Consolidated financial statement of the Eurosystem as at 29 August 2008

2 September 2008

Items not related to monetary policy operations

In the week ending 29 August 2008, the decrease of EUR 31 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 2.5 billion to EUR 167.2 billion on account of customer and portfolio transactions. On Thursday, 28 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. 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) rose by EUR 1.3 billion to EUR 111.1 billion. Banknotes in circulation (liability item 1) decreased by EUR 0.2 billion to EUR 683.5 billion. Liabilities to general government (liability item 5.1) increased by EUR 26.5 billion to EUR 78 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 15.9 billion to EUR 466.8 billion. On Wednesday, 27 August 2008, a main refinancing operation of EUR 151 billion matured and a new one of EUR 167 billion was settled. On Thursday, 28 August 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) was virtually nil (approximately the same as in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.2 billion (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) decreased by EUR 10.2 billion to EUR 204.1 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 208,251 −31
2 Claims on non-euro area residents denominated in foreign currency 135,372 −626
2.1 Receivables from the IMF 9,291 0
2.2 Balances with banks and security investments, external loans and other external assets 126,081 −626
3 Claims on euro area residents denominated in foreign currency 55,143 −3,282
4 Claims on non-euro area residents denominated in euro 15,417 −390
4.1 Balances with banks, security investments and loans 15,417 −390
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 467,044 16,028
5.1 Main refinancing operations 167,001 16,001
5.2 Longer-term refinancing operations 300,000 −12
5.3 Fine-tuning reverse operations 0 0
5.4 Structural reverse operations 0 0
5.5 Marginal lending facility 39 39
5.6 Credits related to margin calls 4 0
6 Other claims on euro area credit institutions denominated in euro 38,180 921
7 Securities of euro area residents denominated in euro 111,091 1,303
8 General government debt denominated in euro 37,457 0
9 Other assets 381,184 259
Total assets 1,449,139 14,182
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 683,529 −196
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 204,298 −10,053
2.1 Current accounts (covering the minimum reserve system) 204,060 −10,198
2.2 Deposit facility 232 142
2.3 Fixed-term deposits 0 0
2.4 Fine-tuning reverse operations 0 0
2.5 Deposits related to margin calls 6 3
3 Other liabilities to euro area credit institutions denominated in euro 152 25
4 Debt certificates issued 0 0
5 Liabilities to other euro area residents denominated in euro 85,026 26,637
5.1 General government 77,959 26,526
5.2 Other liabilities 7,067 111
6 Liabilities to non-euro area residents denominated in euro 80,059 −1,362
7 Liabilities to euro area residents denominated in foreign currency 884 −445
8 Liabilities to non-euro area residents denominated in foreign currency 17,339 −944
8.1 Deposits, balances and other liabilities 17,339 −944
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 148,693 518
11 Revaluation accounts 152,364 0
12 Capital and reserves 71,675 2
Total liabilities 1,449,139 14,182

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