Monthly Bulletin July 2009 - Banque de France

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EURO AREA STATISTICS Money, banking and investment funds 2.3 Monetary statistics 1) (EUR billions and annual growth rates; seasonally adjusted; outstanding amounts and growth rates at end of period, transactions during period) 2. Components of monetary aggregates and longer-term financial liabilities Currency in Overnight Deposits Deposits Repos Money Debt Debt Deposits Deposits Capital circulation deposits with agreed redeemable market securities securities redeemable with agreed and maturity up at notice up fund up to over at notice maturity reserves to 2 years to 3 months shares/units 2 years 2 years over 3 months over 2 years 1 2 3 4 5 6 7 8 9 10 11 Outstanding amounts 2006 578.4 3,106.7 1,404.9 1,554.1 267.1 636.5 196.0 2,385.7 102.0 1,659.9 1,280.2 2007 625.6 3,212.2 1,977.3 1,541.1 307.4 686.2 314.9 2,547.4 119.3 1,814.8 1,486.6 2008 Q3 662.9 3,231.4 2,453.8 1,532.2 342.5 736.5 288.2 2,616.7 114.8 1,833.3 1,558.9 Q4 710.0 3,271.9 2,478.8 1,567.4 354.1 756.2 268.8 2,573.1 121.2 1,992.8 1,607.0 2009 Jan. 716.8 3,386.9 2,387.9 1,598.3 322.8 768.2 219.0 2,627.2 123.7 2,038.2 1,655.0 Feb. 721.8 3,415.3 2,355.6 1,624.4 327.7 779.9 217.3 2,641.7 123.0 2,057.8 1,668.4 Mar. 727.5 3,395.8 2,318.2 1,642.4 337.5 780.5 195.0 2,600.2 124.2 2,075.6 1,657.0 Apr. 729.8 3,470.8 2,292.7 1,667.4 337.1 770.6 206.9 2,594.9 125.9 2,089.4 1,667.2 May (p) 730.0 3,459.7 2,257.1 1,679.2 326.1 753.3 203.0 2,584.9 128.2 2,099.9 1,696.0 Transactions 2006 57.3 203.1 297.9 10.8 30.1 29.9 70.0 216.4 15.3 137.6 58.9 2007 46.7 102.1 582.3 -52.5 42.2 58.7 123.4 147.5 9.7 160.4 149.5 2008 83.4 42.5 467.2 19.8 48.1 33.2 -37.0 10.8 0.6 20.8 141.9 2008 Q4 47.1 37.9 22.2 35.0 13.2 13.7 -17.1 -46.5 6.5 6.4 43.2 2009 Q1 16.1 91.4 -178.5 74.6 -16.7 25.7 -70.8 13.1 2.2 77.3 37.4 2009 Jan. 5.4 77.9 -115.1 30.3 -31.5 13.2 -45.4 14.2 1.7 38.8 23.9 Feb. 5.1 28.4 -31.3 26.1 4.9 11.9 -1.7 12.3 -0.7 19.2 10.8 Mar. 5.6 -14.9 -32.1 18.2 9.9 0.5 -23.7 -13.4 1.2 19.2 2.7 Apr. 2.3 90.7 -41.8 25.6 -0.4 -8.6 11.7 -9.8 1.0 11.3 13.4 May (p) 0.2 -7.5 -30.5 11.9 -10.9 -6.8 -5.6 15.9 2.2 12.3 31.1 Growth rates 2006 Dec. 11.0 7.0 26.8 0.7 12.8 4.8 55.2 9.9 17.7 9.0 4.8 2007 Dec. 8.1 3.3 41.3 -3.4 15.8 9.2 63.6 6.2 9.5 9.7 11.4 2008 Sep. 8.2 -0.1 34.4 -1.7 16.5 4.1 5.4 2.3 -5.6 3.8 12.2 Dec. 13.3 1.3 23.4 1.3 15.6 4.8 -12.2 0.4 0.5 1.1 9.7 2009 Jan. 13.7 3.4 14.6 3.9 5.9 2.8 -25.3 0.2 0.6 2.9 10.4 Feb. 13.6 4.8 9.4 5.6 5.4 3.8 -20.1 1.3 1.3 4.1 10.8 Mar. 13.8 4.4 6.2 6.6 8.5 4.2 -27.1 0.6 3.7 5.0 10.4 Apr. 13.2 7.4 0.3 8.0 3.6 3.2 -20.2 -0.2 5.1 5.4 10.4 May (p) 13.1 6.9 -2.8 9.3 1.9 2.7 -26.5 0.0 7.7 5.6 12.3 C3 Components of monetary aggregates 1) (annual growth rates; seasonally adjusted) C4 Components of longer-term financial liabilities 1) (annual growth rates; seasonally adjusted) 60 currency in circulation overnight deposits deposits redeemable at notice up to 3 months 60 20 debt securities over 2 years deposits with agreed maturity over 2 years capital and reserves 20 40 40 15 15 20 20 10 10 0 0 5 5 -20 -20 0 0 -40 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 -40 -5 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 -5 Source: ECB. 1) Data refer to the changing composition of the euro area. For further information, see the General notes. ECB Monthly Bulletin July 2009S 13
1), 2) 2.4 MFI loans, breakdown (EUR billions and annual growth rates; seasonally adjusted; outstanding amounts and growth rates at end of period, transactions during period) 1. Loans to financial intermediaries, non-financial corporations and households Insurance Other corporations financial Non-financial corporations Households 4) and pension intermefunds diaries 3) Total Total Total Up to Over 1 year Over Total Consumer Loans Other 1 year and up to 5 years credit for house loans 5 years purchase 1 2 3 4 5 6 7 8 9 10 Outstanding amounts 2006 92.2 703.9 3,836.9 1,141.6 707.0 1,988.3 4,515.3 584.2 3,194.3 736.8 2007 107.4 877.5 4,383.4 1,282.6 859.5 2,241.2 4,788.2 616.1 3,419.9 752.2 2008 Q3 102.0 1,002.9 4,769.5 1,378.5 954.3 2,436.7 4,918.8 636.8 3,514.8 767.1 Q4 103.7 974.6 4,824.2 1,384.0 960.8 2,479.4 4,882.1 630.6 3,482.1 769.4 2009 Jan. 98.2 990.3 4,884.6 1,394.3 978.1 2,512.2 4,898.9 639.6 3,488.9 770.3 Feb. 96.2 986.0 4,880.0 1,374.1 980.7 2,525.2 4,899.2 640.8 3,490.9 767.6 Mar. 103.2 970.4 4,848.3 1,348.1 974.0 2,526.2 4,889.6 640.8 3,482.4 766.3 Apr. 101.6 961.1 4,841.8 1,332.8 979.0 2,530.0 4,889.2 635.5 3,483.8 769.9 May (p) 101.6 978.0 4,827.4 1,324.7 974.7 2,527.9 4,887.8 634.0 3,481.9 771.9 Transactions 2006 20.2 86.9 444.8 100.9 123.0 220.8 344.7 42.3 281.9 20.4 2007 16.8 176.3 555.9 146.1 156.0 253.8 279.5 31.5 227.0 21.0 2008 -4.2 90.0 421.7 88.5 120.1 213.1 80.1 10.7 52.0 17.3 2008 Q4 1.6 -29.4 55.2 -4.0 24.4 34.8 -38.7 -6.6 -34.9 2.8 2009 Q1 -3.9 -11.2 10.9 -39.2 8.6 41.6 -7.1 2.5 -7.6 -2.0 2009 Jan. -5.7 5.2 28.7 -0.3 9.2 19.8 -3.5 -0.1 -3.3 -0.1 Feb. -2.0 -5.7 -3.4 -19.3 2.6 13.2 1.7 1.7 2.2 -2.2 Mar. 3.7 -10.7 -14.4 -19.6 -3.2 8.5 -5.4 0.9 -6.5 0.2 Apr. -1.6 -10.4 -3.6 -14.8 5.5 5.6 -2.9 -5.3 0.5 1.9 May (p) 0.1 20.8 -4.7 -5.0 -1.7 2.0 1.6 -1.0 -0.2 2.9 Growth rates 2006 Dec. 27.9 14.0 13.1 9.7 20.8 12.4 8.2 7.7 9.7 2.9 2007 Dec. 18.2 24.9 14.5 12.8 22.0 12.8 6.2 5.4 7.1 2.9 2008 Sep. -8.0 18.8 12.1 9.8 17.5 11.4 3.8 4.5 4.0 2.5 Dec. -3.9 10.3 9.6 6.9 13.9 9.4 1.7 1.7 1.5 2.3 2009 Jan. -4.7 8.3 9.0 6.1 13.0 9.1 1.2 1.5 0.9 1.9 Feb. -8.1 7.8 7.8 3.3 12.0 8.7 0.7 1.1 0.4 1.4 Mar. -5.5 3.5 6.3 0.0 10.5 8.3 0.4 0.9 0.1 1.3 Apr. -2.0 0.6 5.3 -1.3 10.0 7.2 0.0 -0.4 -0.2 1.6 May (p) -3.0 -0.1 4.4 -2.3 9.1 6.5 -0.2 -0.6 -0.5 1.8 C5 Loans to other financial intermediaries and non-financial corporations 2) (annual growth rates; not seasonally adjusted) C6 Loans to households 2) (annual growth rates; not seasonally adjusted) 35 other financial intermediaries non-financial corporations 35 14 consumer credit loans for house purchases other loans 14 30 30 12 12 25 25 10 10 20 20 8 8 15 15 6 6 10 10 4 4 5 5 2 2 0 0 0 0 -5 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Source: ECB. 1) MFI sector excluding the Eurosystem; sectoral classification is based on ESA 95. 2) Data refer to the changing composition of the euro area. For further information, see the General notes. 3) Including investment funds. 4) Including non-profit institutions serving households. -5 -2 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 -2 S 14 ECB Monthly Bulletin July 2009
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EN 0712009 EUROPEAN CENTRAL BANK MO
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© European Central Bank 2009 Addre
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ABBREVIATIONS COUNTRIES LU Luxembou
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Risks to the outlook for inflation
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ECONOMIC AND MONETARY DEVELOPMENTS
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Page 64 and 65: ARTICLES THE IMPACT OF GOVERNMENT S
Page 66 and 67: others also take into account the r
Page 68 and 69: exceeds the market price, a capital
Page 70 and 71: 4 THE IMPACT ON GOVERNMENT BOND YIE
Page 72 and 73: yield differential to Germany despi
Page 74 and 75: 5 IMPLICATIONS FOR FISCAL SUSTAINAB
Page 76 and 77: THE IMPLEMENTATION OF MONETARY POLI
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Page 80 and 81: Chart 2 Average daily reserve surpl
Page 82 and 83: In pre-turmoil times, such allotmen
Page 84 and 85: Chart 5 US dollars provided by the
Page 86 and 87: in Chart 7, which shows that lendin
Page 88 and 89: Chart A The EONIA, the euro interba
Page 90: euro-denominated covered bonds issu
Page 93 and 94: Table 1 Two-group rotation system (
Page 95 and 96: for each governor; (ii) transparenc
Page 97 and 98: Chart C The three-group rotation sy
Page 99 and 100: 7. The share of each national centr
Page 102: EURO AREA STATISTICS ECB Monthly Bu
Page 105 and 106: 6.3 Change in debt S57 6.4 Quarterl
Page 107 and 108: 1 MONETARY POLICY STATISTICS 1.1 Co
Page 109 and 110: 1), 2) 1.3 Eurosystem monetary poli
Page 111 and 112: 2 MONEY, BANKING AND INVESTMENT FUN
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Page 121 and 122: 1), 2) 2.6 MFI holdings of securiti
Page 123 and 124: 2.8 Currency breakdown of selected
Page 125 and 126: 2.9 Aggregated balance sheet of eur
Page 127 and 128: 3 EURO AREA ACCOUNTS 3.1 Integrated
Page 129 and 130: 3.1 Integrated economic and financi
Page 131 and 132: 3.2 Euro area non-financial account
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Page 135 and 136: 3.5 Insurance corporations and pens
Page 137 and 138: 4.2 Securities, other than shares,
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Page 145 and 146: 4.6 Money market interest rates (pe
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Page 149 and 150: 5.1 HICP, other prices and costs (a
Page 151 and 152: 5.2 Output and demand 1. GDP and ex
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Page 155 and 156: 5.3 Labour markets 1) (annual perce
Page 157 and 158: 6.2 Debt 1) (as a percentage of GDP
Page 159 and 160: 6.4 Quarterly revenue, expenditure
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7.3 Financial account (EUR billions
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7.5 Trade in goods 1. Values and vo
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8 EXCHANGE 8.1 Effective exchange r
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9 DEVELOPMENTS 9.1 In other EU Memb
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LIST OF CHARTS C1 Monetary aggregat
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Growth rates for intra-annual perio
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k) l) a t = ⎛ ⎜ −1⎟×100
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GENERAL NOTES The “Euro area stat
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EURO AREA STATISTICS General notes
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oth the marginal lending facility a
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DOCUMENTS PUBLISHED BY THE EUROPEAN
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DOCUMENTS PUBLISHED 89 “An analys
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DOCUMENTS PUBLISHED “Euro area ba
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GLOSSARY This glossary contains sel
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GLOSSARY ERM II (exchange rate mech
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GLOSSARY Investment funds (except m
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GLOSSARY is determined on the basis
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Monthly Bulletin July 2009 - Banque de France

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