Consolidated financial statement of the Eurosystem as at 4 November 2005

Items not related to monetary policy operations

In the week ending 4 November 2005, the decrease of EUR 84 million in gold and gold receivables (asset item 1) reflected sales 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 165.6 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.6 billion to EUR 92.9 billion. Banknotes in circulation (liability item 1) rose by EUR 3.5 billion to EUR 539.7 billion. Liabilities to general government (liability item 5.1) decreased by EUR 8.7 billion to EUR 48.9 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) decreased by EUR 7 billion to EUR 384.3 billion. On Thursday, 3 November 2005, a main refinancing operation of EUR 301.5 billion matured and a new one of EUR 294 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.5 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion, which was approximately the same as 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 1.3 billion to EUR 148.9 billion.