In the week ending 24 June 2005, the decrease of EUR 108 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 0.1 billion to EUR 158.6 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 0.8 billion to EUR 84.2 billion. Banknotes in circulation (liability item 1) rose by EUR 0.7 billion to EUR 520.4 billion. Liabilities to general government (liability item 5.1) increased by EUR 28 billion to EUR 83.8 billion.
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 26.5 billion to EUR 400.1 billion. On Wednesday, 22 June 2005, a main refinancing operation of EUR 283.5 billion matured and a new one of EUR 310 billion was settled.
Recourse to the marginal lending facility (asset item 5.5) was virtually nil (compared with EUR 0.1 billion in the preceding week), and recourse to the deposit facility (liability item 2.2) was also virtually nil, which was approximately the same as in the preceding week.
As a result of all transactions, the current account position of credit institutions with the Eurosystem (liability item 2.1) decreased by EUR 0.9 billion to EUR 146.6 billion.
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