Consolidated financial statement of the Eurosystem as at 1 September 2006

Items not related to monetary policy operations

In the week ending 1 September 2006, the decrease of EUR 28 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) remained virtually unchanged at EUR 152.3 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) decreased by EUR 1 billion to EUR 83.8 billion. Banknotes in circulation (liability item 1) increased by EUR 2.3 billion to EUR 587.2 billion. Liabilities to general government (liability item 5.1) fell by EUR 13.3 billion to EUR 57.1 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 430.5 billion. On Wednesday, 30 August 2006, a main refinancing operation of EUR 317.5 billion matured and a new one of EUR 310.5 billion was settled. On Thursday, 31 August 2006, a longer-term refinancing operation of EUR 40 billion matured and a new one of EUR 40 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 0.1 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) increased by EUR 4.1 billion to EUR 170.2 billion.