Consolidated financial statement of the Eurosystem as at 14 March 2008

18 March 2008

Introductory remarks

The exceptional circumstances in one Eurosystem central bank, which prevented that central bank from producing its balance sheet as at 7 March 2008, have continued and have also prevented the production of a balance sheet as at 14 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, namely its financial statement as at 29 February 2008.

Items not related to monetary policy operations

In the week ending 14 March 2008 the decrease of EUR 40 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 0.3 billion to EUR 138.3 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) fell by EUR 0.2 billion to EUR 107.3 billion. Banknotes in circulation (liability item 1) increased by EUR 1.4 billion to EUR 658.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 1.6 billion to EUR 63.5 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) rose by EUR 29.5 billion to EUR 476 billion. On Wednesday, 12 March 2008, a main refinancing operation of EUR 176.5 billion matured and a new one of EUR 209.5 billion was settled. On Thursday, 13 March 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) increased by EUR 33.1 billion to EUR 229 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 201,192 −40
2 Claims on non-euro area residents denominated in foreign currency 139,148 2,795
2.1 Receivables from the IMF 8,975 −53
2.2 Balances with banks and security investments, external loans and other external assets 130,173 2,848
3 Claims on euro area residents denominated in foreign currency 24,434 −2,229
4 Claims on non-euro area residents denominated in euro 14,843 −356
4.1 Balances with banks, security investments and loans 14,843 −356
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 476,464 29,471
5.1 Main refinancing operations 209,032 30,536
5.2 Longer-term refinancing operations 267,366 −1,113
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 49 48
5.6 Credits related to margin calls 17 0
6 Other claims on euro area credit institutions denominated in euro 33,450 2,254
7 Securities of euro area residents denominated in euro 107,291 −210
8 General government debt denominated in euro 38,640 5
9 Other assets 331,648 2,531
Total assets 1,367,110 34,221
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 658,690 1,374
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 229,454 33,124
2.1 Current accounts (covering the minimum reserve system) 228,959 33,129
2.2 Deposit facility 227 −3
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 268 −2
3 Other liabilities to euro area credit institutions denominated in euro 214 9
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 71,000 1,563
5.1 General government 63,547 1,585
5.2 Other liabilities 7,453 −22
6 Liabilities to non-euro area residents denominated in euro 36,101 716
7 Liabilities to euro area residents denominated in foreign currency 585 −310
8 Liabilities to non-euro area residents denominated in foreign currency 19,356 583
8.1 Deposits, balances and other liabilities 19,356 583
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 128,134 −2,843
11 Revaluation accounts 147,666 1
12 Capital and reserves 70,599 4
Total liabilities 1,367,110 34,221

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