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Consolidated financial statement of the Eurosystem as at 31 March 2006

5 April 2006

Items not related to monetary policy operations

In the week ending 31 March 2006, the increase of EUR 17.7 billion in gold and gold receivables (asset item 1) mainly reflected quarterly revaluation adjustments, after 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 4.7 billion to EUR 155.3 billion. The decrease was due mainly to the effects of the quarterly revaluation of assets and liabilities, while customer and portfolio transactions carried out by Eurosystem central banks in the period under review resulted in a decrease of EUR 0.3 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) decreased by EUR 0.5 billion to EUR 94.8 billion, in large part due to quarterly revaluation adjustments. Banknotes in circulation (liability item 1) increased by EUR 3.9 billion to EUR 557.2 billion. Liabilities to general government (liability item 5.1) fell by EUR 3.1 billion to EUR 55.3 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 4.3 billion to EUR 403.7 billion. On Wednesday, 29 March 2006, a main refinancing operation of EUR 298 billion matured and a new one of EUR 284 billion was settled. On Thursday, 30 March 2006, a longer-term refinancing operation of EUR 30 billion matured and a new one of EUR 40 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 0.4 billion (also compared with virtually nil 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 4.2 billion to EUR 155.8 billion.

Quarter-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 31 March 2006 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 482.485 per fine oz.

USD: 1.2104 per EUR

JPY: 142.42 per EUR

Special drawing rights: EUR 1.1910 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 180,785 −205 17,902
2 Claims on non-euro area residents denominated in foreign currency 144,696 −2,207 −4,141
2.1 Receivables from the IMF 12,100 −94 −259
2.2 Balances with banks and security investments, external loans and other external assets 132,596 −2,113 −3,882
3 Claims on euro area residents denominated in foreign currency 25,763 −544 −573
4 Claims on non-euro area residents denominated in euro 11,389 −382 −13
4.1 Balances with banks, security investments and loans 11,389 −382 −13
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 404,053 −3,975 0
5.1 Main refinancing operations 284,000 −14,001 0
5.2 Longer-term refinancing operations 120,000 9,982 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 53 53 0
5.6 Credits related to margin calls 0 −9 0
6 Other claims on euro area credit institutions denominated in euro 5,914 794 0
7 Securities of euro area residents denominated in euro 94,845 147 −617
8 General government debt denominated in euro 40,570 9 −26
9 Other assets 159,462 2,234 2,947
Total assets 1,067,477 −4,130 15,480
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 557,150 3,891 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 156,118 −3,808 0
2.1 Current accounts (covering the minimum reserve system) 155,762 −4,153 0
2.2 Deposit facility 355 344 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 1 1 0
3 Other liabilities to euro area credit institutions denominated in euro 136 −22 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 63,071 −3,063 0
5.1 General government 55,251 −3,125 0
5.2 Other liabilities 7,820 62 0
6 Liabilities to non-euro area residents denominated in euro 14,709 874 0
7 Liabilities to euro area residents denominated in foreign currency 148 11 −10
8 Liabilities to non-euro area residents denominated in foreign currency 9,178 −2,460 −189
8.1 Deposits, balances and other liabilities 9,178 −2,460 −189
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,825 0 −95
10 Other liabilities 66,706 517 2,450
11 Revaluation accounts 132,437 0 13,324
12 Capital and reserves 61,999 −70 0
Total liabilities 1,067,477 −4,130 15,480
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