Consolidated financial statement of the Eurosystem as at 20 June 2008

24 June 2008

Items not related to monetary policy operations

In the week ending 20 June 2008, the decrease of EUR 26 million in gold and gold receivables (asset item 1) reflected the net 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 0.3 billion to EUR 167.7 billion on account of customer and portfolio transactions. On Thursday, 19 June 2008, a US dollar liquidity-providing operation of USD 25 billion matured and a new operation of USD 25 billion was settled, with a maturity of 28 days. These operations were conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and the Federal Reserve System.

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 115.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.7 billion to EUR 674.3 billion. Liabilities to general government (liability item 5.1) increased by EUR 9.1 billion to EUR 67.9 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 3.1 billion to EUR 462.8 billion. On Wednesday, 18 June 2008, a main refinancing operation of EUR 191 billion matured and a new one of EUR 188 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (approximately the same as in the previous week). Recourse to the deposit facility (liability item 2.2) was also virtually nil (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 10.1 billion to EUR 215.8 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 209,376 −26
2 Claims on non-euro area residents denominated in foreign currency 136,095 412
2.1 Receivables from the IMF 9,350 −3
2.2 Balances with banks and security investments, external loans and other external assets 126,745 415
3 Claims on euro area residents denominated in foreign currency 55,195 −307
4 Claims on non-euro area residents denominated in euro 14,861 73
4.1 Balances with banks, security investments and loans 14,861 73
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 463,047 −2,988
5.1 Main refinancing operations 188,001 −3,000
5.2 Longer-term refinancing operations 275,043 17
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 2 0
5.6 Credits related to margin calls 1 −5
6 Other claims on euro area credit institutions denominated in euro 30,606 253
7 Securities of euro area residents denominated in euro 115,296 73
8 General government debt denominated in euro 38,002 −5
9 Other assets 378,673 1,054
Total assets 1,441,151 −1,461
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 674,305 −739
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 216,002 −9,930
2.1 Current accounts (covering the minimum reserve system) 215,783 −10,085
2.2 Deposit facility 48 −6
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 171 161
3 Other liabilities to euro area credit institutions denominated in euro 210 62
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 74,936 9,113
5.1 General government 67,871 9,107
5.2 Other liabilities 7,065 6
6 Liabilities to non-euro area residents denominated in euro 77,464 582
7 Liabilities to euro area residents denominated in foreign currency 1,816 216
8 Liabilities to non-euro area residents denominated in foreign currency 16,596 −461
8.1 Deposits, balances and other liabilities 16,596 −461
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 146,767 −305
11 Revaluation accounts 156,231 0
12 Capital and reserves 71,676 1
Total liabilities 1,441,151 −1,461

Media contacts