Consolidated financial statement of the Eurosystem as at 18 July 2008

22 July 2008

Items not related to monetary policy operations

In the week ending 18 July 2008, the decrease of EUR 47 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) decreased by EUR 0.5 billion to EUR 165.5 billion on account of customer and portfolio transactions. On Thursday, 17 July 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) decreased by EUR 2.6 billion to EUR 110.2 billion. Banknotes in circulation (liability item 1) fell by EUR 0.6 billion to EUR 685.1 billion. Liabilities to general government (liability item 5.1) decreased by EUR 2.7 billion to EUR 49.9 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 20.1 billion to EUR 454.9 billion. On Wednesday, 16 July 2008, a main refinancing operation of EUR 175 billion matured and a new one of EUR 155 billion was settled. Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.2 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion (compared with virtually nil 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 20.4 billion to EUR 215.6 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 208,946 −47
2 Claims on non-euro area residents denominated in foreign currency 131,763 −4,238
2.1 Receivables from the IMF 9,228 37
2.2 Balances with banks and security investments, external loans and other external assets 122,535 −4,275
3 Claims on euro area residents denominated in foreign currency 56,635 874
4 Claims on non-euro area residents denominated in euro 16,660 1,500
4.1 Balances with banks, security investments and loans 16,660 1,500
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 455,051 −20,109
5.1 Main refinancing operations 154,998 −20,003
5.2 Longer-term refinancing operations 300,016 19
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 0 −157
5.6 Credits related to margin calls 37 32
6 Other claims on euro area credit institutions denominated in euro 33,919 1,775
7 Securities of euro area residents denominated in euro 110,234 −2,638
8 General government debt denominated in euro 37,456 −5
9 Other assets 376,684 −1,941
Total assets 1,427,348 −24,829
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 685,062 −551
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 215,748 −20,424
2.1 Current accounts (covering the minimum reserve system) 215,628 −20,447
2.2 Deposit facility 76 14
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 44 9
3 Other liabilities to euro area credit institutions denominated in euro 227 −2
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 56,801 −2,841
5.1 General government 49,944 −2,678
5.2 Other liabilities 6,857 −163
6 Liabilities to non-euro area residents denominated in euro 78,271 1,569
7 Liabilities to euro area residents denominated in foreign currency 1,839 −612
8 Liabilities to non-euro area residents denominated in foreign currency 15,960 −2,264
8.1 Deposits, balances and other liabilities 15,960 −2,264
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 144,286 294
11 Revaluation accounts 152,364 0
12 Capital and reserves 71,670 2
Total liabilities 1,427,348 −24,829

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