Total liabilities 1,038,152 967 17,436

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