Consolidated financial statement of the Eurosystem as at 27 June 2008

In the week ending 27 June 2008, the decrease of EUR 23 million in gold and gold receivables (asset item 1) reflected the sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement that came into effect on 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 0.1 billion to EUR 167.8 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 0.6 billion to EUR 114.7 billion. Banknotes in circulation (liability item 1) increased by EUR 3.1 billion to EUR 677.4 billion. Liabilities to general government (liability item 5.1) increased by EUR 6.5 billion to EUR 74.4 billion.

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 19.5 billion to EUR 482.3 billion. On Wednesday, 25 June 2008, a main refinancing operation of EUR 188 billion matured and a new one of EUR 208 billion was settled. On Thursday, 26 June 2008, 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 (approximately the same as in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 0.7 billion (compared with virtually nil in the previous week).

As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) increased by EUR 10.7 billion to EUR 226.5 billion.