Consolidated financial statement of the Eurosystem as at 15 August 2008

19 August 2008

Items not related to monetary policy operations

In the week ending 15 August 2008, the decrease of EUR 24 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 net sale 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) increased by EUR 4.3 billion to EUR 170 billion on account of customer and portfolio transactions and US dollar liquidity-providing operations. On Thursday, 14 August 2008, a US dollar liquidity-providing operation of USD 25 billion matured and a new operation of USD 20 billion was settled, with a maturity of 28 days. On the same day, a further US dollar liquidity-providing operation of USD 10 billion was settled, with a maturity of 84 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 0.6 billion to EUR 110 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.2 billion to EUR 690.2 billion. Liabilities to general government (liability item 5.1) decreased by EUR 6 billion to EUR 50.8 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 16.1 billion to EUR 476 billion. On Wednesday, 13 August 2008, a main refinancing operation of EUR 160 billion matured and a new one of EUR 176 billion was settled. On Thursday, 14 August 2008, a supplementary 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) was EUR 0.1 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was virtually nil (compared with EUR 0.1 billion 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 21.8 billion to EUR 232.8 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 208,304 −24
2 Claims on non-euro area residents denominated in foreign currency 136,611 −380
2.1 Receivables from the IMF 9,262 −10
2.2 Balances with banks and security investments, external loans and other external assets 127,349 −370
3 Claims on euro area residents denominated in foreign currency 59,133 4,492
4 Claims on non-euro area residents denominated in euro 16,288 −726
4.1 Balances with banks, security investments and loans 16,288 −726
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 476,088 16,065
5.1 Main refinancing operations 176,002 16,002
5.2 Longer-term refinancing operations 300,007 −14
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 75 75
5.6 Credits related to margin calls 4 2
6 Other claims on euro area credit institutions denominated in euro 36,926 1,042
7 Securities of euro area residents denominated in euro 110,011 −574
8 General government debt denominated in euro 37,456 0
9 Other assets 379,390 −1,327
Total assets 1,460,207 18,568
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 690,190 −158
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 232,856 21,725
2.1 Current accounts (covering the minimum reserve system) 232,812 21,775
2.2 Deposit facility 41 −47
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 3 −3
3 Other liabilities to euro area credit institutions denominated in euro 148 −42
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 57,541 −5,922
5.1 General government 50,821 −5,975
5.2 Other liabilities 6,720 53
6 Liabilities to non-euro area residents denominated in euro 81,711 3,558
7 Liabilities to euro area residents denominated in foreign currency 1,166 −189
8 Liabilities to non-euro area residents denominated in foreign currency 19,448 −16
8.1 Deposits, balances and other liabilities 19,448 −16
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 147,990 −390
11 Revaluation accounts 152,364 0
12 Capital and reserves 71,673 2
Total liabilities 1,460,207 18,568

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