Consolidated financial statement of the Eurosystem as at 23 November 2007

In the week ending 23 November 2007, the decrease of EUR 29 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) 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) remained virtually unchanged at EUR 142.1 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.2 billion to EUR 95.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.3 billion to EUR 639.3 billion. Liabilities to general government (liability item 5.1) rose by EUR 28.4 billion to EUR 73.9 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) increased by EUR 6.3 billion to EUR 454 billion. On Wednesday, 21 November 2007, a main refinancing operation of EUR 182 billion matured and a new one of EUR 169 billion was settled. On Friday, 23 November 2007, a supplementary longer-term refinancing operation of EUR 40 billion matured and a new one of EUR 60 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.3 billion (compared with EUR 0.9 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.2 billion, which was 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) decreased by EUR 20.3 billion to EUR 194.8 billion.