Consolidated financial statement of the Eurosystem as at 8 August 2008

In the week ending 8 August 2008, the decrease of EUR 14 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 0.3 billion to EUR 165.7 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) fell by EUR 1.1 billion to EUR 110.6 billion. Banknotes in circulation (liability item 1) rose by EUR 1.7 billion to EUR 690.3 billion. Liabilities to general government (liability item 5.1) decreased by EUR 2.7 billion to EUR 56.8 billion.

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 6 billion to EUR 459.9 billion. On Wednesday, 6 August 2008, a main refinancing operation of EUR 166 billion matured and a new one of EUR 160 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.

As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) decreased by EUR 3.7 billion to EUR 211 billion.