Consolidated financial statement of the Eurosystem as at 18 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.