Consolidated financial statement of the Eurosystem as at 21 March 2008

26 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 and 14 March 2008, have continued and have also prevented the production of a balance sheet as at 21 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 21 March 2008 the decrease of EUR 55 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 0.7 billion to EUR 139.1 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) were EUR 107.3 billion (approximately the same as in the preceding week). Banknotes in circulation (liability item 1) increased by EUR 7.1 billion to EUR 665.7 billion. Liabilities to general government (liability item 5.1) rose by EUR 9.4 billion to EUR 72.9 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) increased by EUR 7.7 billion to EUR 483.6 billion. On Wednesday, 19 March 2008, a main refinancing operation of EUR 209.5 billion matured and a new one of EUR 202 billion was settled. On Thursday, 20 March 2008, a liquidity-providing fine-tuning operation of EUR 15 billion with a maturity date of 25 March 2008 was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.5 billion (compared with virtually nil in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.7 billion (compared with EUR 0.2 billion 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 9.4 billion to EUR 219.6 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 201,137 −55
2 Claims on non-euro area residents denominated in foreign currency 139,399 251
2.1 Receivables from the IMF 9,027 52
2.2 Balances with banks and security investments, external loans and other external assets 130,372 199
3 Claims on euro area residents denominated in foreign currency 25,288 854
4 Claims on non-euro area residents denominated in euro 14,843 0
4.1 Balances with banks, security investments and loans 14,843 0
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 484,635 8,171
5.1 Main refinancing operations 201,734 −7,298
5.2 Longer-term refinancing operations 267,366 0
5.3 Fine-tuning reverse operations 15,000 15,000
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 498 449
5.6 Credits related to margin calls 37 20
6 Other claims on euro area credit institutions denominated in euro 34,236 786
7 Securities of euro area residents denominated in euro 107,287 −4
8 General government debt denominated in euro 38,640 0
9 Other assets 333,249 1,601
Total assets 1,378,714 11,604
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 665,749 7,059
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 220,598 −8,856
2.1 Current accounts (covering the minimum reserve system) 219,593 −9,366
2.2 Deposit facility 727 500
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 278 10
3 Other liabilities to euro area credit institutions denominated in euro 216 2
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 80,715 9,715
5.1 General government 72,947 9,400
5.2 Other liabilities 7,768 315
6 Liabilities to non-euro area residents denominated in euro 36,796 695
7 Liabilities to euro area residents denominated in foreign currency 1,517 932
8 Liabilities to non-euro area residents denominated in foreign currency 18,802 −554
8.1 Deposits, balances and other liabilities 18,802 −554
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 130,740 2,606
11 Revaluation accounts 147,666 0
12 Capital and reserves 70,604 5
Total liabilities 1,378,714 11,604

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