Consolidated financial statement of the Eurosystem as at 28 December 2007

2 January 2008

Items not related to monetary policy operations

In the week ending 28 December 2007, the decrease of EUR 40 million in gold and gold receivables (asset item 1) reflected the 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) increased by EUR 7 billion to EUR 157.2 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 96.2 billion. Banknotes in circulation (liability item 1) rose by EUR 2.7 billion to EUR 678.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 5.2 billion to EUR 36.9 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 8.4 billion to EUR 483.8 billion. On Friday, 28 December 2007, a main refinancing operation of EUR 20 billion was settled. On Thursday, 27 December 2007, a liquidity-absorbing fine-tuning operation of EUR 141.6 billion, conducted through the collection of fixed-term deposits, matured, while a new one of EUR 150 billion was settled on Friday, 28 December 2007.

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 1.9 billion, (compared with EUR 0.2 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 9 billion to EUR 223.2 billion.

Opening financial statement of the Eurosystem for 2008, including the Central Bank of Cyprus and the Central Bank of Malta

The Central Bank of Cyprus and the Central Bank of Malta joined the Eurosystem on 1 January 2008. The ECB will therefore publish a consolidated opening financial statement of the Eurosystem as at 1 January 2008 together with the next consolidated weekly financial statement on 9 January 2008.

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 184,494 −40
2 Claims on non-euro area residents denominated in foreign currency 138,005 418
2.1 Receivables from the IMF 9,250 12
2.2 Balances with banks and security investments, external loans and other external assets 128,755 406
3 Claims on euro area residents denominated in foreign currency 43,167 7,447
4 Claims on non-euro area residents denominated in euro 13,635 55
4.1 Balances with banks, security investments and loans 13,635 55
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 637,107 19,973
5.1 Main refinancing operations 368,607 19,999
5.2 Longer-term refinancing operations 268,476 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 22 −26
5.6 Credits related to margin calls 2 0
6 Other claims on euro area credit institutions denominated in euro 23,752 −44
7 Securities of euro area residents denominated in euro 96,151 −1,085
8 General government debt denominated in euro 37,091 −6
9 Other assets 327,416 1,139
Total assets 1,500,818 27,857
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 678,563 2,682
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 376,510 20,515
2.1 Current accounts (covering the minimum reserve system) 223,155 8,970
2.2 Deposit facility 1,896 1,660
2.3 Fixed-term deposits 149,999 8,434
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 1,460 1,451
3 Other liabilities to euro area credit institutions denominated in euro 127 −15
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 44,759 −5,098
5.1 General government 36,936 −5,186
5.2 Other liabilities 7,823 88
6 Liabilities to non-euro area residents denominated in euro 45,508 7,320
7 Liabilities to euro area residents denominated in foreign currency 2,354 1,466
8 Liabilities to non-euro area residents denominated in foreign currency 16,238 −605
8.1 Deposits, balances and other liabilities 16,238 −605
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 131,377 1,592
11 Revaluation accounts 131,060 0
12 Capital and reserves 68,924 0
Total liabilities 1,500,818 27,857

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