Consolidated financial statement of the Eurosystem as at 5 May 2006

Items not related to monetary policy operations

In the week ending 5 May 2006, the decrease of EUR 916 million in gold and gold receivables (asset item 1) reflected the selling of gold by three Eurosystem central banks (consistent with the Central Bank Gold Agreement of 27 September 2004) and a sale of gold coins 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 0.9 billion to EUR 157.2 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) increased by EUR 0.2 billion to EUR 94 billion. Banknotes in circulation (liability item 1) rose by EUR 3.9 billion to EUR 572.7 billion. Liabilities to general government (liability item 5.1) decreased by EUR 14.8 billion to EUR 44.1 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 4.5 billion to EUR 405.9 billion. On Thursday, 4 May 2006, a main refinancing operation of EUR 291 billion matured and a new one of EUR 286 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.1 billion in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion (compared with EUR 0.6 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 6.6 billion to EUR 160.5 billion.