Consolidated financial statement of the Eurosystem as at 2 November 2007

In the week ending 2 November 2007, the decrease of EUR 184 million in gold and gold receivables (asset item 1) reflected sales of gold by two 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) remained virtually unchanged at EUR 141.8 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) decreased by EUR 0.1 billion to EUR 95.7 billion. Banknotes in circulation (liability item 1) increased by EUR 5.7 billion to EUR 643.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 18.6 billion to EUR 50.9 billion.

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 12.1 billion to EUR 434.8 billion. On Wednesday, 31 October 2007, a main refinancing operation of EUR 182 billion matured and a new one of EUR 170 billion was settled.

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 0.2 billion (also approximately the same as in the preceding week).

As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) increased by EUR 0.2 billion to EUR 192 billion.