Consolidated financial statement of the Eurosystem as at 4 April 2008

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.

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.

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).

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.

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