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Consolidated financial statement of the Eurosystem as at 18 January 2008

22 January 2008

Items not related to monetary policy operations

In the week ending 18 January 2008, the decrease of EUR 41 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).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 1.4 billion to EUR 152.8 billion on account of customer and portfolio transactions. One US dollar liquidity-providing operation matured and, as announced by the ECB in a press release dated 10 January 2008, a new operation of USD 10 billion was settled. These operations were 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 0.6 billion to EUR 96.7 billion. Banknotes in circulation (liability item 1) fell by EUR 6.2 billion to EUR 653.2 billion. Liabilities to general government (liability item 5.1) decreased by EUR 8.3 billion to EUR 38.8 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 39.3 billion to EUR 458.8 billion. On Wednesday, 16 January 2008, a main refinancing operation of EUR 151.5 billion matured and a new one of EUR 190.5 billion 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 (compared with EUR 0.7 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 50.2 billion to EUR 230.8 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 201,663 −41
2 Claims on non-euro area residents denominated in foreign currency 140,963 315
2.1 Receivables from the IMF 9,126 −17
2.2 Balances with banks and security investments, external loans and other external assets 131,837 332
3 Claims on euro area residents denominated in foreign currency 36,942 −1,771
4 Claims on non-euro area residents denominated in euro 14,658 127
4.1 Balances with banks, security investments and loans 14,658 127
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 459,024 38,852
5.1 Main refinancing operations 190,500 39,000
5.2 Longer-term refinancing operations 268,487 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1 −183
5.6 Credits related to margin calls 36 35
6 Other claims on euro area credit institutions denominated in euro 30,294 3,307
7 Securities of euro area residents denominated in euro 96,695 −607
8 General government debt denominated in euro 38,705 0
9 Other assets 331,835 −465
Total assets 1,350,779 39,717
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 653,245 −6,150
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 231,056 49,771
2.1 Current accounts (covering the minimum reserve system) 230,825 50,211
2.2 Deposit facility 212 −453
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 19 13
3 Other liabilities to euro area credit institutions denominated in euro 334 −11
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 47,068 −7,975
5.1 General government 38,760 −8,338
5.2 Other liabilities 8,308 363
6 Liabilities to non-euro area residents denominated in euro 48,621 3,017
7 Liabilities to euro area residents denominated in foreign currency 1,369 264
8 Liabilities to non-euro area residents denominated in foreign currency 18,458 −337
8.1 Deposits, balances and other liabilities 18,458 −337
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,311 0
10 Other liabilities 127,944 1,153
11 Revaluation accounts 147,665 0
12 Capital and reserves 69,708 −15
Total liabilities 1,350,779 39,717

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