Consolidated financial statement of the Eurosystem as at 25 July 2008

29 July 2008

Items not related to monetary policy operations

In the week ending 25 July 2008, the decrease of EUR 0.6 billion in gold and gold receivables (asset item 1) reflected the sale of gold by two Eurosystem central banks (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 0.6 billion to EUR 166.1 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) rose by EUR 1.8 billion to EUR 112 billion. Banknotes in circulation (liability item 1) fell by EUR 1.2 billion to EUR 683.9 billion. Liabilities to general government (liability item 5.1) increased by EUR 31 billion to EUR 81 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 20.5 billion to EUR 475.4 billion. On Wednesday, 23 July 2008, a main refinancing operation of EUR 155 billion matured and a new one of EUR 175.5 billion was settled. Recourse to the marginal lending facility (asset item 5.5) remained virtually unchanged at close to zero, while recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion, which was approximately the same as 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 7.1 billion to EUR 208.6 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 208,368 −578
2 Claims on non-euro area residents denominated in foreign currency 135,536 3,773
2.1 Receivables from the IMF 9,228 0
2.2 Balances with banks and security investments, external loans and other external assets 126,308 3,773
3 Claims on euro area residents denominated in foreign currency 54,928 −1,707
4 Claims on non-euro area residents denominated in euro 15,160 −1,500
4.1 Balances with banks, security investments and loans 15,160 −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 475,519 20,468
5.1 Main refinancing operations 175,500 20,502
5.2 Longer-term refinancing operations 300,016 0
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 1 1
5.6 Credits related to margin calls 2 −35
6 Other claims on euro area credit institutions denominated in euro 34,955 1,036
7 Securities of euro area residents denominated in euro 112,034 1,800
8 General government debt denominated in euro 37,456 0
9 Other assets 376,943 259
Total assets 1,450,899 23,551
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 683,850 −1,212
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 208,670 −7,078
2.1 Current accounts (covering the minimum reserve system) 208,556 −7,072
2.2 Deposit facility 74 −2
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 40 −4
3 Other liabilities to euro area credit institutions denominated in euro 254 27
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 87,785 30,984
5.1 General government 80,969 31,025
5.2 Other liabilities 6,816 −41
6 Liabilities to non-euro area residents denominated in euro 77,986 −285
7 Liabilities to euro area residents denominated in foreign currency 2,909 1,070
8 Liabilities to non-euro area residents denominated in foreign currency 16,335 375
8.1 Deposits, balances and other liabilities 16,335 375
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 143,956 −330
11 Revaluation accounts 152,364 0
12 Capital and reserves 71,670 0
Total liabilities 1,450,899 23,551

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