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Consolidated financial statement of the Eurosystem as at 12 May 2006

16 May 2006

Items not related to monetary policy operations

In the week ending 12 May 2006, the decrease of EUR 36 million in gold and gold receivables (asset item 1) reflected the sale 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) decreased by EUR 0.1 billion to EUR 157.1 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 1 billion to EUR 95 billion. Banknotes in circulation (liability item 1) decreased by EUR 2.3 billion to EUR 570.4 billion. Liabilities to general government (liability item 5.1) decreased by EUR 3.6 billion to EUR 40.5 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 1.9 billion to EUR 404 billion. On Wednesday, 10 May 2006, a main refinancing operation of EUR 286 billion matured and a new one of EUR 284 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 also virtually nil (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 6.6 billion to EUR 167.1 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 179,573 −36
2 Claims on non-euro area residents denominated in foreign currency 147,022 −2,497
2.1 Receivables from the IMF 11,702 41
2.2 Balances with banks and security investments, external loans and other external assets 135,320 −2,538
3 Claims on euro area residents denominated in foreign currency 25,349 124
4 Claims on non-euro area residents denominated in euro 12,744 327
4.1 Balances with banks, security investments and loans 12,744 327
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 404,012 −1,996
5.1 Main refinancing operations 284,000 −2,000
5.2 Longer-term refinancing operations 120,002 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 8 2
5.6 Credits related to margin calls 2 2
6 Other claims on euro area credit institutions denominated in euro 5,384 −675
7 Securities of euro area residents denominated in euro 94,953 975
8 General government debt denominated in euro 40,568 0
9 Other assets 166,089 208
Total assets 1,075,694 −3,570
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 570,351 −2,345
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 167,076 6,539
2.1 Current accounts (covering the minimum reserve system) 167,067 6,593
2.2 Deposit facility 8 −47
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1 −7
3 Other liabilities to euro area credit institutions denominated in euro 114 0
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 47,957 −3,661
5.1 General government 40,463 −3,610
5.2 Other liabilities 7,494 −51
6 Liabilities to non-euro area residents denominated in euro 14,127 −205
7 Liabilities to euro area residents denominated in foreign currency 226 −7
8 Liabilities to non-euro area residents denominated in foreign currency 9,201 −2,243
8.1 Deposits, balances and other liabilities 9,201 −2,243
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,825 0
10 Other liabilities 65,577 −2,391
11 Revaluation accounts 132,437 0
12 Capital and reserves 62,803 743
Total liabilities 1,075,694 −3,570
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