Consolidated opening financial statement of the Eurosystem as at 1 January 2007 and Consolidated financial statement of the Eurosystem as at 5 January 2007

9 January 2007

Consolidated opening financial statement of the Eurosystem as at 1 January 2007

As announced last week, the ECB is publishing a consolidated opening financial statement of the Eurosystem as at 1 January 2007 including the balance sheet figures from Banka Slovenije, which joined the Eurosystem on that day, together with the consolidated weekly financial statement as at 5 January 2007. Items previously denominated in Slovenian tolars have been moved from items “denominated in foreign currency” to items “denominated in euro”. Transactions and balances of accounts held with residents of Slovenia have been moved from “non-euro area” balance sheet items to “euro area” items. Furthermore, capital and reserves (liability item 12) has increased compared with the consolidated weekly financial statement as at 29 December 2006, reflecting the effect of the entry of Banka Slovenije into the Eurosystem, the paying-up of the respective contributions of the national central banks of Bulgaria and Romania to the capital of the ECB on the accession of those Member States to the European Union on 1 January 2007[1] and end-of-year adjustments by another Eurosystem central bank.

Assets (EUR millions) Balance
Totals/sub-totals may not add up, due to rounding
1 Gold and gold receivables 176,846
2 Claims on non-euro area residents denominated in foreign currency 143,113
  2.1 Receivables from the IMF 10,695
  2.2 Balances with banks and security investments, external loans and other external assets 132,417
3 Claims on euro area residents denominated in foreign currency 24,025
4 Claims on non-euro area residents denominated in euro 12,980
  4.1 Balances with banks, security investments and loans 12,980
  4.2 Claims arising from the credit facility under ERM II 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 450,540
  5.1 Main refinancing operations 330,452
  5.2 Longer-term refinancing operations 120,000
  5.3 Fine-tuning reverse operations 0
  5.4 Structural reverse operations 0
  5.5 Marginal lending facility 88
  5.6 Credits related to margin calls 0
6 Other claims on euro area credit institutions denominated in euro 12,619
7 Securities of euro area residents denominated in euro 80,075
8 General government debt denominated in euro 39,359
9 Other assets 217,970
Total assets 1,157,527
Liabilities (EUR millions) Balance
Totals/sub-totals may not add up, due to rounding
1 Banknotes in circulation 629,637
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 177,476
  2.1 Current accounts (covering the minimum reserve system) 173,870
  2.2 Deposit facility 964
  2.3 Fixed-term deposits 2,640
  2.4 Fine-tuning reverse operations 0
  2.5 Deposits related to margin calls 2
3 Other liabilities to euro area credit institutions denominated in euro 78
4 Debt certificates issued 135
5 Liabilities to other euro area residents denominated in euro 53,714
  5.1 General government 45,502
  5.2 Other liabilities 8,212
6 Liabilities to non-euro area residents denominated in euro 16,629
7 Liabilities to euro area residents denominated in foreign currency 162
8 Liabilities to non-euro area residents denominated in foreign currency 12,621
  8.1 Deposits, balances and other liabilities 12,621
  8.2 Liabilities arising from the credit facility under ERM II 0
9 Counterpart of special drawing rights allocated by the IMF 5,611
10 Other liabilities 73,080
11 Revaluation accounts 121,990
12 Capital and reserves 66,394
Total liabilities 1,157,527

Consolidated financial statement of the Eurosystem as at 5 January 2007

Items not related to monetary policy operations

In the week ending 5 January 2007, the decrease of EUR 25 million in gold and gold receivables (asset item 1) reflected the selling 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) remained virtually unchanged at EUR 148.8 billion.

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 80.7 billion. Banknotes in circulation (liability item 1) decreased by EUR 10.4 billion to EUR 619.3 billion. Liabilities to general government (liability item 5.1) rose by EUR 7.5 billion to EUR 53 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 1.4 billion to EUR 448.2 billion. On Thursday, 4 January 2007, a main refinancing operation of EUR 330.5 billion matured and a new one of EUR 330.5 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.1 billion in the consolidated opening financial statement of the Eurosystem), while recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion (compared with EUR 1 billion in the consolidated opening financial statement of the Eurosystem).

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 4.8 billion to EUR 178.7 billion.



[1] For further details, please refer to the ECB press release of 2 January 2007 entitled “Key for subscription to the ECB’s capital – enlargement of the EU and the Eurosystem”.

Consolidated financial statement of the Eurosystem as at 5 January 2007

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 176,821 −25
2 Claims on non-euro area residents denominated in foreign currency 144,021 908
  2.1 Receivables from the IMF 10,686 −9
  2.2 Balances with banks and security investments, external loans and other external assets 133,334 917
3 Claims on euro area residents denominated in foreign currency 22,448 −1,577
4 Claims on non-euro area residents denominated in euro 12,419 −561
  4.1 Balances with banks, security investments and loans 12,419 −561
  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 450,501 −39
  5.1 Main refinancing operations 330,499 47
  5.2 Longer-term refinancing operations 120,000 0
  5.3 Fine-tuning reverse operations 0 0
  5.4 Structural reverse operations 0 0
  5.5 Marginal lending facility 2 −86
  5.6 Credits related to margin calls 0 0
6 Other claims on euro area credit institutions denominated in euro 12,885 266
7 Securities of euro area residents denominated in euro 80,723 648
8 General government debt denominated in euro 39,359 0
9 Other assets 215,239 −2,731
Total assets 1,154,416 −3,111
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 619,263 −10,374
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 180,865 3,389
  2.1 Current accounts (covering the minimum reserve system) 178,700 4,830
  2.2 Deposit facility 69 −895
  2.3 Fixed-term deposits 2,096 −544
  2.4 Fine-tuning reverse operations 0 0
  2.5 Deposits related to margin calls 0 −2
3 Other liabilities to euro area credit institutions denominated in euro 133 55
4 Debt certificates issued 95 −40
5 Liabilities to other euro area residents denominated in euro 61,338 7,624
  5.1 General government 52,995 7,493
  5.2 Other liabilities 8,343 131
6 Liabilities to non-euro area residents denominated in euro 16,098 −531
7 Liabilities to euro area residents denominated in foreign currency 160 −2
8 Liabilities to non-euro area residents denominated in foreign currency 11,937 −684
  8.1 Deposits, balances and other liabilities 11,937 −684
  8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,611 0
10 Other liabilities 70,531 −2,549
11 Revaluation accounts 121,990 0
12 Capital and reserves 66,395 1
Total liabilities 1,154,416 −3,111

Media contacts