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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.

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