Consolidated financial statement of the Eurosystem as at 3 November 2006

Items not related to monetary policy operations

In the week ending 3 November 2006, the decrease of EUR 101 million in gold and gold receivables (asset item 1) reflected the selling of gold by three 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) increased by EUR 0.2 billion to EUR 152.2 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 1.6 billion to EUR 79.3 billion. Banknotes in circulation (liability item 1) rose by EUR 5.1 billion to EUR 597 billion. Liabilities to general government (liability item 5.1) fell by EUR 16.8 billion to EUR 48.5 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 427 billion. On Wednesday, 1 November 2006, a main refinancing operation of EUR 314 billion matured and a new one of EUR 307 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, 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) increased by EUR 4.7 billion to EUR 170.2 billion.