Consolidated financial statement of the Eurosystem as at 21 December 2007

27 December 2007

Items not related to monetary policy operations

In the week ending 21 December 2007, the decrease of EUR 769 million in gold and gold receivables (asset item 1) reflected the 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 8.1 billion to EUR 150.2 billion on account both of customer and portfolio transactions and of the USD liquidity-providing operations conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and the Federal Reserve System.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) decreased by EUR 1.1 billion to EUR 97.2 billion. Banknotes in circulation (liability item 1) rose by EUR 16.3 billion to EUR 675.9 billion. Liabilities to general government (liability item 5.1) decreased by EUR 6.6 billion to EUR 42.1 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 13.1 billion to EUR 475.3 billion. On Wednesday, 19 December 2007, a main refinancing operation of EUR 218.5 billion matured and a new one of EUR 348.6 billion was settled. On Thursday, 20 December 2007, a longer-term refinancing operation of EUR 50 billion matured and a new one of EUR 48.5 billion was settled. On Friday, 21 December 2007, a liquidity-absorbing fine-tuning operation of EUR 141.6 billion, conducted through the collection of fixed-term deposits, was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.2 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.

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 20.6 billion to EUR 214.2 billion.

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 184,534 −769
2 Claims on non-euro area residents denominated in foreign currency 137,587 −5,120
2.1 Receivables from the IMF 9,238 2
2.2 Balances with banks and security investments, external loans and other external assets 128,349 −5,122
3 Claims on euro area residents denominated in foreign currency 35,720 10,620
4 Claims on non-euro area residents denominated in euro 13,580 −380
4.1 Balances with banks, security investments and loans 13,580 −380
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 617,134 128,465
5.1 Main refinancing operations 348,608 130,107
5.2 Longer-term refinancing operations 268,476 −1,528
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 48 −115
5.6 Credits related to margin calls 2 1
6 Other claims on euro area credit institutions denominated in euro 23,796 379
7 Securities of euro area residents denominated in euro 97,236 −1,115
8 General government debt denominated in euro 37,097 0
9 Other assets 326,277 2,463
Total assets 1,472,961 134,543
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 675,881 16,320
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 355,995 120,978
2.1 Current accounts (covering the minimum reserve system) 214,185 −20,577
2.2 Deposit facility 236 13
2.3 Fixed-term deposits 141,565 141,565
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 9 −23
3 Other liabilities to euro area credit institutions denominated in euro 142 −16
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 49,857 −8,188
5.1 General government 42,122 −6,635
5.2 Other liabilities 7,735 −1,553
6 Liabilities to non-euro area residents denominated in euro 38,188 6,810
7 Liabilities to euro area residents denominated in foreign currency 888 444
8 Liabilities to non-euro area residents denominated in foreign currency 16,843 −3,026
8.1 Deposits, balances and other liabilities 16,843 −3,026
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,398 0
10 Other liabilities 129,785 1,217
11 Revaluation accounts 131,060 0
12 Capital and reserves 68,924 4
Total liabilities 1,472,961 134,543

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