Consolidated financial statement of the Eurosystem as at 22 August 2008

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.

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).

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.