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Consolidated financial statement of the Eurosystem as at 30 September 2005

5 October 2005

Items not related to monetary policy operations

In the week ending 30 September 2005, the net increase of EUR 12.1 billion in gold and gold receivables (asset item 1) mainly reflected quarterly revaluation adjustments, as well as a sale of gold by one Eurosystem central bank (consistent with the Central Bank Gold Agreement of 27 September 2004) and a purchase 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) decreased by EUR 0.7 billion to EUR 165.4 billion. The decrease was due mainly to the effects of the quarterly revaluation of assets and liabilities, while customer and portfolio transactions carried out by Eurosystem central banks in the period under review resulted in a decrease of EUR 0.1 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.8 billion to EUR 90.9 billion, with an increase of EUR 1.1 billion due to transactions which more than offset a decrease due to revaluations. Banknotes in circulation (liability item 1) rose by EUR 4.3 billion to EUR 533.2 billion. Liabilities to general government (liability item 5.1) increased by EUR 5 billion to EUR 57.9 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 6.4 billion to EUR 383.9 billion. On Wednesday, 28 September 2005, a main refinancing operation of EUR 287.5 billion matured and a new one of EUR 293.5 billion was settled. On Thursday, 29 September 2005, a longer-term refinancing operation of EUR 30 billion matured and a new one of EUR 30 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.5 billion (compared with virtually nil in the previous week), while recourse to the deposit facility (liability item 2.2) was EUR 0.1 billion (also compared with virtually nil 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) decreased by EUR 3 billion to EUR 145.1 billion.

Quarter-end revaluation of the Eurosystem’s assets and liabilities

In line with the Eurosystem’s harmonised accounting rules, gold, foreign exchange, securities holdings and financial instruments of the Eurosystem are revalued at market rates and prices as at the end of each quarter. The net impact of the revaluation on each balance sheet item as at 30 September 2005 is shown in the additional column “Difference compared to last week due to revaluations”. The gold price and the principal exchange rates used for the revaluation of balances were as follows:

Gold: EUR 393.124 per fine oz.

USD: 1.2042 per EUR

JPY: 136.25 per EUR

Special drawing rights: EUR 1.2036 per SDR

Assets (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)revaluations
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Gold and gold receivables 149,882 −38 12,148
2 Claims on non-euro area residents denominated in foreign currency 160,042 39 −663
2.1 Receivables from the IMF 19,439 −93 −43
2.2 Balances with banks and security investments, external loans and other external assets 140,603 132 −620
3 Claims on euro area residents denominated in foreign currency 21,950 671 49
4 Claims on non-euro area residents denominated in euro 8,969 −70 −20
4.1 Balances with banks, security investments and loans 8,969 −70 −20
4.2 Claims arising from the credit facility under ERM II 0 0 0
5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 384,014 6,464 0
5.1 Main refinancing operations 293,500 6,001 0
5.2 Longer-term refinancing operations 89,999 0 0
5.3 Fine-tuning reverse operations 0 0 0
5.4 Structural reverse operations 0 0 0
5.5 Marginal lending facility 512 506 0
5.6 Credits related to margin calls 3 −43 0
6 Other claims on euro area credit institutions denominated in euro 3,392 −200 0
7 Securities of euro area residents denominated in euro 90,850 1,119 −346
8 General government debt denominated in euro 40,723 −1 −26
9 Other assets 136,222 548 2,190
Total assets 996,044 8,531 13,333
Liabilities (EUR millions) Balance Difference compared with last week due to
i)transactions
ii)revaluations
Totals/sub-totals may not add up, due to rounding
i) ii)
1 Banknotes in circulation 533,209 4,306 0
2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 145,175 −2,944 0
2.1 Current accounts (covering the minimum reserve system) 145,104 −2,994 0
2.2 Deposit facility 71 55 0
2.3 Fixed-term deposits 0 0 0
2.4 Fine-tuning reverse operations 0 0 0
2.5 Deposits related to margin calls 0 −5 0
3 Other liabilities to euro area credit institutions denominated in euro 127 0 0
4 Debt certificates issued 0 0 0
5 Liabilities to other euro area residents denominated in euro 65,427 5,179 0
5.1 General government 57,851 4,980 0
5.2 Other liabilities 7,576 199 0
6 Liabilities to non-euro area residents denominated in euro 11,057 724 0
7 Liabilities to euro area residents denominated in foreign currency 246 −50 3
8 Liabilities to non-euro area residents denominated in foreign currency 10,430 894 1
8.1 Deposits, balances and other liabilities 10,430 894 1
8.2 Liabilities arising from the credit facility under ERM II 0 0 0
9 Counterpart of special drawing rights allocated by the IMF 5,885 0 −11
10 Other liabilities 62,336 423 1,883
11 Revaluation accounts 103,749 0 11,457
12 Capital and reserves 58,403 −1 0
Total liabilities 996,044 8,531 13,333
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