Consolidated financial statement of the Eurosystem as at 8 December 2006

Items not related to monetary policy operations

In the week ending 8 December 2006, the decrease of EUR 71 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) increased by EUR 0.2 billion to EUR 152.6 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 0.4 billion to EUR 78.6 billion. Banknotes in circulation (liability item 1) increased by EUR 8.5 billion to EUR 610.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 29.1 billion to EUR 64.9 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 20.7 billion to EUR 448.8 billion. On Wednesday, 6 December 2006, a main refinancing operation of EUR 308 billion matured and a new one of EUR 329 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.2 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.2 billion (compared with virtually nil 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 16 billion to EUR 168 billion.