Items not related to monetary policy operations In the week ending 9 May 2008, the decrease of EUR 15 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 that came into effect on 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 6.6 billion to EUR 159.8 billion on account of a US dollar liquidity-providing operation that was settled on 8 May 2008 (an operation conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and the Federal Reserve System), and customer and portfolio transactions.
The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) rose by EUR 0.6 billion to EUR 110.6 billion. Banknotes in circulation (liability item 1) increased by EUR 1.8 billion to EUR 673.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 3.2 billion to EUR 54.3 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 20.4 billion to EUR 444.4 billion. On Wednesday, 7 May 2008, a main refinancing operation of EUR 170 billion matured and a new one of EUR 150 billion was settled.
Recourse to the marginal lending facility (asset item 5.5) was virtually nil (which was approximately the same as in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.5 billion (compared with EUR 0.1 billion 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 14.2 billion to EUR 194.8 billion.
The net position of the Eurosystem in foreign currency (asset items 2 and 3 minus liability items 7, 8 and 9) increased by EUR 6.6 billion to EUR 159.8 billion on account of a US dollar liquidity-providing operation that was settled on 8 May 2008 (an operation conducted by the Eurosystem in connection with the temporary reciprocal currency arrangement (swap line) between the ECB and the Federal Reserve System), and customer and portfolio transactions.
The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro (asset item 7) rose by EUR 0.6 billion to EUR 110.6 billion. Banknotes in circulation (liability item 1) increased by EUR 1.8 billion to EUR 673.5 billion. Liabilities to general government (liability item 5.1) decreased by EUR 3.2 billion to EUR 54.3 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 20.4 billion to EUR 444.4 billion. On Wednesday, 7 May 2008, a main refinancing operation of EUR 170 billion matured and a new one of EUR 150 billion was settled.
Recourse to the marginal lending facility (asset item 5.5) was virtually nil (which was approximately the same as in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.5 billion (compared with EUR 0.1 billion 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 14.2 billion to EUR 194.8 billion.
