Consolidated financial statement of the Eurosystem as at 18 May 2007

Items not related to monetary policy operations

In the week ending 18 May 2007, the decrease of EUR 280 million in gold and gold receivables (asset item 1) reflected 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) increased by EUR 0.8 billion to EUR 146.3 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) remained virtually unchanged at EUR 93.4 billion. Banknotes in circulation (liability item 1) increased by EUR 1 billion to EUR 624.1 billion. Liabilities to general government (liability item 5.1) rose by EUR 1.2 billion to EUR 41.2 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 5 billion to EUR 431 billion. On Tuesday, 15 May 2007, a main refinancing operation of EUR 276 billion matured and a new one of EUR 281 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with EUR 0.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 0.2 billion (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 3.7 billion to EUR 189.6 billion.