Consolidated financial statement of the Eurosystem as at 17 August 2007

Items not related to monetary policy operations

In the week ending 17 August 2007, the decrease of EUR 26 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) increased by EUR 0.4 billion to EUR 145.2 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) decreased by EUR 2.6 billion to EUR 91.6 billion. Banknotes in circulation (liability item 1) fell by EUR 2.2 billion to EUR 641.9 billion. Liabilities to general government (liability item 5.1) increased by EUR 4.4 billion to EUR 41.1 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) decreased by EUR 43.7 billion to EUR 459.8 billion. On Wednesday, 15 August 2007, a main refinancing operation of EUR 292.5 billion matured and a new one of EUR 310 billion was settled. On Monday, 13 August 2007, a fine-tuning operation of EUR 61.1 billion matured.

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 EUR 0.3 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) decreased by EUR 46.4 billion to EUR 210.3 billion.