Consolidated financial statement of the Eurosystem as at 25 April 2008

29 April 2008

Items not related to monetary policy operations

In the week ending 25 April 2008 the decrease of EUR 18 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) decreased by EUR 0.2 billion to EUR 153.4 billion on account of customer and portfolio transactions. On 24 April 2008 one US dollar liquidity-providing operation matured and a new operation was settled, with a maturity of 28 days. These operations were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and the Federal Reserve System.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) remained virtually unchanged at EUR 109.4 billion. Banknotes in circulation (liability item 1) increased by EUR 1.5 billion to EUR 664.3 billion. Liabilities to general government (liability item 5.1) increased by EUR 18.1 billion to EUR 83.1 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 31.3 billion to EUR 467.5 billion. On Wednesday, 23 April 2008, a main refinancing operation of EUR 204.5 billion matured and a new one of EUR 173 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (which was approximately the same as in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion (compared with EUR 0.3 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 49.4 billion to EUR 196.9 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 209,643 −18
2 Claims on non-euro area residents denominated in foreign currency 138,660 472
2.1 Receivables from the IMF 8,754 0
2.2 Balances with banks and security investments, external loans and other external assets 129,906 472
3 Claims on euro area residents denominated in foreign currency 40,142 −339
4 Claims on non-euro area residents denominated in euro 15,890 114
4.1 Balances with banks, security investments and loans 15,890 114
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 468,020 −31,505
5.1 Main refinancing operations 173,000 −31,500
5.2 Longer-term refinancing operations 295,001 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1 0
5.6 Credits related to margin calls 18 −5
6 Other claims on euro area credit institutions denominated in euro 34,832 193
7 Securities of euro area residents denominated in euro 109,350 48
8 General government debt denominated in euro 38,592 0
9 Other assets 350,730 3,704
Total assets 1,405,859 −27,331
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 664,260 1,467
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 197,364 −49,596
2.1 Current accounts (covering the minimum reserve system) 196,875 −49,439
2.2 Deposit facility 140 −148
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 349 −9
3 Other liabilities to euro area credit institutions denominated in euro 184 −8
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 90,394 17,745
5.1 General government 83,139 18,163
5.2 Other liabilities 7,255 −418
6 Liabilities to non-euro area residents denominated in euro 58,072 −372
7 Liabilities to euro area residents denominated in foreign currency 888 126
8 Liabilities to non-euro area residents denominated in foreign currency 19,348 247
8.1 Deposits, balances and other liabilities 19,348 247
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 142,150 2,657
11 Revaluation accounts 156,231 0
12 Capital and reserves 71,820 403
Total liabilities 1,405,859 −27,331

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