Consolidated financial statement of the Eurosystem as at 25 April 2008

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.

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).

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.