Consolidated financial statement of the Eurosystem as at 1 February 2008

5 February 2008

Items not related to monetary policy operations

In the week ending 1 February 2008, the decrease of EUR 160 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 that came into effect on 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 0.2 billion to EUR 151.7 billion on account of customer and portfolio transactions. On 31 January 2008, 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, with a maturity of 28 days. 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) increased by EUR 1.3 billion to EUR 99.3 billion. Banknotes in circulation (liability item 1) rose by EUR 3.1 billion to EUR 652.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 16.3 billion to EUR 47.8 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) decreased by EUR 8.7 billion to EUR 435.2 billion. On Wednesday, 30 January 2008, a main refinancing operation of EUR 175.5 billion matured and a new one of EUR 167.5 billion was settled. On Thursday, 31 January 2008, a longer-term refinancing operation of EUR 50 billion matured and a new one of EUR 50 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with 0.5 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.5 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) increased by EUR 5.8 billion to EUR 198.5 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 201,452 −160
2 Claims on non-euro area residents denominated in foreign currency 143,046 3,015
2.1 Receivables from the IMF 9,121 −3
2.2 Balances with banks and security investments, external loans and other external assets 133,925 3,018
3 Claims on euro area residents denominated in foreign currency 34,525 −1,831
4 Claims on non-euro area residents denominated in euro 14,501 −1,693
4.1 Balances with banks, security investments and loans 14,501 −1,693
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 435,999 −8,492
5.1 Main refinancing operations 167,501 −7,999
5.2 Longer-term refinancing operations 268,491 4
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 4 −488
5.6 Credits related to margin calls 3 −9
6 Other claims on euro area credit institutions denominated in euro 30,695 2,123
7 Securities of euro area residents denominated in euro 99,340 1,283
8 General government debt denominated in euro 38,634 −71
9 Other assets 332,726 −798
Total assets 1,330,918 −6,624
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 652,624 3,110
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 199,240 6,041
2.1 Current accounts (covering the minimum reserve system) 198,471 5,791
2.2 Deposit facility 510 9
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 259 241
3 Other liabilities to euro area credit institutions denominated in euro 256 −58
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 55,057 −16,915
5.1 General government 47,820 −16,255
5.2 Other liabilities 7,237 −660
6 Liabilities to non-euro area residents denominated in euro 48,797 −2,244
7 Liabilities to euro area residents denominated in foreign currency 1,301 121
8 Liabilities to non-euro area residents denominated in foreign currency 19,267 1,289
8.1 Deposits, balances and other liabilities 19,267 1,289
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 131,749 2,086
11 Revaluation accounts 147,665 0
12 Capital and reserves 69,651 −54
Total liabilities 1,330,918 −6,624

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