Consolidated financial statement of the Eurosystem as at 20 June 2008

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.

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).

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.