Consolidated financial statement of the Eurosystem as at 18 April 2008

22 April 2008

Introductory remarks

The exceptional circumstances in one Eurosystem central bank, which prevented that central bank from producing its balance sheet for the Eurosystem consolidated financial statement between 7 March and 11 April 2008, no longer exist. Consequently, this week’s Eurosystem consolidated financial statement now also reflects the latest available balance sheet information provided by the Eurosystem central bank in question, namely that of its financial statement as at 18 April 2008. However, the figures with which the latest data are compared in the column “difference compared with last week due to transactions” are still those as at 29 February 2008 for this particular Eurosystem central bank.

Items not related to monetary policy operations

In the week ending 18 April 2008 the decrease of EUR 36 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 0.2 billion to EUR 153.7 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) fell by EUR 0.3 billion to EUR 109.3 billion. Banknotes in circulation (liability item 1) increased by EUR 0.5 billion to EUR 662.8 billion. Liabilities to general government (liability item 5.1) fell by EUR 2.6 billion to EUR 65 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 74.6 billion to EUR 498.9 billion. On Wednesday, 16 April 2008, a main refinancing operation of EUR 130 billion matured and a new one of EUR 204.5 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.2 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.3 billion, which was approximately the same as 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 71.4 billion to EUR 246.3 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 209,661 −36
2 Claims on non-euro area residents denominated in foreign currency 138,188 2,019
2.1 Receivables from the IMF 8,754 −10
2.2 Balances with banks and security investments, external loans and other external assets 129,434 2,029
3 Claims on euro area residents denominated in foreign currency 40,481 −1,266
4 Claims on non-euro area residents denominated in euro 15,776 872
4.1 Balances with banks, security investments and loans 15,776 872
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 499,525 74,538
5.1 Main refinancing operations 204,500 72,851
5.2 Longer-term refinancing operations 295,001 1,891
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1 −194
5.6 Credits related to margin calls 23 −10
6 Other claims on euro area credit institutions denominated in euro 34,639 −532
7 Securities of euro area residents denominated in euro 109,302 −295
8 General government debt denominated in euro 38,592 −22
9 Other assets 347,026 −3,870
Total assets 1,433,190 71,408
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 662,793 463
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 246,960 71,415
2.1 Current accounts (covering the minimum reserve system) 246,314 71,435
2.2 Deposit facility 288 −33
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 358 13
3 Other liabilities to euro area credit institutions denominated in euro 192 −21
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 72,649 −2,477
5.1 General government 64,976 −2,637
5.2 Other liabilities 7,673 160
6 Liabilities to non-euro area residents denominated in euro 58,444 1,036
7 Liabilities to euro area residents denominated in foreign currency 762 −35
8 Liabilities to non-euro area residents denominated in foreign currency 19,101 606
8.1 Deposits, balances and other liabilities 19,101 606
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 139,493 419
11 Revaluation accounts 156,231 0
12 Capital and reserves 71,417 2
Total liabilities 1,433,190 71,408

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