Consolidated financial statement of the Eurosystem as at 12 May 2006

Items not related to monetary policy operations

In the week ending 12 May 2006, the decrease of EUR 36 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 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) decreased by EUR 0.1 billion to EUR 157.1 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 1 billion to EUR 95 billion. Banknotes in circulation (liability item 1) decreased by EUR 2.3 billion to EUR 570.4 billion. Liabilities to general government (liability item 5.1) decreased by EUR 3.6 billion to EUR 40.5 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 1.9 billion to EUR 404 billion. On Wednesday, 10 May 2006, a main refinancing operation of EUR 286 billion matured and a new one of EUR 284 billion was settled.

Recourse to the marginal lending facility (asset item 5.5) was virtually nil (approximately the same as in the preceding week), while recourse to the deposit facility (liability item 2.2) was also virtually nil (compared with EUR 0.1 billion in the previous 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 167.1 billion.