Consolidated financial statement of the Eurosystem as at 18 August 2006

Items not related to monetary policy operations

In the week ending 18 August 2006, the decrease of EUR 23 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) increased by EUR 0.3 billion to EUR 152.3 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) fell by EUR 1.6 billion to EUR 84.3 billion. Banknotes in circulation (liability item 1) decreased by EUR 3.5 billion to EUR 590.7 billion. Liabilities to general government (liability item 5.1) decreased by EUR 5.7 billion to EUR 53.1 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) fell by EUR 7.2 billion to EUR 431 billion. On Tuesday, 15 August 2006, a main refinancing operation of EUR 318 billion matured and a new one of EUR 311 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) remained virtually unchanged at close to zero.

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 1.7 billion to EUR 169.1 billion.