Consolidated financial statement of the Eurosystem as at 22 February 2008

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.

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).

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.