In the week ending 25 January 2008, the decrease of EUR 51 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 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) decreased by EUR 0.8 billion to EUR 151.9 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 1.4 billion to EUR 98.1 billion. Banknotes in circulation (liability item 1) fell by EUR 3.7 billion to EUR 649.5 billion. Liabilities to general government (liability item 5.1) increased by EUR 25.3 billion to EUR 64.1 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 14.8 billion to EUR 444 billion. On Wednesday, 23 January 2008, a main refinancing operation of EUR 190.5 billion matured and a new one of EUR 175.5 billion was settled.
Recourse to the marginal lending facility (asset item 5.5) was EUR 0.5 billion (compared with virtually nil in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.5 billion (compared with EUR 0.2 billion 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 38.1 billion to EUR 192.7 billion.
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