Consolidated financial statement of the Eurosystem as at 25 May 2007

29 May 2007

Items not related to monetary policy operations

In the week ending 25 May 2007, the decrease of EUR 191 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 0.4 billion to EUR 146.3 billion (see “Other issues”).

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 1.1 billion to EUR 94.5 billion. Banknotes in circulation (liability item 1) fell by EUR 0.7 billion to EUR 623.4 billion. Liabilities to general government (liability item 5.1) increased by EUR 18.9 billion to EUR 60.2 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 14.6 billion to EUR 445.6 billion. On Tuesday, 22 May 2007, a main refinancing operation of EUR 281 billion matured and a new one of EUR 295.5 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (approximately the same as in the previous week), and recourse to the deposit facility (liability item 2.2) was EUR 0.2 billion (also approximately the same as 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 2.4 billion to EUR 187.2 billion.

Other issues

It should be noted with respect to the consolidated weekly financial statement of the Eurosystem as at 18 May 2007 (published on 22 May 2007) that claims on euro area residents denominated in foreign currency (asset item 3) should have shown a balance of EUR 24,111 million, instead of EUR 24,569 million, and that other assets (asset item 9) should have read EUR 231,177 million, instead of EUR 230,719 million.

Thus, the actual week-on-week changes in these positions are EUR 895 million and EUR 1,362 million, respectively.

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 180,024 −191
2 Claims on non-euro area residents denominated in foreign currency 142,506 220
2.1 Receivables from the IMF 9,956 296
2.2 Balances with banks and security investments, external loans and other external assets 132,550 −76
3 Claims on euro area residents denominated in foreign currency 25,006 437
4 Claims on non-euro area residents denominated in euro 14,941 −157
4.1 Balances with banks, security investments and loans 14,941 −157
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 445,739 14,496
5.1 Main refinancing operations 295,503 14,503
5.2 Longer-term refinancing operations 150,000 1
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 235 −9
5.6 Credits related to margin calls 1 1
6 Other claims on euro area credit institutions denominated in euro 14,135 353
7 Securities of euro area residents denominated in euro 94,505 1,081
8 General government debt denominated in euro 37,657 0
9 Other assets 232,539 1,820
Total assets 1,187,052 18,059
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 623,383 −682
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 187,400 −2,455
2.1 Current accounts (covering the minimum reserve system) 187,221 −2,391
2.2 Deposit facility 178 −60
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1 −4
3 Other liabilities to euro area credit institutions denominated in euro 201 62
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 68,777 18,923
5.1 General government 60,152 18,947
5.2 Other liabilities 8,625 −24
6 Liabilities to non-euro area residents denominated in euro 20,135 29
7 Liabilities to euro area residents denominated in foreign currency 155 −4
8 Liabilities to non-euro area residents denominated in foreign currency 15,474 685
8.1 Deposits, balances and other liabilities 15,474 685
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,578 0
10 Other liabilities 72,098 1,500
11 Revaluation accounts 125,521 0
12 Capital and reserves 68,330 1
Total liabilities 1,187,052 18,059

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