Consolidated financial statement of the Eurosystem as at 30 May 2008

In the week ending 30 May 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 0.1 billion to EUR 167.3 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) increased by EUR 1.6 billion to EUR 114 billion. Banknotes in circulation (liability item 1) rose by EUR 2.7 billion to EUR 672 billion. Liabilities to general government (liability item 5.1) decreased by EUR 16.4 billion to EUR 64.7 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 6.1 billion to EUR 455.8 billion. On Wednesday, 28 May 2008, a main refinancing operation of EUR 176.5 billion matured and a new one of EUR 170 billion was settled. On Thursday, 29 May 2008, a longer-term refinancing operation of EUR 50 billion matured and a new one of EUR 50 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.8 billion (compared with EUR 0.4 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion, which was approximately the same as in the preceding week.

As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) increased by EUR 12.1 billion to EUR 207.5 billion.