Consolidated financial statement of the Eurosystem as at 16 May 2008

20 May 2008

Items not related to monetary policy operations

In the week ending 16 May 2008, the decrease of EUR 19 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 1 billion to EUR 160.8 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) rose by EUR 1.6 billion to EUR 112.2 billion. Banknotes in circulation (liability item 1) decreased by EUR 2.4 billion to EUR 671.1 billion. Liabilities to general government (liability item 5.1) increased by EUR 11 billion to EUR 65.4 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 42 billion to EUR 486.4 billion. On Wednesday, 14 May 2008, a main refinancing operation of EUR 150 billion matured and a new one of EUR 191.5 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.1 billion (compared with virtually nil in the preceding week), while recourse to the deposit facility (liability item 2.2) was virtually nil (compared with EUR 0.5 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) increased by EUR 38.3 billion to EUR 233.2 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 209,609 −19
2 Claims on non-euro area residents denominated in foreign currency 138,408 1,084
2.1 Receivables from the IMF 9,433 703
2.2 Balances with banks and security investments, external loans and other external assets 128,975 381
3 Claims on euro area residents denominated in foreign currency 47,793 −411
4 Claims on non-euro area residents denominated in euro 15,321 −82
4.1 Balances with banks, security investments and loans 15,321 −82
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 486,640 41,598
5.1 Main refinancing operations 191,499 41,497
5.2 Longer-term refinancing operations 295,026 2
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 115 101
5.6 Credits related to margin calls 0 −2
6 Other claims on euro area credit institutions denominated in euro 33,932 −643
7 Securities of euro area residents denominated in euro 112,212 1,604
8 General government debt denominated in euro 38,010 1
9 Other assets 358,954 4,884
Total assets 1,440,879 48,016
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 671,118 −2,406
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 233,356 37,876
2.1 Current accounts (covering the minimum reserve system) 233,151 38,310
2.2 Deposit facility 46 −432
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 159 −2
3 Other liabilities to euro area credit institutions denominated in euro 172 −2
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 72,899 11,311
5.1 General government 65,377 11,062
5.2 Other liabilities 7,522 249
6 Liabilities to non-euro area residents denominated in euro 65,963 288
7 Liabilities to euro area residents denominated in foreign currency 1,852 401
8 Liabilities to non-euro area residents denominated in foreign currency 18,396 −703
8.1 Deposits, balances and other liabilities 18,396 −703
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 143,806 1,136
11 Revaluation accounts 156,231 0
12 Capital and reserves 71,938 115
Total liabilities 1,440,879 48,016

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