Consolidated financial statement of the Eurosystem as at 7 March 2008

11 March 2008

Items not related to monetary policy operations

In the week ending 7 March 2008 the decrease of EUR 67 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 0.2 billion to EUR 138 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) rose by EUR 1 billion to EUR 107.5 billion. Banknotes in circulation (liability item 1) increased by EUR 3.2 billion to EUR 657.3 billion. Liabilities to general government (liability item 5.1) decreased by EUR 10.2 billion to EUR 62 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) fell by EUR 4.2 billion to EUR 446.5 billion. On Wednesday, 5 March 2008, a main refinancing operation of EUR 183 billion matured and a new one of EUR 176.5 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) increased by EUR 2.3 billion to EUR 195.8 billion.

Other issues

Exceptional circumstances in one Eurosystem central bank had a retroactive, albeit immaterial, impact on the consolidated financial statement of the Eurosystem as at 29 February 2008 (published on 4 March 2008), as reflected by the actual week-on-week changes in this week’s Eurosystem consolidated financial statement.

The same circumstances also prevented this Eurosystem central bank from producing its balance sheet as at 7 March 2008. Consequently this week’s Eurosystem consolidated financial statement reflects the latest available balance sheet information provided by the Eurosystem central bank in question, which is its financial statement as at 29 February 2008.

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 201,232 −67
2 Claims on non-euro area residents denominated in foreign currency 136,353 −1,460
2.1 Receivables from the IMF 9,028 −43
2.2 Balances with banks and security investments, external loans and other external assets 127,325 −1,417
3 Claims on euro area residents denominated in foreign currency 26,663 1,950
4 Claims on non-euro area residents denominated in euro 15,199 681
4.1 Balances with banks, security investments and loans 15,199 681
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 446,993 −4,488
5.1 Main refinancing operations 178,496 −4,505
5.2 Longer-term refinancing operations 268,479 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1 1
5.6 Credits related to margin calls 17 16
6 Other claims on euro area credit institutions denominated in euro 31,196 419
7 Securities of euro area residents denominated in euro 107,501 962
8 General government debt denominated in euro 38,635 0
9 Other assets 329,117 −1,981
Total assets 1,332,889 −3,984
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 657,316 3,168
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 196,330 1,961
2.1 Current accounts (covering the minimum reserve system) 195,830 2,254
2.2 Deposit facility 230 4
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 270 −297
3 Other liabilities to euro area credit institutions denominated in euro 205 −6
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 69,437 −10,255
5.1 General government 61,962 −10,169
5.2 Other liabilities 7,475 −86
6 Liabilities to non-euro area residents denominated in euro 35,385 986
7 Liabilities to euro area residents denominated in foreign currency 895 133
8 Liabilities to non-euro area residents denominated in foreign currency 18,773 182
8.1 Deposits, balances and other liabilities 18,773 182
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 130,977 −151
11 Revaluation accounts 147,665 0
12 Capital and reserves 70,595 −2
Total liabilities 1,332,889 −3,984

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