Consolidated financial statement of the Eurosystem as at 8 July 2005

Items not related to monetary policy operations

In the week ending 8 July 2005, the decrease of EUR 76 million in gold and gold receivables (asset item 1) reflected the selling of gold by two Eurosystem central banks (consistent with the Central Bank Gold Agreement of 27 September 2004).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) remained virtually unchanged at EUR 168.3 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 1.7 billion to EUR 87.4 billion. Banknotes in circulation (liability item 1) rose by EUR 4.3 billion to EUR 530.3 billion. Liabilities to general government (liability item 5.1) increased by EUR 2.1 billion to EUR 70.7 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 0.9 billion to EUR 397.3 billion. On Wednesday, 6 July 2005, a main refinancing operation of EUR 308 billion matured and a new one of EUR 307.5 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.2 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.2 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 6.1 billion to EUR 147.9 billion.