Consolidated financial statement of the Eurosystem as at 4 April 2008

9 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, 21 March and 28 March 2008, have also prevented the production of a balance sheet as at 4 April 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 4 April 2008, the increase of EUR 8.6 billion in gold and gold receivables (asset item 1) reflected quarterly revaluation adjustments.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) fell by EUR 5.3 billion to EUR 144 billion. The change was due mainly to the effects of the quarterly revaluation of assets and liabilities, with customer and portfolio transactions carried out by Eurosystem central banks in the period under review resulting in an increase of only EUR 0.1 billion.

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 109.6 billion, with an increase of EUR 0.6 billion caused by revaluations. Banknotes in circulation (liability item 1) rose by EUR 1.5 billion to EUR 662.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 8.3 billion to EUR 68.8 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 39.7 billion to EUR 443.7 billion. On Wednesday, 2 April 2008, a main refinancing operation of EUR 216 billion matured and a new one of EUR 150 billion was settled. On Thursday, 3 April 2008, a new supplementary longer-term refinancing operation of EUR 25 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 0.6 billion (compared with EUR 1 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 28.6 billion to EUR 194.7 billion.

Quarter-end revaluation of the Eurosystem’s assets and liabilities

In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter. The net impact of the revaluation on each balance sheet item as at 31 March 2008 is shown in the additional column “ Difference compared with last week due to quarter-end adjustments”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR 592.746 per fine oz.

USD: 1.5812 per EUR

JPY: 157.37 per EUR

Special drawing rights: EUR 1.0401 per SDR

Assets (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Gold and gold receivables 209,735 0 8,599
2 Claims on non-euro area residents denominated in foreign currency 136,677 1,292 −5,471
2.1 Receivables from the IMF 8,696 0 −327
2.2 Balances with banks and security investments, external loans and other external assets 127,981 1,292 −5,144
3 Claims on euro area residents denominated in foreign currency 31,658 −1,524 −1,438
4 Claims on non-euro area residents denominated in euro 14,759 −94 −62
4.1 Balances with banks, security investments and loans 14,759 −94 −62
4.2 Claims arising from the credit facility under ERM II 0 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 444,566 −39,973 0
5.1 Main refinancing operations 151,420 −64,710 0
5.2 Longer-term refinancing operations 293,110 24,733 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 2 2 0
5.6 Credits related to margin calls 34 2 0
6 Other claims on euro area credit institutions denominated in euro 34,182 −658 0
7 Securities of euro area residents denominated in euro 109,612 700 580
8 General government debt denominated in euro 38,614 0 −26
9 Other assets 351,552 4,082 12,055
Total assets 1,371,355 −36,175 14,237
Liabilities (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)quarter-end adjustments
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Banknotes in circulation 662,561 1,539 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 195,625 −28,956 0
2.1 Current accounts (covering the minimum reserve system) 194,746 −28,638 0
2.2 Deposit facility 591 −371 0
2.3 Fixed-term deposits 0 0 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 288 53 0
3 Other liabilities to euro area credit institutions denominated in euro 209 −3 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 76,344 −8,471 0
5.1 General government 68,833 −8,304 0
5.2 Other liabilities 7,511 −167 0
6 Liabilities to non-euro area residents denominated in euro 48,020 417 0
7 Liabilities to euro area residents denominated in foreign currency 1,216 132 −175
8 Liabilities to non-euro area residents denominated in foreign currency 17,979 −428 −1,182
8.1 Deposits, balances and other liabilities 17,979 −428 −1,182
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,148 0 −163
10 Other liabilities 136,608 −1,225 7,192
11 Revaluation accounts 156,231 0 8,565
12 Capital and reserves 71,414 820 0
Total liabilities 1,371,355 −36,175 14,237

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