Consolidated financial statement of the Eurosystem as at 22 December 2006

Items not related to monetary policy operations

In the week ending 22 December 2006, the decrease of EUR 41 million in gold and gold receivables (asset item 1) reflected the selling of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement of 27 September 2004) and a net purchase 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) decreased by EUR 0.6 billion to EUR 152.2 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) decreased by EUR 0.4 billion to EUR 78 billion. Banknotes in circulation (liability item 1) increased by EUR 14.1 billion to EUR 628 billion. Liabilities to general government (liability item 5.1) decreased by EUR 12.1 billion to EUR 32.2 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) increased by EUR 1.5 billion to EUR 441.5 billion. On Wednesday, 20 December 2006, a main refinancing operation of EUR 320 billion matured and a new one of EUR 321.5 billion was settled. On Thursday, 21 December 2006, a longer-term refinancing operation of EUR 40 billion matured and a new one of EUR 40 billion was settled.

Recourse to both the marginal lending facility (asset item 5.5) and the deposit facility (liability item 2.2) was virtually nil, which was approximately the same as 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 0.9 billion to EUR 177.2 billion.