Consolidated financial statement of the Eurosystem as at 22 August 2008

26 August 2008

Items not related to monetary policy operations

In the week ending 22 August 2008, the decrease of EUR 22 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 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 0.3 billion to EUR 169.7 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 0.2 billion to EUR 109.8 billion. Banknotes in circulation (liability item 1) decreased by EUR 6.5 billion to EUR 683.7 billion. Liabilities to general government (liability item 5.1) increased by EUR 0.6 billion to EUR 51.4 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 25.1 billion to EUR 450.9 billion. On Wednesday, 20 August 2008, a main refinancing operation of EUR 176 billion matured and a new one of EUR 151 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.1 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 18.6 billion to EUR 214.3 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 208,282 −22
2 Claims on non-euro area residents denominated in foreign currency 135,998 −613
2.1 Receivables from the IMF 9,291 29
2.2 Balances with banks and security investments, external loans and other external assets 126,707 −642
3 Claims on euro area residents denominated in foreign currency 58,425 −708
4 Claims on non-euro area residents denominated in euro 15,807 −481
4.1 Balances with banks, security investments and loans 15,807 −481
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 451,016 −25,072
5.1 Main refinancing operations 151,000 −25,002
5.2 Longer-term refinancing operations 300,012 5
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 0 −75
5.6 Credits related to margin calls 4 0
6 Other claims on euro area credit institutions denominated in euro 37,259 333
7 Securities of euro area residents denominated in euro 109,788 −223
8 General government debt denominated in euro 37,457 1
9 Other assets 380,925 1,535
Total assets 1,434,957 −25,250
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 683,725 −6,465
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 214,351 −18,505
2.1 Current accounts (covering the minimum reserve system) 214,258 −18,554
2.2 Deposit facility 90 49
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 3 0
3 Other liabilities to euro area credit institutions denominated in euro 127 −21
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 58,389 848
5.1 General government 51,433 612
5.2 Other liabilities 6,956 236
6 Liabilities to non-euro area residents denominated in euro 81,421 −290
7 Liabilities to euro area residents denominated in foreign currency 1,329 163
8 Liabilities to non-euro area residents denominated in foreign currency 18,283 −1,165
8.1 Deposits, balances and other liabilities 18,283 −1,165
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 148,175 185
11 Revaluation accounts 152,364 0
12 Capital and reserves 71,673 0
Total liabilities 1,434,957 −25,250

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