Consolidated financial statement of the Eurosystem as at 13 June 2008

In the week ending 13 June 2008, the decrease of EUR 113 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 the issue of commemorative gold coins 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) remained virtually unchanged at EUR 167.4 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.3 billion to EUR 115.2 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.5 billion to EUR 675 billion. Liabilities to general government (liability item 5.1) decreased by EUR 0.8 billion to EUR 58.8 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) increased by EUR 28 billion to EUR 466 billion. On Wednesday, 11 June 2008, a main refinancing operation of EUR 153 billion matured and a new one of EUR 191 billion was settled. On Thursday, 12 June 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 virtually nil (approximately the same as in the previous week), and recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion (also approximately the same as in the previous week).

As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) increased by EUR 30.8 billion to EUR 225.9 billion.