Monthly Bulletin April 2008 - European Central Bank - Europa

EURO AREA
STATISTICS
General notes
(Tables 4.1 to 4.4), which relate to the Euro 15
(i.e. the Euro 13 plus Cyprus and Malta) 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 sixmonth
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
that do not arise from transactions. The
ECB
Monthly Bulletin
April 2008S 87