Consolidated financial statement of the Eurosystem as at 23 May 2008

27 May 2008

Items not related to monetary policy operations

In the week ending 23 May 2008, the decrease of EUR 46 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) and a purchase of gold coin by another Eurosystem central bank.

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 167.4 billion on account of a US dollar liquidity-providing operation settled on 22 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) increased by EUR 0.1 billion to EUR 112.4 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.8 billion to EUR 669.3 billion. Liabilities to general government (liability item 5.1) rose by EUR 15.7 billion to EUR 81.2 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 24.6 billion to EUR 461.9 billion. On Wednesday, 21 May 2008, a main refinancing operation of EUR 191.5 billion matured and a new one of EUR 176.5 billion was settled. On Thursday, 22 May 2008, a supplementary longer-term refinancing operation of EUR 60 billion matured and a new one of EUR 50 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.4 billion (compared with EUR 0.1 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion (compared with virtually nil 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 37.8 billion to EUR 195.4 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 209,563 −46
2 Claims on non-euro area residents denominated in foreign currency 138,403 −5
2.1 Receivables from the IMF 9,434 1
2.2 Balances with banks and security investments, external loans and other external assets 128,969 −6
3 Claims on euro area residents denominated in foreign currency 53,266 5,473
4 Claims on non-euro area residents denominated in euro 15,677 356
4.1 Balances with banks, security investments and loans 15,677 356
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 461,949 −24,691
5.1 Main refinancing operations 176,501 −14,998
5.2 Longer-term refinancing operations 285,028 −9,998
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 418 303
5.6 Credits related to margin calls 2 2
6 Other claims on euro area credit institutions denominated in euro 32,462 −1,470
7 Securities of euro area residents denominated in euro 112,357 145
8 General government debt denominated in euro 38,013 3
9 Other assets 362,107 3,153
Total assets 1,423,797 −17,082
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 669,292 −1,826
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 195,456 −37,900
2.1 Current accounts (covering the minimum reserve system) 195,380 −37,771
2.2 Deposit facility 67 21
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 9 −150
3 Other liabilities to euro area credit institutions denominated in euro 164 −8
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 88,478 15,579
5.1 General government 81,132 15,755
5.2 Other liabilities 7,346 −176
6 Liabilities to non-euro area residents denominated in euro 73,947 7,984
7 Liabilities to euro area residents denominated in foreign currency 2,876 1,024
8 Liabilities to non-euro area residents denominated in foreign currency 16,282 −2,114
8.1 Deposits, balances and other liabilities 16,282 −2,114
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 143,984 178
11 Revaluation accounts 156,231 0
12 Capital and reserves 71,939 1
Total liabilities 1,423,797 −17,082

Media contacts