PRESS RELEASE

In the week ending 14 December 2007, the decrease of EUR 32 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 0.1 billion to EUR 142.1 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) increased by EUR 1.2 billion to EUR 98.4 billion. Banknotes in circulation (liability item 1) rose by EUR 4.2 billion to EUR 659.6 billion. Liabilities to general government (liability item 5.1) decreased by EUR 27.4 billion to EUR 48.8 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 48.1 billion to EUR 488.4 billion. On Wednesday, 12 December 2007, a main refinancing operation of EUR 163 billion matured and a new one of EUR 218.5 billion was settled. On the same day a supplementary longer-term refinancing operation of EUR 75 billion matured and a new one of EUR 60 billion was settled. On Wednesday, 12 December 2007, a liquidity-absorbing fine-tuning operation in the form of a collection of fixed-term deposits of EUR 8 billion matured.

Recourse to the marginal lending facility (asset item 5.5) was EUR 0.2 billion (compared with EUR 0.8 billion in the preceding week), while recourse to the deposit facility (liability item 2.2) was EUR 0.2 billion (compared with EUR 0.6 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) increased by EUR 69.8 billion to EUR 234.8 billion.