PRESS RELEASE

In the week ending 19 August 2005, the decrease of EUR 45 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) increased by EUR 0.2 billion to EUR 167.1 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) decreased by EUR 0.2 billion to EUR 86.3 billion. Banknotes in circulation (liability item 1) fell by EUR 4.3 billion to EUR 532.5 billion. Liabilities to general government (liability item 5.1) increased by EUR 0.5 billion to EUR 61.4 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) decreased by EUR 5 billion to EUR 393 billion. On Wednesday, 17 August 2005, a main refinancing operation of EUR 308 billion matured and a new one of EUR 303 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 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 1.4 billion to EUR 149.5 billion.