Consolidated financial statement of the Eurosystem as at 25 August 2006

Items not related to monetary policy operations

In the week ending 25 August 2006, the decrease of EUR 17 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).

The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) remained virtually unchanged at EUR 152.3 billion.

The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) increased by EUR 0.4 billion to EUR 84.7 billion. Banknotes in circulation (liability item 1) decreased by EUR 5.8 billion to EUR 584.9 billion. Liabilities to general government (liability item 5.1) rose by EUR 17.4 billion to EUR 70.4 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 6.5 billion to EUR 437.5 billion. On Wednesday, 23 August 2006, a main refinancing operation of EUR 311 billion matured and a new one of EUR 317.5 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 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) decreased by EUR 3 billion to EUR 166.1 billion.