Consolidated financial statement of the Eurosystem as at 11 April 2008

15 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, 28 March and 4 April 2008, have also prevented the production of a balance sheet as at 11 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 11 April 2008 the decrease of EUR 38 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 9.5 billion to EUR 153.5 billion on account of a US dollar liquidity-providing operation settled on 10 April 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) remained virtually unchanged at EUR 109.6 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.2 billion to EUR 662.3 billion. Liabilities to general government (liability item 5.1) fell by EUR 1.2 billion to EUR 67.6 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 19.4 billion to EUR 424.3 billion. On Wednesday, 9 April 2008, a main refinancing operation of EUR 150 billion matured and a new one of EUR 130 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with virtually nil in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.3 billion (compared with EUR 0.6 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 19.9 billion to EUR 174.9 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 209,697 −38
2 Claims on non-euro area residents denominated in foreign currency 136,169 −508
2.1 Receivables from the IMF 8,764 68
2.2 Balances with banks and security investments, external loans and other external assets 127,405 −576
3 Claims on euro area residents denominated in foreign currency 41,747 10,089
4 Claims on non-euro area residents denominated in euro 14,904 145
4.1 Balances with banks, security investments and loans 14,904 145
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 424,987 −19,579
5.1 Main refinancing operations 131,649 −19,771
5.2 Longer-term refinancing operations 293,110 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 195 193
5.6 Credits related to margin calls 33 −1
6 Other claims on euro area credit institutions denominated in euro 35,171 989
7 Securities of euro area residents denominated in euro 109,597 −15
8 General government debt denominated in euro 38,614 0
9 Other assets 350,896 −656
Total assets 1,361,782 −9,573
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 662,330 −231
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 175,545 −20,080
2.1 Current accounts (covering the minimum reserve system) 174,879 −19,867
2.2 Deposit facility 321 −270
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 345 57
3 Other liabilities to euro area credit institutions denominated in euro 213 4
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 75,126 −1,218
5.1 General government 67,613 −1,220
5.2 Other liabilities 7,513 2
6 Liabilities to non-euro area residents denominated in euro 57,408 9,388
7 Liabilities to euro area residents denominated in foreign currency 797 −419
8 Liabilities to non-euro area residents denominated in foreign currency 18,495 516
8.1 Deposits, balances and other liabilities 18,495 516
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,148 0
10 Other liabilities 139,074 2,466
11 Revaluation accounts 156,231 0
12 Capital and reserves 71,415 1
Total liabilities 1,361,782 −9,573

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