Consolidated financial statement of the Eurosystem as at 29 July 2005

Items not related to monetary policy operations

In the week ending 29 July 2005, the decrease of EUR 45 million in gold and gold receivables (asset item 1) reflected the selling of gold by one Eurosystem central bank (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 167 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) decreased by EUR 0.2 billion to EUR 85.7 billion. Banknotes in circulation (liability item 1) increased by EUR 3.6 billion to EUR 533.8 billion. Liabilities to general government (liability item 5.1) rose by EUR 9.7 billion to EUR 77.9 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 8.3 billion to EUR 406.8 billion. On Wednesday, 27 July 2005, a main refinancing operation of EUR 308.5 billion matured and a new one of EUR 317 billion was settled. On Thursday, 28 July 2005, a longer-term refinancing operation of EUR 30 billion matured and a new one of EUR 30 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) remained virtually unchanged at close to zero, while recourse to the deposit facility (liability item 2.2) was EUR 0.2 billion (compared with virtually nil in the previous 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 5.8 billion to EUR 145 billion.