Consolidated financial statement of the Eurosystem as at 1 August 2008

5 August 2008

Items not related to monetary policy operations

In the week ending 1 August 2008, the decrease of EUR 26 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) and a purchase of gold coin by another Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 0.1 billion to EUR 166 billion on account of customer and portfolio transactions. On Thursday, 31 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) fell by EUR 0.4 billion to EUR 111.7 billion. Banknotes in circulation (liability item 1) rose by EUR 4.8 billion to EUR 688.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 21.4 billion to EUR 59.5 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 9.5 billion to EUR 465.9 billion. On Wednesday, 30 July 2008, a main refinancing operation of EUR 175.5 billion matured and a new one of EUR 166 billion was settled. On Thursday, 31 July 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) 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) increased by EUR 6.2 billion to EUR 214.7 billion.

Other issues

It should be noted with respect to the consolidated weekly financial statement of the Eurosystem as at 25 July 2008 (published on 29 July 2008) that liabilities to non-euro area residents denominated in euro (liability item 6) should have shown a balance of EUR 77,912 million, instead of EUR 77,986 million, and that liabilities to non-euro area residents denominated in foreign currency (liability item 8) should have read EUR 16,409 million, instead of EUR 16,335 million.

Thus, the actual week-on-week changes in these positions are increases of EUR 956 million and EUR 1,916 million respectively.

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 208,342 −26
2 Claims on non-euro area residents denominated in foreign currency 136,858 1,322
2.1 Receivables from the IMF 9,276 48
2.2 Balances with banks and security investments, external loans and other external assets 127,582 1,274
3 Claims on euro area residents denominated in foreign currency 54,698 −230
4 Claims on non-euro area residents denominated in euro 16,401 1,241
4.1 Balances with banks, security investments and loans 16,401 1,241
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 466,022 −9,497
5.1 Main refinancing operations 165,999 −9,501
5.2 Longer-term refinancing operations 300,018 2
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 0 −1
5.6 Credits related to margin calls 5 3
6 Other claims on euro area credit institutions denominated in euro 35,232 277
7 Securities of euro area residents denominated in euro 111,658 −376
8 General government debt denominated in euro 37,456 0
9 Other assets 377,895 952
Total assets 1,444,562 −6,337
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 688,625 4,775
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 214,824 6,154
2.1 Current accounts (covering the minimum reserve system) 214,732 6,176
2.2 Deposit facility 87 13
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 5 −35
3 Other liabilities to euro area credit institutions denominated in euro 227 −27
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 66,414 −21,371
5.1 General government 59,529 −21,440
5.2 Other liabilities 6,885 69
6 Liabilities to non-euro area residents denominated in euro 78,868 956
7 Liabilities to euro area residents denominated in foreign currency 2,093 −816
8 Liabilities to non-euro area residents denominated in foreign currency 18,325 1,916
8.1 Deposits, balances and other liabilities 18,325 1,916
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 146,032 2,076
11 Revaluation accounts 152,364 0
12 Capital and reserves 71,670 0
Total liabilities 1,444,562 −6,337

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