Consolidated financial statement of the Eurosystem as at 15 February 2008

19 February 2008

Items not related to monetary policy operations

In the week ending 15 February 2008, the decrease of EUR 29 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).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 6.8 billion to EUR 144.9 billion on account of customer and portfolio transactions. On 14 February 2008, a US dollar liquidity-providing operation matured. This operation was 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 102 billion. Banknotes in circulation (liability item 1) fell by EUR 0.4 billion to EUR 653 billion. Liabilities to general government (liability item 5.1) increased by EUR 0.4 billion to EUR 45.5 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 25.8 billion to EUR 455.5 billion. On Wednesday, 13 February 2008, a main refinancing operation of EUR 161.5 billion matured and a new one of EUR 187.5 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.4 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.2 billion (compared with EUR 0.4 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 25.8 billion to EUR 222.3 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 201,385 −29
2 Claims on non-euro area residents denominated in foreign currency 140,672 −117
2.1 Receivables from the IMF 9,072 −47
2.2 Balances with banks and security investments, external loans and other external assets 131,600 −70
3 Claims on euro area residents denominated in foreign currency 30,318 −6,659
4 Claims on non-euro area residents denominated in euro 14,633 −373
4.1 Balances with banks, security investments and loans 14,633 −373
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 456,017 25,583
5.1 Main refinancing operations 187,500 25,999
5.2 Longer-term refinancing operations 268,511 20
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 0 −432
5.6 Credits related to margin calls 6 −4
6 Other claims on euro area credit institutions denominated in euro 30,995 364
7 Securities of euro area residents denominated in euro 101,959 1,295
8 General government debt denominated in euro 38,634 0
9 Other assets 333,448 −295
Total assets 1,348,061 19,769
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 652,965 −419
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 222,866 25,630
2.1 Current accounts (covering the minimum reserve system) 222,338 25,808
2.2 Deposit facility 159 −197
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 369 19
3 Other liabilities to euro area credit institutions denominated in euro 253 −3
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 52,586 519
5.1 General government 45,514 416
5.2 Other liabilities 7,072 103
6 Liabilities to non-euro area residents denominated in euro 41,997 −6,659
7 Liabilities to euro area residents denominated in foreign currency 1,167 141
8 Liabilities to non-euro area residents denominated in foreign currency 19,588 −159
8.1 Deposits, balances and other liabilities 19,588 −159
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 133,414 120
11 Revaluation accounts 147,665 0
12 Capital and reserves 70,249 599
Total liabilities 1,348,061 19,769

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