Consolidated financial statement of the Eurosystem as at 1 June 2007

Items not related to monetary policy operations

In the week ending 1 June 2007, the decrease of EUR 29 million in gold and gold receivables (asset item 1) reflected sales 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 146.5 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.4 billion to EUR 94.9 billion. Banknotes in circulation (liability item 1) rose by EUR 3.4 billion to EUR 626.8 billion. Liabilities to general government (liability item 5.1) decreased by EUR 14.1 billion to EUR 46.1 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 11.2 billion to EUR 434.3 billion. On Wednesday, 30 May 2007, a main refinancing operation of EUR 295.5 billion matured and a new one of EUR 284.5 billion was settled. On Thursday, 31 May 2007, a longer-term refinancing operation of EUR 50 billion matured and a new one of EUR 50 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.2 billion in the previous week), and recourse to the deposit facility (liability item 2.2) was EUR 0.2 billion (approximately the same as 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 0.8 billion to EUR 188 billion.