Consolidated financial statement of the Eurosystem as at 22 February 2008

26 February 2008

Items not related to monetary policy operations

In the week ending 22 February 2008, the decrease of EUR 47 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) increased by EUR 0.1 billion to EUR 145 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) increased by EUR 2.8 billion to EUR 104.8 billion. Banknotes in circulation (liability item 1) fell by EUR 2.4 billion to EUR 650.6 billion. Liabilities to general government (liability item 5.1) increased by EUR 13.4 billion to EUR 58.9 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 9.6 billion to EUR 445.9 billion. On Wednesday, 20 February 2008, a main refinancing operation of EUR 187.5 billion matured and a new one of EUR 178 billion was settled. On Thursday, 21 February 2008, a supplementary longer-term refinancing operation of EUR 60 billion matured and a new one of EUR 60 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (approximately the same as in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.2 billion (also 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) decreased by EUR 17.2 billion to EUR 205.1 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 201,338 −47
2 Claims on non-euro area residents denominated in foreign currency 139,291 −1,381
2.1 Receivables from the IMF 9,072 0
2.2 Balances with banks and security investments, external loans and other external assets 130,219 −1,381
3 Claims on euro area residents denominated in foreign currency 30,747 429
4 Claims on non-euro area residents denominated in euro 14,284 −349
4.1 Balances with banks, security investments and loans 14,284 −349
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 446,496 −9,521
5.1 Main refinancing operations 178,001 −9,499
5.2 Longer-term refinancing operations 268,485 −26
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 8 8
5.6 Credits related to margin calls 2 −4
6 Other claims on euro area credit institutions denominated in euro 31,361 366
7 Securities of euro area residents denominated in euro 104,774 2,815
8 General government debt denominated in euro 38,635 1
9 Other assets 331,948 −1,500
Total assets 1,338,874 −9,187
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 650,589 −2,376
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 205,768 −17,098
2.1 Current accounts (covering the minimum reserve system) 205,141 −17,197
2.2 Deposit facility 222 63
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 405 36
3 Other liabilities to euro area credit institutions denominated in euro 216 −37
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 66,268 13,682
5.1 General government 58,868 13,354
5.2 Other liabilities 7,400 328
6 Liabilities to non-euro area residents denominated in euro 41,413 −584
7 Liabilities to euro area residents denominated in foreign currency 1,142 −25
8 Liabilities to non-euro area residents denominated in foreign currency 18,572 −1,016
8.1 Deposits, balances and other liabilities 18,572 −1,016
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 131,479 −1,935
11 Revaluation accounts 147,665 0
12 Capital and reserves 70,451 202
Total liabilities 1,338,874 −9,187

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