Consolidated financial statement of the Eurosystem as at 11 January 2008

In the week ending 11 January 2008, the decrease of EUR 40 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) decreased by EUR 1 billion to EUR 154.2 billion on account of customer and portfolio transactions.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) decreased by EUR 0.9 billion to EUR 97.3 billion. Banknotes in circulation (liability item 1) fell by EUR 11.4 billion to EUR 659.4 billion. Liabilities to general government (liability item 5.1) decreased by EUR 3 billion to EUR 47.1 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 22.5 billion to EUR 419.5 billion. On Wednesday, 9 January 2008, a main refinancing operation of EUR 128.5 billion matured and a new one of EUR 151.5 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 preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.7 billion (compared with EUR 0.6 billion 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 37 billion to EUR 180.6 billion.