2.1.1 Concepts and definitions
- Analytical Framework:
- Data are the statistical balance sheet data of the MFIs resident in the euro area. For MFIs, see explanation under the header "Classifications".
- Data are the consolidated balance sheet data of the MFI sector including the ECB and the euro area national central banks.
- Residency criterion applied is euro area residency.
- Data are based on the ECB requirements presented in the Regulation (EC) No. 2423/2001 of the European Central Bank concerning the consolidated balance sheet of the monetary financial institutions sector ECB/2001/13, as corrected and amended.
- Definition of the euro area monetary aggregate M3 (published by the ECB):
- M3 includes the following liabilities of the money issuing sector and central government liabilities with a monetary character held by the money-holding sector:
• currency in circulation (notes and coin held by the public);
• overnight deposits;
• deposits with an agreed maturity of up to two years;
• deposits redeemable at notice of up to three months;
• repurchase agreements;
• money market fund shares/units;
• debt securities with an original maturity of up to two years.
- The money-issuing sector consists of MFIs resident in the euro area.
- The money-holding sector comprises all non-MFI residents in the euro area except central governments.
- The money-neutral sector comprises central governments in the euro area with the exception that central government liabilities with a monetary character (Post Office accounts, national savings accounts and Treasury accounts) are included as a special item in the definition of monetary aggregates.
- Participating Member States = Euro area:
the area encompassing those Member States in which the euro has been adopted as the single currency in accordance with the Treaty and in which a single monetary policy is conducted under the responsibility of the Governing Council of the ECB. The euro area comprises Belgium, Germany, Greece (as from 1 January 2001), Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland. For money and banking statistics purposes, the euro area also includes the ECB.
The expression "national central banks" refers here to the national central banks of those Member States, which have adopted the single currency in accordance with the Treaty.
The Eurosystem comprises the ECB and the national central banks of the Member States, which have adopted the euro in Stage Three of EMU. 2.3.1 Classification/sectorization Classifications and concepts:
- The consolidated balance sheet data are published on a monthly basis, with further breakdowns on a monthly or quarterly basis. The data classifications used are specified in the ECB Regulation (ECB/2001/13, (as corrected and amended). The classifications are consistent with the ESA 95. Items are classified according to instrument/maturity categories as well as by currency and counterpart. The main instrument breakdowns on the asset side are: Cash, Loans, Securities other than shares, Money market fund shares/units , Shares and other equity, Fixed assets and Remaining assets. The main liability items are: Deposits (broken down further into overnight deposits, deposits with agreed maturity, deposits redeemable at notice and repos), Money market fund shares/units, Debt securities issued, Capital and reserves and Remaining liabilities.
- The classification of institutional sectors is based on the ESA 95 (set out in more detail in the ECB publication Money and Banking Statistics Sector Manual; Guidance for the statistical classification of customers; second edition; ECB, November 1999).
- Monetary financial institutions are presented in the "List of Monetary Financial Institutions and institutions subject to minimum reserves"; ECB website (http://www.ecb.int) item 'MFIs and Eligible assets'. MFIs consist of three groups of institutions:
• the ECB and the national central banks;
• resident credit institutions as defined in Community law;
• all other resident financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other than MFIs and, for their own account (at least in economic terms), to grant credits and/or to make investments in securities. These institutions are mostly money market funds.
- The links between euro area M3 and the national monetary aggregates that were compiled prior to the start of Stage Three of Monetary Union are clarified in the ECB publication "Euro Area Monetary Aggregates: Conceptual Reconciliation Exercise"; July 1999.
|
Dissemination
