Consolidated financial statement of the Eurosystem as at 23 July 2010

Items not related to monetary policy operations

In the week ending 23 July 2010 the decrease of EUR 123 million in gold and gold receivables (asset item 1) corresponded to the sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement) and the purchase of gold by another Eurosystem central bank.

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) decreased by EUR 0.1 billion to EUR 191.2 billion on account of customer and portfolio transactions.

The holdings by the Eurosystem of securities other than those held for monetary policy purposes (asset item 7.2) increased by EUR 1.3 billion to EUR 297.1 billion. Banknotes in circulation (liability item 1) decreased by EUR 1.5 billion to EUR 817.5 billion. Liabilities to general government (liability item 5.1) rose by EUR 25 billion to EUR 116.9 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 3 billion to EUR 503.9 billion. On Wednesday, 21 July 2010, a main refinancing operation of EUR 195.7 billion matured and a new one of EUR 201.3 billion was settled. On the same date, fixed-term deposits in an amount of EUR 60 billion matured and new deposits in an amount of EUR 60 billion were collected, with a maturity of one week.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 61.3 billion (compared with EUR 58.6 billion in the preceding week).

The holdings by the Eurosystem of securities held for monetary policy purposes (asset item 7.1) increased by EUR 176 million to EUR 121.4 billion as a result of settled purchases under the Securities Markets Programme.

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 20.6 billion to EUR 245.3 billion.