Consolidated financial statement of the Eurosystem as at 11 July 2008

15 July 2008

Items not related to monetary policy operations

In the week ending 11 July 2008, the decrease of EUR 27 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) remained virtually unchanged at EUR 166 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 112.9 billion. Banknotes in circulation (liability item 1) rose by EUR 1.7 billion to EUR 685.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 7.3 billion to EUR 52.6 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 45.8 billion to EUR 475.1 billion. On Wednesday, 9 July 2008, a main refinancing operation of EUR 154.5 billion matured and a new one of EUR 175 billion was settled. On Thursday, 10 July 2008, a new supplementary longer-term refinancing operation of EUR 25 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion (compared with EUR 0.3 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) increased by EUR 57 billion to EUR 236.1 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 208,993 −27
2 Claims on non-euro area residents denominated in foreign currency 136,001 −1,605
2.1 Receivables from the IMF 9,191 −106
2.2 Balances with banks and security investments, external loans and other external assets 126,810 −1,499
3 Claims on euro area residents denominated in foreign currency 55,761 494
4 Claims on non-euro area residents denominated in euro 15,160 30
4.1 Balances with banks, security investments and loans 15,160 30
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 475,160 45,661
5.1 Main refinancing operations 175,001 20,501
5.2 Longer-term refinancing operations 299,997 25,002
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 157 153
5.6 Credits related to margin calls 5 5
6 Other claims on euro area credit institutions denominated in euro 32,144 1,258
7 Securities of euro area residents denominated in euro 112,872 253
8 General government debt denominated in euro 37,461 0
9 Other assets 378,625 1,221
Total assets 1,452,177 47,285
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 685,613 1,670
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 236,172 56,837
2.1 Current accounts (covering the minimum reserve system) 236,075 57,020
2.2 Deposit facility 62 −209
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 35 26
3 Other liabilities to euro area credit institutions denominated in euro 229 −41
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 59,642 −7,251
5.1 General government 52,622 −7,259
5.2 Other liabilities 7,020 8
6 Liabilities to non-euro area residents denominated in euro 76,702 −967
7 Liabilities to euro area residents denominated in foreign currency 2,451 686
8 Liabilities to non-euro area residents denominated in foreign currency 18,224 −1,793
8.1 Deposits, balances and other liabilities 18,224 −1,793
8.2 Liabilities arising from the credit facility under ERM II 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,120 0
10 Other liabilities 143,992 −1,856
11 Revaluation accounts 152,364 0
12 Capital and reserves 71,668 0
Total liabilities 1,452,177 47,285

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