Consolidated financial statement of the Eurosystem as at 29 February 2008

4 March 2008

Items not related to monetary policy operations

In the week ending 29 February 2008 the decrease of EUR 39 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 7.1 billion to EUR 137.9 billion on account of a US dollar liquidity-providing operation which matured on 28 February 2008 (an operation conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and the Federal Reserve System) and 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 1.3 billion to EUR 106.1 billion. Banknotes in circulation (liability item 1) rose by EUR 3.4 billion to EUR 654.0 billion. Liabilities to general government (liability item 5.1) increased by EUR 14.3 billion to EUR 73.1 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 4.8 billion to EUR 450.7 billion. On Wednesday, 27 February 2008, a main refinancing operation of EUR 178 billion matured and a new one of EUR 183 billion was settled. On Thursday, 28 February 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 (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 10.3 billion to EUR 194.9 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 201,299 −39
2 Claims on non-euro area residents denominated in foreign currency 137,914 −1,377
2.1 Receivables from the IMF 9,071 −1
2.2 Balances with banks and security investments, external loans and other external assets 128,843 −1,376
3 Claims on euro area residents denominated in foreign currency 24,685 −6,062
4 Claims on non-euro area residents denominated in euro 14,585 301
4.1 Balances with banks, security investments and loans 14,585 301
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 451,481 4,985
5.1 Main refinancing operations 183,001 5,000
5.2 Longer-term refinancing operations 268,479 −6
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 0 −8
5.6 Credits related to margin calls 1 −1
6 Other claims on euro area credit institutions denominated in euro 30,801 −560
7 Securities of euro area residents denominated in euro 106,069 1,295
8 General government debt denominated in euro 38,635 0
9 Other assets 333,285 1,337
Total assets 1,338,754 −120
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 654,031 3,442
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 195,649 −10,119
2.1 Current accounts (covering the minimum reserve system) 194,855 −10,286
2.2 Deposit facility 227 5
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 567 162
3 Other liabilities to euro area credit institutions denominated in euro 211 −5
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 80,684 14,416
5.1 General government 73,121 14,253
5.2 Other liabilities 7,563 163
6 Liabilities to non-euro area residents denominated in euro 34,399 −7,014
7 Liabilities to euro area residents denominated in foreign currency 762 −380
8 Liabilities to non-euro area residents denominated in foreign currency 18,591 19
8.1 Deposits, balances and other liabilities 18,591 19
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 130,854 −625
11 Revaluation accounts 147,665 0
12 Capital and reserves 70,597 146
Total liabilities 1,338,754 −120

Media contacts