Consolidated financial statement of the Eurosystem as at 22 September 2006

Items not related to monetary policy operations

In the week ending 22 September 2006, the decrease of EUR 172 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) decreased by EUR 0.7 billion to EUR 151.3 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) decreased by EUR 0.8 billion to EUR 83.1 billion. Banknotes in circulation (liability item 1) fell by EUR 2 billion to EUR 585.9 billion. Liabilities to general government (liability item 5.1) increased by EUR 12.3 billion to EUR 63 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 10.9 billion to EUR 431 billion. On Wednesday, 20 September 2006, a main refinancing operation of EUR 300.5 billion matured and a new one of EUR 311 billion was settled.

Recourse to both the marginal lending facility (asset item 5.5) and the deposit facility (liability item 2.2) was virtually nil (compared with EUR 0.1 billion and EUR 0.5 billion respectively 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 0.5 billion to EUR 167 billion.