GERMAN PUBLIC AUTHORITY BUNDESBANK HOLDINGS FALL

  The net position of federal states
  worsened in the first March week, cutting public authority net
  holdings at the Bundesbank by 500 mln marks, the central bank
  said.
      States' cash deposits at the central bank fell to 800 mln
  and they also drew down 1.2 billion marks in book credit, 900
  mln marks more than in the prior week.
      By contrast, however, the federal government was able to
  reduce its credit drawdown at the central bank by 900 mln marks
  to 900 mln.
      Despite the stronger states' net needs in the week, their
  cash position and other market dependent influences just about
  balanced the outflow of liquidity from the money market through
  an increase in cash in circulation, the Bundesbank said.
      Cash in circulation rose by 1.4 billion marks in the week
  to 122.9 billion.
      Liquidity also came in through the maturing of short-term
  treasury bills bought from the Bundesbank in the prior week.
      Gross currency reserves rose in the week by 400 mln marks
  to 109.9 billion. Foreign liabilities of the Bundesbank were
  largely unchanged at 22.8 billion marks, giving a rise in net
  currency reserves of 400 mln to 87.0 billion, it said.
      The Bundesbank said its balance sheet total fell by 3.77
  billion in the week to 218.45 billion.
  

