Consolidated financial statement of the Eurosystem as at 28 March 2008

1 April 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, 14 March and 21 March 2008, have also prevented the production of a balance sheet as at 28 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 that of its financial statement as at 29 February 2008.

Items not related to monetary policy operations

In the week ending 28 March 2008 the decrease of EUR 1 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 10.3 billion to EUR 149.3 billion on account of a US dollar liquidity-providing operation, which was settled on 27 March 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 billion to EUR 108.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 4.7 billion to EUR 661 billion. Liabilities to general government (liability item 5.1) increased by EUR 4.2 billion to EUR 77.1 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) decreased by EUR 0.3 billion to EUR 483.3 billion. On Wednesday, 26 March 2008, a main refinancing operation of EUR 202 billion matured and a new one of EUR 216 billion was settled. On Thursday, 27 March 2008, a longer-term refinancing operation of EUR 48.5 billion matured and a new one of EUR 50 billion was settled. On Tuesday, 25 March 2008, a liquidity-providing fine-tuning operation of EUR 15 billion matured.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.5 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 1 billion (compared with EUR 0.7 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) increased by EUR 3.8 billion to EUR 223.4 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 201,136 −1
2 Claims on non-euro area residents denominated in foreign currency 140,856 1,457
2.1 Receivables from the IMF 9,023 −4
2.2 Balances with banks and security investments, external loans and other external assets 131,833 1,461
3 Claims on euro area residents denominated in foreign currency 34,620 9,332
4 Claims on non-euro area residents denominated in euro 14,915 72
4.1 Balances with banks, security investments and loans 14,915 72
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 484,539 −96
5.1 Main refinancing operations 216,130 14,396
5.2 Longer-term refinancing operations 268,377 1,011
5.3 Fine-tuning reverse operations 0 −15,000
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 0 −498
5.6 Credits related to margin calls 32 −5
6 Other claims on euro area credit institutions denominated in euro 34,840 604
7 Securities of euro area residents denominated in euro 108,332 1,045
8 General government debt denominated in euro 38,640 0
9 Other assets 335,415 2,166
Total assets 1,393,293 14,579
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 661,022 −4,727
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 224,581 3,983
2.1 Current accounts (covering the minimum reserve system) 223,384 3,791
2.2 Deposit facility 962 235
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 235 −43
3 Other liabilities to euro area credit institutions denominated in euro 212 −4
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 84,815 4,100
5.1 General government 77,137 4,190
5.2 Other liabilities 7,678 −90
6 Liabilities to non-euro area residents denominated in euro 47,603 10,807
7 Liabilities to euro area residents denominated in foreign currency 1,259 −258
8 Liabilities to non-euro area residents denominated in foreign currency 19,589 787
8.1 Deposits, balances and other liabilities 19,589 787
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 130,641 −99
11 Revaluation accounts 147,666 0
12 Capital and reserves 70,594 −10
Total liabilities 1,393,293 14,579

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