Consolidated financial statement of the Eurosystem as at 28 September 2007

3 October 2007

Items not related to monetary policy operations

In the week ending 28 September 2007, the increase of EUR 14.4 billion in gold and gold receivables (asset item 1) mainly reflected quarterly revaluation adjustments, as well as the sale of gold by one Eurosystem central bank (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) fell by EUR 3.8 billion to EUR 141.8 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 a decrease of EUR 0.7 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.9 billion to EUR 95.4 billion, in large part owing to quarterly revaluation adjustments. Banknotes in circulation (liability item 1) rose by EUR 2.3 billion to EUR 637.3 billion. Liabilities to general government (liability item 5.1) decreased by EUR 2.5 billion to EUR 66.1 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 29.6 billion to EUR 449.7 billion. On Wednesday, 26 September 2007, a main refinancing operation of EUR 155 billion matured and a new one of EUR 190 billion was settled. On Thursday, 27 September 2007, a longer-term refinancing operation of EUR 50 billion matured and a new one of EUR 50 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with EUR 0.6 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 5.5 billion (compared with EUR 0.4 billion 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) increased by EUR 32 billion to EUR 186.7 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 28 September 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 520.312 per fine oz.

USD: 1.4179 per EUR

JPY: 163.55 per EUR

Special drawing rights: EUR 1.0978 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 186,233 −17 14,382
2 Claims on non-euro area residents denominated in foreign currency 141,973 −1,335 −3,737
2.1 Receivables from the IMF 9,355 5 −290
2.2 Balances with banks and security investments, external loans and other external assets 132,618 −1,340 −3,447
3 Claims on euro area residents denominated in foreign currency 23,907 1,709 −1,021
4 Claims on non-euro area residents denominated in euro 16,098 1,364 −16
4.1 Balances with banks, security investments and loans 16,098 1,364 −16
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 455,216 34,604 0
5.1 Main refinancing operations 190,000 34,999 0
5.2 Longer-term refinancing operations 265,000 1 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 215 −396 0
5.6 Credits related to margin calls 1 0 0
6 Other claims on euro area credit institutions denominated in euro 13,276 471 0
7 Securities of euro area residents denominated in euro 95,415 338 540
8 General government debt denominated in euro 37,122 0 −26
9 Other assets 281,156 6,345 7,212
Total assets 1,250,396 43,476 17,337
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 637,292 2,340 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 192,150 37,036 0
2.1 Current accounts (covering the minimum reserve system) 186,667 31,996 0
2.2 Deposit facility 5,472 5,045 0
2.3 Fixed-term deposits 0 0 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 11 −5 0
3 Other liabilities to euro area credit institutions denominated in euro 170 31 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 73,572 −2,746 0
5.1 General government 66,140 −2,530 0
5.2 Other liabilities 7,432 −216 0
6 Liabilities to non-euro area residents denominated in euro 23,913 2,127 0
7 Liabilities to euro area residents denominated in foreign currency 613 −1 −32
8 Liabilities to non-euro area residents denominated in foreign currency 18,112 446 −863
8.1 Deposits, balances and other liabilities 18,112 446 −863
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,398 0 −119
10 Other liabilities 99,223 4,244 4,301
11 Revaluation accounts 131,060 0 14,050
12 Capital and reserves 68,893 −1 0
Total liabilities 1,250,396 43,476 17,337

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