Consolidated financial statement of the Eurosystem as at 13 July 2007

Items not related to monetary policy operations

In the week ending 13 July 2007, the decrease of EUR 88 million in gold and gold receivables (asset item 1) reflected the sales of gold by three Eurosystem central banks (consistent with the Central Bank Gold Agreement of 27 September 2004) and a purchase of gold coin 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) increased by EUR 0.2 billion to EUR 144.5 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 0.8 billion to EUR 93.1 billion. Banknotes in circulation (liability item 1) rose by EUR 0.6 billion to EUR 638.8 billion. Liabilities to general government (liability item 5.1) decreased by EUR 6.9 billion to EUR 42.5 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) fell by EUR 5.2 billion to EUR 441.9 billion. On Wednesday, 11 July 2007, a main refinancing operation of EUR 298 billion matured and a new one of EUR 292 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (approximately the same as in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion (compared with EUR 1.1 billion 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 2.5 billion to EUR 193 billion.