Consolidated financial statement of the Eurosystem as at 9 May 2008

13 May 2008

Items not related to monetary policy operations

In the week ending 9 May 2008, the decrease of EUR 15 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 6.6 billion to EUR 159.8 billion on account of a US dollar liquidity-providing operation that was settled on 8 May 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) rose by EUR 0.6 billion to EUR 110.6 billion. Banknotes in circulation (liability item 1) increased by EUR 1.8 billion to EUR 673.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 3.2 billion to EUR 54.3 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 20.4 billion to EUR 444.4 billion. On Wednesday, 7 May 2008, a main refinancing operation of EUR 170 billion matured and a new one of EUR 150 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 0.5 billion (compared with EUR 0.1 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 14.2 billion to EUR 194.8 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 209,628 −15
2 Claims on non-euro area residents denominated in foreign currency 137,324 −640
2.1 Receivables from the IMF 8,730 −3
2.2 Balances with banks and security investments, external loans and other external assets 128,594 −637
3 Claims on euro area residents denominated in foreign currency 48,204 8,633
4 Claims on non-euro area residents denominated in euro 15,403 −852
4.1 Balances with banks, security investments and loans 15,403 −852
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 445,042 −19,997
5.1 Main refinancing operations 150,002 −19,998
5.2 Longer-term refinancing operations 295,024 17
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 14 −13
5.6 Credits related to margin calls 2 −3
6 Other claims on euro area credit institutions denominated in euro 34,575 2,553
7 Securities of euro area residents denominated in euro 110,608 593
8 General government debt denominated in euro 38,009 0
9 Other assets 354,070 2,814
Total assets 1,392,863 −6,911
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 673,524 1,831
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 195,480 −13,823
2.1 Current accounts (covering the minimum reserve system) 194,841 −14,236
2.2 Deposit facility 478 405
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 161 8
3 Other liabilities to euro area credit institutions denominated in euro 174 −2
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 61,588 −3,541
5.1 General government 54,315 −3,249
5.2 Other liabilities 7,273 −292
6 Liabilities to non-euro area residents denominated in euro 65,675 7,813
7 Liabilities to euro area residents denominated in foreign currency 1,451 −213
8 Liabilities to non-euro area residents denominated in foreign currency 19,099 1,645
8.1 Deposits, balances and other liabilities 19,099 1,645
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 142,670 −623
11 Revaluation accounts 156,231 0
12 Capital and reserves 71,823 2
Total liabilities 1,392,863 −6,911

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