Consolidated financial statement of the Eurosystem as at 7 July 2006

Items not related to monetary policy operations

In the week ending 7 July 2006, the decrease of EUR 291 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) remained virtually the same at EUR 153.2 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) decreased by EUR 0.1 billion to EUR 91.5 billion. Banknotes in circulation (liability item 1) increased by EUR 5.2 billion to EUR 585.3 billion. Liabilities to general government (liability item 5.1) fell by EUR 16.6 billion to EUR 69.5 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) decreased by EUR 1.5 billion to EUR 445.9 billion. On Wednesday, 5 July 2006, a main refinancing operation of EUR 328.5 billion matured and a new one of EUR 326 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.1 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion (compared with EUR 1.2 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 11.2 billion to EUR 168.5 billion.