Consolidated financial statement of the Eurosystem as at 27 June 2008

1 July 2008

Items not related to monetary policy operations

In the week ending 27 June 2008, the decrease of EUR 23 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) increased by EUR 0.1 billion to EUR 167.8 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) decreased by EUR 0.6 billion to EUR 114.7 billion. Banknotes in circulation (liability item 1) increased by EUR 3.1 billion to EUR 677.4 billion. Liabilities to general government (liability item 5.1) increased by EUR 6.5 billion to EUR 74.4 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) increased by EUR 19.5 billion to EUR 482.3 billion. On Wednesday, 25 June 2008, a main refinancing operation of EUR 188 billion matured and a new one of EUR 208 billion was settled. On Thursday, 26 June 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 virtually nil (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 0.7 billion (compared with virtually nil in the previous 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) increased by EUR 10.7 billion to EUR 226.5 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 209,353 −23
2 Claims on non-euro area residents denominated in foreign currency 135,270 −825
2.1 Receivables from the IMF 9,346 −4
2.2 Balances with banks and security investments, external loans and other external assets 125,924 −821
3 Claims on euro area residents denominated in foreign currency 56,283 1,088
4 Claims on non-euro area residents denominated in euro 14,686 −175
4.1 Balances with banks, security investments and loans 14,686 −175
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 483,006 19,959
5.1 Main refinancing operations 208,001 20,000
5.2 Longer-term refinancing operations 275,004 −39
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 0 −2
5.6 Credits related to margin calls 1 0
6 Other claims on euro area credit institutions denominated in euro 31,723 1,117
7 Securities of euro area residents denominated in euro 114,708 −588
8 General government debt denominated in euro 38,002 0
9 Other assets 379,679 1,006
Total assets 1,462,710 21,559
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 677,441 3,136
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 227,208 11,206
2.1 Current accounts (covering the minimum reserve system) 226,528 10,745
2.2 Deposit facility 674 626
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 6 −165
3 Other liabilities to euro area credit institutions denominated in euro 206 −4
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 81,404 6,468
5.1 General government 74,400 6,529
5.2 Other liabilities 7,004 −61
6 Liabilities to non-euro area residents denominated in euro 77,470 6
7 Liabilities to euro area residents denominated in foreign currency 2,998 1,182
8 Liabilities to non-euro area residents denominated in foreign currency 15,575 −1,021
8.1 Deposits, balances and other liabilities 15,575 −1,021
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 147,357 590
11 Revaluation accounts 156,231 0
12 Capital and reserves 71,672 −4
Total liabilities 1,462,710 21,559

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