Monthly Bulletin July 2009 - Banque de France

EURO AREA
STATISTICS
General notes
the exception of statistics on securities issues
(Tables 4.1 to 4.4), which relate to the Euro 16
(i.e. the Euro 15 plus Slovakia) for the whole
time series (fixed composition).
Statistics on securities other than shares and
quoted shares (Sections 4.1 to 4.4) are produced
by the ECB using data from the ESCB and the
BIS. Section 4.5 presents MFI interest rates on
euro-denominated deposits and loans by euro
area residents. Statistics on money market
interest rates, long-term government bond
yields and stock market indices (Sections 4.6
to 4.8) are produced by the ECB using data
from wire services.
Statistics on securities issues cover securities
other than shares (debt securities), which
are presented in Sections 4.1, 4.2 and 4.3,
and quoted shares, which are presented in
Section 4.4. Debt securities are broken down
into short-term and long-term securities.
“Short-term” means securities with an original
maturity of one year or less (in exceptional
cases two years or less). Securities with a longer
maturity, or with optional maturity dates, the
latest of which is more than one year away, or
with indefinite maturity dates, are classified as
“long-term”. Long-term debt securities issued
by euro area residents are broken down further
into fixed and variable rate issues. Fixed rate
issues consist of issues where the coupon rate
does not change during the life of the issues.
Variable rate issues include all issues where
the coupon is periodically re-fixed by reference
to an independent interest rate or index. The
statistics on debt securities are estimated to
cover approximately 95% of total issues by euro
area residents. The euro-denominated securities
indicated in Sections 4.1, 4.2 and 4.3 also include
items expressed in national denominations of
the euro.
Section 4.1 shows securities other than shares,
by original maturity, residency of the issuer
and currency. The section presents outstanding
amounts, gross issues and net issues of
securities other than shares denominated in euro
and securities other than shares issued by euro
area residents in euro and in all currencies for
total and long-term debt securities. Net issues
differ from the changes in outstanding amounts
owing to valuation changes, reclassifications
and other adjustments. This section also
presents seasonally adjusted statistics, including
annualised six-month seasonally adjusted
growth rates for total and long-term debt
securities. The latter are calculated from the
seasonally adjusted index of notional stocks,
from which the seasonal effects have been
removed. See the Technical notes for details.
Section 4.2 contains a sectoral breakdown
of outstanding amounts, gross issues and net
issues for issuers resident in the euro area in line
with the ESA 95. The ECB is included in the
Eurosystem.
The total outstanding amounts for total and
long-term debt securities in column 1 of
Table 1 in Section 4.2 corresponds to the data
on outstanding amounts for total and long-term
debt securities issued by euro area residents
in column 7 of Section 4.1. The outstanding
amounts for total and long-term debt securities
issued by MFIs in column 2 of Table 1 in
Section 4.2 are broadly comparable with data for
debt securities issued, as shown on the liabilities
side of the aggregated MFI balance sheet in
column 8 of Table 2 in Section 2.1. The total
net issues for total debt securities in column 1
of Table 2 in Section 4.2 correspond to the data
on total net issues by euro area residents in
column 9 of Section 4.1. The residual difference
between long-term debt securities and total
fixed and variable rate long-term debt securities
in Table 1 in Section 4.2 consists of zero coupon
bonds and revaluation effects.
Section 4.3 shows non-seasonally and seasonally
adjusted growth rates for debt securities
issued by euro area residents (broken down by
maturity, type of instrument, sector of the issuer
and currency), which are based on financial
transactions that occur when an institutional unit
incurs or redeems liabilities. The growth rates
therefore exclude reclassifications, revaluations,
exchange rate variations and any other changes
ECB
Monthly Bulletin
July 2009S 87