Consolidated financial statement of the Eurosystem as at 30 March 2007

4 April 2007

Items not related to monetary policy operations

In the week ending 30 March 2007, the increase of EUR 5.4 billion in gold and gold receivables (asset item 1) mainly reflected quarterly revaluation adjustments, as well as sales of gold by two Eurosystem central banks (consistent with the Central Bank Gold Agreement of 27 September 2004) and a net purchase of gold coin by another Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 1 billion to EUR 144.7 billion. The change 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 an increase of EUR 0.1 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) rose by EUR 0.8 billion to EUR 88.9 billion, with an increase of EUR 0.9 billion on account of transactions which more than offset a decrease caused by revaluations. Banknotes in circulation (liability item 1) increased by EUR 5.3 billion to EUR 613.6 billion. Liabilities to general government (liability item 5.1) rose by EUR 3.7 billion to EUR 57.1 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 10.7 billion to EUR 432.3 billion. On Wednesday, 28 March 2007, a main refinancing operation of EUR 282 billion matured and a new one of EUR 283.5 billion was settled. On Thursday, 29 March 2007, a longer-term refinancing operation of EUR 40 billion matured and a new one of EUR 50 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (compared with virtually nil in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 1.1 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) rose by EUR 1.3 billion to EUR 179.8 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 30 March 2007 is shown in the additional column “ Difference compared with last week due to quarter-end adjustments”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR 498.198 per fine oz.

USD: 1.3318 per EUR

JPY: 157.32 per EUR

Special drawing rights: EUR 1.1343 per SDR

Assets (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Gold and gold receivables 181,399 −273 5,676
2 Claims on non-euro area residents denominated in foreign currency 140,655 −18 −1,048
2.1 Receivables from the IMF 9,776 −6 −77
2.2 Balances with banks and security investments, external loans and other external assets 130,879 −12 −971
3 Claims on euro area residents denominated in foreign currency 23,212 514 −206
4 Claims on non-euro area residents denominated in euro 15,736 −200 −9
4.1 Balances with banks, security investments and loans 15,736 −200 −9
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 433,565 11,566 0
5.1 Main refinancing operations 283,500 1,501 0
5.2 Longer-term refinancing operations 150,001 10,001 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 64 64 0
5.6 Credits related to margin calls 0 0 0
6 Other claims on euro area credit institutions denominated in euro 14,759 383 0
7 Securities of euro area residents denominated in euro 88,942 873 −26
8 General government debt denominated in euro 39,283 −8 −26
9 Other assets 225,053 150 2,600
Total assets 1,162,604 12,984 6,964
Liabilities (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Banknotes in circulation 613,605 5,297 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 181,014 2,201 0
2.1 Current accounts (covering the minimum reserve system) 179,754 1,307 0
2.2 Deposit facility 1,103 1,056 0
2.3 Fixed-term deposits 155 −163 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 2 1 0
3 Other liabilities to euro area credit institutions denominated in euro 106 −8 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 65,823 3,819 0
5.1 General government 57,136 3,701 0
5.2 Other liabilities 8,687 118 0
6 Liabilities to non-euro area residents denominated in euro 18,774 425 0
7 Liabilities to euro area residents denominated in foreign currency 158 5 −4
8 Liabilities to non-euro area residents denominated in foreign currency 13,458 422 −197
8.1 Deposits, balances and other liabilities 13,458 422 −197
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,578 0 −33
10 Other liabilities 71,110 523 3,667
11 Revaluation accounts 125,521 0 3,531
12 Capital and reserves 67,457 300 0
Total liabilities 1,162,604 12,984 6,964

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