PRESS RELEASE EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR - FIRST QUARTER August 2012

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1 1 Augus 212 PRESS RELEASE EURO AREA ECONOMIC AND FINANCIAL DEVELOPMENTS BY INSTITUTIONAL SECTOR - FIRST QUARTER 212 In he firs quarer of 212, he annual growh rae 1 of households gross disposable income increased o 1.8%, from 1.% in he previous quarer (see Table 2). The annual growh rae of households consumpion expendiure was 1.9% in he firs quarer compared wih 1.% in he previous quarer. The annual growh rae of households gross saving increased o 1.% in he firs quarer compared wih.3% in he previous quarer. The annual growh rae of households financing increased o 1.9% (211Q: 1.7%) and ha of financial invesmen remained broadly unchanged a 2.1% (211Q: 2.%). The annual growh rae of households ne worh 2 decreased o -.8% in he firs quarer, compared wih -.3% in he previous quarer. The annual growh rae of ne enrepreneurial income of non-financial corporaions was less negaive (-1.3) in he firs quarer han in he previous quarer (-1.1). The annual growh rae of gross fixed capial formaion of non-financial corporaions in he euro area decreased o.1% in he firs quarer of 212, from 3.% in he previous quarer (see Table 3). The annual growh rae of financing of non-financial corporaions remained broadly unchanged a 2.1% (211Q: 2.2%), and he annual growh rae of heir financial invesmen remained unchanged a 3.2%. Toal euro area economy The annual growh rae of euro area ne disposable income remained unchanged a 1.7% in he firs quarer of 212 (see Char 1). The euro area gross fixed capial formaion annual growh rae decreased o -.% (211Q: 2.1%), largely due o non-financial corporaions and households (see Char 2). In he firs quarer, he growh rae of gross capial formaion decreased o -.1%, from he previous quarer (211Q: -.3%). The decline in gross capial formaion in combinaion wih he 1 The euro area accouns are expressed in curren prices and hey are no seasonally adjused. The (nominal) growh raes are presened as year-on-year changes. (see he noes). 2 Households non-financial asses mainly consis of housing wealh (residenial srucures and land). In addiion, hey also include non-financial asses of unincorporaed enerprises classified wihin he household secor.

2 2 increase in gross savings (in paricular by households) led o a posiive ne lending by he euro area o he res of he world (represened by a negaive conribuion from foreign saving, see Char 3). Households The annual growh rae of households gross disposable income increased o 1.8% in he firs quarer of 212 (afer 1.% previously). This is due o higher growh raes of ne propery income and ne social benefis and conribuions (see Char ), while he growh rae of compensaion of employees decreased (see also Table 2). The annual growh rae of households consumpion expendiure increased o 1.9% from 1.% in he previous quarer, and households gross saving increased by 1.% as compared o.3% in he previous period. The households gross saving rae 3 was 13.3%, as compared wih 13.% in he corresponding quarer of 211. The annual growh rae of gross fixed capial formaion of households was.1% in he firs quarer, down from 2.% in he previous quarer. The annual growh rae of households gross non-financial invesmen was -1.%, down from 2.2% in he previous quarer (see Char ). The annual growh rae of financing of households increased o 1.9% in he firs quarer of 212 (211Q: 1.7%). whils ha of financial invesmen remained broadly unchanged a 2.1% (211Q: 2.%). Turning o he componens of households' financial invesmen, he annual growh rae of heir holdings of currency and deposis increased o 3.1% in he firs quarer of 212 (211Q: 2.%). The annual growh rae of heir invesmen in deb securiies decreased o 2.3% in he firs quarer (211Q:.3%), whils ha of invesmen in shares and oher equiy became less negaive (-.3%) in he firs quarer (211Q: -1.2%). The annual growh rae of households addiions o life insurance and pension fund reserves decreased o 1.8% in he firs quarer (211Q: 2.2%). Developmens in households balance shees refleced a decrease in he annual growh rae of housing wealh o -1.% (211Q: -.%, see Table 2) due o valuaion changes. The annual growh rae of he marke value of households holdings of shares and oher equiy was less negaive in he firs quarer of 212 (-7.% afer -9.%). The growh of households ne worh decreased o -.8% in he firs quarer of 212 (211Q: -.3%, see Char ). 3 The households saving rae is based on four-quarer cumulaed sums of boh heir saving and heir gross disposable income (adjused for he change in ne equiy of households in pension fund reserves, receivable minus payable).

3 3 Non-financial corporaions Ne enrepreneurial income of non-financial corporaions decreased a a slower rae (-1.3%) in he firs quarer of 212, compared wih he previous quarer (-1.1%; see Table 3), and ne value added increased by 1.% (211Q: 1.9%, see Char 7 and Table 3). The annual growh rae of gross fixed capial formaion of non-financial corporaions decreased o.1% in he firs quarer of 212, from 3.% in he previous quarer. The annual growh rae of oal gross non-financial invesmen, which also includes invenories, decreased o -.8%, compared wih 1.2% in he previous quarer (see Char 8). Ne lending (+)/ne borrowing (-) of non-financial corporaions as a percenage of Gross Value Added was -.8% in 212Q1, compared o 1.2 % in 211Q1 (see Table 3). In he firs quarer of 212, he annual growh rae of financing of non-financial corporaions remained broadly unchanged a 2.1% (211Q: 2.2%). The growh rae of heir loan financing decreased o 2.2%, from 2.% in he previous quarer. The annual growh rae of heir issuance of deb securiies increased o 7.% (211Q:.9%). The annual growh rae of heir equiy financing, via he issuance of quoed and unquoed shares and oher equiy, remained broadly unchanged a 1.7% in he firs quarer (211Q: 1.%). Financial invesmen of non-financial corporaions increased wih an unchanged annual rae of 3.2% in he firs quarer. The annual growh rae of invesmen in currency and deposis decreased o 3.1%, afer 3.% previously. The annual growh rae of invesmen in deb securiies increased o.1% in he firs quarer (211Q: 2.%). The growh rae of loans graned increased o.7% in he firs quarer of 212 (211Q:.1%). The growh rae of heir invesmen in shares and oher equiy remained unchanged a 2.7%. Insurance corporaions and pension funds The annual growh rae of insurance echnical reserves, he major financing insrumen of insurance corporaions and pension funds, decreased o 1.7% in he firs quarer of 212, compared o 2.% in he fourh quarer of 211 (see Table ). The annual growh rae of heir financial invesmen remained unchanged a 2.% in he firs quarer. The growh rae of heir invesmen in deb securiies decreased o.7% (211Q: 1.9%), whils ha of heir invesmen in shares and oher equiy increased o.9%, from 3.8% in he previous quarer. Ne enrepreneurial income is broadly equivalen o curren profis in business accouning (afer he receip and paymen of ineres and including he profis of foreign subsidiaries, bu before he paymen of income axes and dividends).

4 Noes The annual growh rae of non-financial ransacions and of ousanding financial asses and liabiliies (socks) is calculaed as he percenage change beween he value of he ransacion or ousanding amoun for a given quarer and ha value recorded four quarers earlier. Le x be he level of a non-financial ransacion or endof-quarer sock, hen is annual percenage change g x ) is calculaed as: ( x x g ( x ) *1. x The annual growh rae used o analyse financial ransacions refers o he oal value of ransacions during he year in relaion o he ousanding sock a year before. These growh raes for financial ransacions exclude he effec on he ousanding sock of revaluaions, reclassificaions, and furher changes ha do no arise from ransacions. When f represens he value of ransacions in a paricular financial insrumen, and F represens he value of he corresponding sock ousanding a he end of quarer, hen he annual growh rae g( calculaed as he sum of he ransacions during he year divided by he ousanding sock a year ago: f ) is g( f ) i 3 f i F *1 The euro area accouns encompass inegraed non-financial and financial accouns, including financial balance shees. They are joinly compiled by he ECB and he European Commission (Eurosa), in close cooperaion wih he naional cenral banks and he naional saisical insiues in he EU. The European secor accouns follow he mehodology of he European Sysem of Accouns 199 (ESA 9). A deailed se of quarerly daa is published in Tables , Euro area accouns, of he saisics secion of he ECB s Monhly Bullein. This press release incorporaes revisions for he fourh quarer of 211 and for previous quarers. A comprehensive se of ables is made available a hp://sdw.ecb.europa.eu/repors.do?node=1233 (ECB). The ime series for he euro area accouns can be downloaded from he ECB s Saisical Daa Warehouse. The publicaion of euro area economic and financial developmens in he second quarer of 212 is scheduled o ake place on Tuesday, 3 Ocober 212 a 1 a.m. CET. See hp://ec.europa.eu/eurosa/secoraccouns (Eurosa) for he non-financial accouns of he EU. For more deails, see hp://forum.europa.eu.in/irc/dsis/nfaccoun/info/daa/esa9/en/ielen.hm. European Cenral Bank Direcorae Communicaions, Press and Informaion Division Kaisersrasse 29, D-311 Frankfur am Main Tel.: , Fax: Inerne: hp:// Reproducion is permied provided ha he source is acknowledged.

5 Euro area Char Growh of euro area ne disposable income and is allocaion o secors (annual percenage changes and percenage poin conribuions) households non-financial corporaions financial corporaions governmen ne disposable income Char Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q Growh of euro area gross fixed capial formaion and conribuions by secor (annual percenage changes and percenage poin conribuions) households non-financial corporaions financial corporaions governmen gross fixed capial formaion Char Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q Growh of euro area gross capial formaion and is financing by secoral (gross) saving (annual percenage changes and percenage poin conribuions) foreign saving gross saving: governmen gross saving: households gross saving: corporaions gross capial formaion: euro area Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q ECB July 212S 1

6 Euro area households Char. 8 Growh of households' gross disposable income and conribuions by income componen (annual percenage changes and percenage poin conribuions) compensaion of employees ne propery income and oher ransfers axes (-) gross operaing surplus and mixed income ne social benefis and conribuions gross disposable income Char Char. Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q Growh of households' non-financial invesmen and conribuions by source of inernal and exernal financing (annual percenage changes and percenage poin conribuions) gross saving loan financing financial invesmen and oher (-) ne capial ransfers (receivable - payable) Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q Growh of households' ne worh and conribuions by ype of asse change (annual percenage changes and percenage poin conribuions) ne acquisiion of non-financial asses ne acquisiion of financial asses oher changes in non-financial asses oher changes in financial asses gross non-financial invesmen ne incurrence of liabiliies (-) growh in ne worh Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q S 2 ECB July 212

7 Euro area non-financial corporaions Char 7. Growh of ne enrepreneurial income of non-financial corporaions and conribuions by componen (annual percenage changes and percenage poin conribuions) ne value added (a facor cos) propery income receivable compensaion of employees (-) ineres and ren payable (-) ne enrepreneurial income Char 8. Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q Growh of non-financial invesmen of non-financial corp. and conribuions by source of inernal and exernal financing (annual percenage changes and percenage poin conribuions) gross saving plus capial ransfers ne lending/ne borrowing (-) gross non-financial invesmen gross fixed capial formaion Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q1 Q2 Q3 Q Q ECB July 212S 3

8 Table 1. Income, consumpion, saving, invesmen and ne lending / ne borrowing: euro area and conribuions by secor (EUR billions) annual percenage percenage of euro Non-financial ransacions four-quarer-cumulaed sums changes 1) area NDI Ne disposable income (NDI): Euro area 7,19 7,33 7,7 7,7 7,81 7,89 7, Households 2),3,7,73,777,8,82, Non-financial corporaions Financial corporaions General governmen 1,73 1,1 1, 1,7 1,7 1,718 1, Consumpion expendiure: Euro area 7,1 7,39 7,37 7,3 7,1 7, 7, Households 2),17,293,337,38,1,38, General governmen collecive consumpion General governmen social ransfers in kind 3) 1,217 1,22 1,27 1,2 1,22 1,2 1, Ne saving: Euro area Households 2) Non-financial corporaions Financial corporaions General governmen Consumpion of fixed capial: Euro area 1,38 1,18 1,29 1,38 1,7 1, 1, Households 2) Non-financial corporaions Financial corporaions General governmen Ne capial ransfers (receivable - payable): Euro area Households 2) Non-financial corporaions Financial corporaions General governmen Gross fixed capial formaion: Euro area 1,7 1,79 1,79 1,811 1,82 1,83 1, Households 2) Non-financial corporaions Financial corporaions General governmen Ne acquisiion of oher non-financial asses ) : Euro area Households 2) Non-financial corporaions Financial corporaions General governmen Ne lending (+)/ne borrowing (-): Euro area Households 2) Non-financial corporaions Financial corporaions General governmen ) Annual percenage changes are calculaed as 1*(x()-x(-))/x(-) where x() sands for he ransacion x in quarer, and x(-) for he ransacion four quarers earlier. 2) Households and non-profi insiuions serving households. 3) Transfers of goods and services by governmen unis and non-profi insiuions serving households (NPISHs) o individual households. ) Changes in invenories, acquisiions less disposals of valuables and acquisiions less disposals of non-produced non-financial asses (e.g. land). S ECB July 212

9 Table 2. Households 1) (EUR billions) annual percenage percenage of Non-financial ransacions four-quarer-cumulaed sums changes 2) HGDI, adjused 3) Compensaion of employees,,,33,,9,19, Gross operaing surplus and mixed income 1, 1, 1,2 1,7 1,8 1,89 1, Propery income (receivable - payable) Ne social benefis and conribuions (rec. - pay.) Oher curren ransfers (receivable - payable) Taxes (on income and wealh) (-) Gross disposable income (HGDI),2,88,121,13,193,21, Adj. for change in ne worh in pension fund 3) Gross disposable income (HGDI) plus adjusmen 3),81,13,17,218,29,272, Consumpion expendiure,17,293,337,38,1,38, Gross saving Ne capial ransfers (receivable - payable) Gross fixed capial formaion Ne acquisiion of oher non-financial asses ) Ne lending (+)/ne borrowing (-) annual growh percenage of Financial ransacions four-quarer-cumulaed sums raes ) HGDI, adjused 3) Financial invesmen Currency and deposis Deb securiies Shares and oher equiy Quoed shares Unquoed shares and oher equiy Muual fund shares Life insurance and pension fund reserves Oher financial asses ) Financing Loans Shor-erm Long-erm Oher liabiliies 7) Ne lending (+)/ne borrowing (-) (financial accouns) Changes in financial wealh no due o ransacions annual percenage percenage of Balance shee end-of-period socks changes 2) HGDI, adjused 3) Financial asses 18,22 18,88 19, 19,83 18,77 18,87 19, Currency and deposis,,2,32,73,72,81, Deb securiies 1,2 1,3 1,382 1, 1,377 1,9 1, Shares and oher equiy,33,71,22,,1,, Quoed shares Unquoed shares and oher equiy 2,29 2,311 2,37 2,29 2,122 2,131 2, Muual fund shares 1,3 1,378 1,38 1,38 1,2 1,22 1, Life insurance and pension fund reserves,18,1,9,23,33,1, Oher financial asses ) ,8 1,2 1, 1, Liabiliies,9,78,9,713,731,73, Loans,92,1,113,171,19,2, Shor-erm Long-erm,8,78,78,8,831,87, Oher liabiliies 7) Non-financial asses 27,9 27,8 27,93 27,97 28,2 27,817 27, of which: Housing wealh 2,39 2,31 2,29 2,37 2,9 2,28 2, Ne worh 38,82,73,27,317,11 39,91 39, ) Households and non-profi insiuions serving households. 2) Annual percenage changes are calculaed as 1*(x()-x(-))/x(-) where x() sands for he ransacion or end-of-quarer sock x in quarer, and x(-) for he ransacion or sock four quarers earlier. 3) Ne adjusmen for he change in ne equiy of households in pension fund reserves (receivable - payable). ) Changes in invenories, acquisiions less disposals of valuables and acquisiions less disposals of non-produced non-financial asses (e.g. land). ) Annual growh raes for financial ransacions are calculaed as 1*(f()+f(-1)+f(-2)+f(-3))/F(-) where f() sands for he ransacions in quarer, and F(-) for he end-of-quarer sock value four quarers earlier. ) Loans graned, prepaymens of insurance premiums and reserves for ousanding claims and oher accouns receivable. 7) Financial derivaive s ne liabiliies, pension fund reserves and oher accouns payable. ECB July 212S

10 Table 3. Non-financial corporaions (EUR billions) annual percenage percenage of Non-financial ransacions four-quarer-cumulaed sums changes 1) GVA or (NVA) 2) Gross value added (GVA),99,38,8,732,77,79, Ne value added (NVA) 3,71 3,83 3,877 3,917 3,99 3,98 3, Ne enrepreneurial income 1,137 1,319 1,33 1,332 1,332 1,3 1, Ne disposable income Adj. for change in ne worh in pension fund Ne saving Ne capial ransfers (receivable - payable) Consumpion of fixed capial Gross fixed capial formaion Ne acquisiion of oher non-financial asses 3) Ne lending (+)/ne borrowing (-) annual growh percenage of Financial ransacions four-quarer-cumulaed sums raes ) GVA Financial invesmen Currency and deposis Deb securiies Loans Shares and oher equiy Quoed shares Unquoed shares and oher equiy Muual fund shares Oher financial asses ) Financing Deb securiies Shor-erm Long-erm Loans Shor-erm Long-erm Shares and oher equiy Quoed shares Unquoed shares and oher equiy Pension fund reserves Oher liabiliies ) Ne lending (+)/ne borrowing (-) (financial accouns) annual percenage percenage of Financial balance shee end-of-period socks changes 1) GVA Financial invesmen 1,89 1,28 1,793 1,912 1,27 1, 17, Currency and deposis 1,87 1,91 1,9 1,93 1,97 2,1 1, Deb securiies Loans 2,7 2,977 2,997 3, 3,11 3,182 3, Shares and oher equiy 7,297 7,98 7,82 7,8 7,9 7,22 7, Quoed shares 1,3 1,2 1, 1, 1,23 1,27 1, Unquoed shares and oher equiy,,87,9,98,,9, Muual fund shares Oher financial asses ) 3,8 3,8 3,73 3,79 3,712 3,8 3, Financing 2,227 2,223 2,1 2,8 2,29 2,9 2, Deb securiies Shor-erm Long-erm Loans 8,211 8,38 8,8 8,18 8,1 8,72 8, Shor-erm 2,312 2,3 2,382 2,9 2,3 2,8 2, Long-erm,899,,,9,88,1, Shares and oher equiy 12,388 13,3 13,322 13,298 11,87 12,11 12, Quoed shares 3,2 3,813 3,922 3,91 3,12 3,3 3, Unquoed shares and oher equiy 8,88 9,22 9,1 9,38 8,71 8,81 9, Pension fund reserves Oher liabiliies ) 3,7 3,79 3,39 3,28 3,3 3,3 3, ) Annual percenage changes are calculaed as 1*(x()-x(-))/x(-) where x() sands for he ransacion or end-of-quarer sock x in quarer, and x(-) for he ransacion or sock four quarers earlier. 2) As a percenage of ne value added in he case of ne enrepreneurial income and ne saving. 3) Changes in invenories, acquisiions less disposals of valuables and acquisiions less disposals of non-produced non-financial asses (e.g. land). ) Annual growh raes for financial ransacions are calculaed as 1*(f()+f(-1)+f(-2)+f(-3))/F(-) where f() sands for he ransacions in quarer, and F(-) for he end-of-quarer sock value four quarers earlier. ) Oher accouns receivable, and prepaymens of insurance premiums and reserves for ousanding claims. ) Oher accouns payable, financial derivaive s ne liabiliies and deposis. S ECB July 212

11 Table. General governmen (EUR billions) annual percenage percenage Non-financial ransacions four-quarer-cumulaed sums changes 1) of GNDI Ne disposable income (GNDI) 1,73 1,1 1, 1,7 1,7 1,718 1, Consumpion expendiure 1,989 2,1 2,2 2,23 2,2 2,28 2, Ne saving Consumpion of fixed capial Ne capial ransfers (receivable - payable) Gross fixed capial formaion Ne acquisiion of oher non-financial asses 2) Ne lending (+)/ne borrowing (-) annual growh percenage Financial ransacions four-quarer-cumulaed sums raes 3) of GNDI Ne acquisiion of financial asses Financial invesmen ) Currency and deposis Deb securiies Loans Shor-erm Long-erm Shares and oher equiy Quoed shares Unquoed shares and oher equiy Muual fund shares Oher financial asses ) Ne incurrence of liabiliies Financing ) Currency and deposis Deb securiies Shor-erm Long-erm Loans Shor-erm Long-erm Oher liabiliies ) Ne lending (+)/ne borrowing (-) (financial accouns) annual percenage percenage Financial balance shee end-of-period socks changes 1) of GNDI Financial asses 3,37 3,73 3,793 3,92 3,73 3,89 3, Financial invesmen ) 2,781 3,99 3,11 3,178 3, 3,71 3, Currency and deposis Deb securiies Loans Shor-erm Long-erm Shares and oher equiy 1,31 1,39 1,397 1,37 1,32 1,338 1, Quoed shares Unquoed shares and oher equiy Muual fund shares Oher financial asses ) Liabiliies 8,29 8,98 9, 9,239 9,323 9,38 9, Financing ) 7,82 8, 8,2 8,9 8,7 8,7 9, Currency and deposis Deb securiies,18,9,9,89,73,83, Shor-erm Long-erm,2,79,82,972,1,98, Loans 1,398 1,7 1,71 1,711 1,71 1,8 1, Shor-erm Long-erm 1,219 1,38 1,379 1,3 1,3 1,91 1, Oher liabiliies ) Memo: Governmen deb (a nominal value) 7) 7,12.8 7, ,973. 8,11.1 8,132. 8,21.1 8,39. 1) Annual percenage changes are calculaed as 1*(x()-x(-))/x(-) where x() sands for he ransacion or end-of-quarer sock x in quarer, and x(-) for he ransacion or sock four quarers earlier. 2) Changes in invenories, acquisiions less disposals of valuables and acquisiions less disposals of non-produced non-financial asses. 3) Annual growh raes for financial ransacions are calculaed as 1*(f()+f(-1)+f(-2)+f(-3))/F(-) where f() sands for he ransacions in quarer, and F(-) for he end-of-quarer sock value four quarers earlier. ) In line wih exising convenions, he financing of he governmen excludes he ne incurrence of liabiliies via financial derivaives, shares and oher equiy, pension fund reserves and oher accouns payable, and he financial invesmen of he governmen excludes financial derivaives, prepaymens of insurance premiums and reserves for ousanding claims and oher accouns receivable. ) Oher accouns receivable, financial derivaives and prepaymens of insurance premiums and reserves for ousanding claims. ) Oher accouns payable, pension fund reserves, financial derivaives and unquoed shares and oher equiy. 7) General governmen deb a nominal value and consolidaed beween sub-secors of general governmen. ECB July 212S 7

12 Table. Financial corporaions (EUR billions) annual percenage percenage of Non-financial ransacions four-quarer-cumulaed sums changes 1) GVA or (NVA) 2) Gross value added (GVA) Ne value added (NVA) Ne enrepreneurial income Ne disposable income Adj. for change in ne worh in pension fund Ne saving Ne capial ransfers (receivable - payable) Consumpion of fixed capial Gross fixed capial formaion Ne acquisiion of oher non-financial asses 3) Ne lending (+)/ne borrowing (-) annual growh percenage of Financial ransacions four-quarer-cumulaed sums raes ) GVA Financial invesmen 12 1, ,17 2,89, Currency and deposis -1, ,1 1,78 2, Deb securiies Shor-erm Long-erm Loans Shor-erm Long-erm Shares and oher equiy Oher financial asses ) Financing 398 1, ,897 2,8 3, Currency and deposis ,1 1,789 3, Deb securiies Shor-erm Long-erm Loans Shor-erm Long-erm Shares and oher equiy Quoed shares Unquoed shares and oher equiy Muual fund shares Insurance echnical reserves Oher liabiliies ) Ne lending (+)/ne borrowing (-) (financial accouns) annual percenage Financial balance shee end-of-period socks changes 1) Q1 211 Q2 211 Q3 211 Q 212 Q1 211 Q 212 Q1 Financial invesmen 2,3,22,117,37,333,23 8, Currency and deposis 12,21 12,39 12, 12,2 13, 1,27 1, Deb securiies 11,82 12,81 12,73 12,8 12,13 12,11 12,722.. Shor-erm ,31 1, Long-erm 1,87 11,1 11,13 11,17 11,92 11,11 11, Loans 1,1 17,39 17,9 17,1 17,72 17, 17, Shor-erm 3,72 3,9,3,9,21,1,2 3.. Long-erm 12,83 13,31 13,19 13, 13,71 13, 13,.8.3 Shares and oher equiy 9, 1,1 1,3 1,79 1,2 1,27 1, Oher financial asses ) 1,7 1,878 1,872 1,91 2,2 1,98 2,78 Financing 1,31 3,13 2,99 3,3,2,28 7, Currency and deposis 22,73 22,92 22,9 22,333 23,9 2,3 2, Deb securiies 8,111 8,77 8,7 8,119 8,13 8,22 8, Shor-erm Long-erm 7,3 7,39 7,31 7,1 7,19 7,9 7, Loans 3,323 3,21 3,8 3,98 3,733 3,71 3,72.1. Shor-erm 1, 1,38 1, 1,83 1,7 1,71 1, Long-erm 1,78 1,883 1,939 1,91 1,973 1,991 1, Shares and oher equiy 1,9 11,32 11,31 11,2 11,2 11,22 11, Quoed shares Unquoed shares and oher equiy 3,73,2,89,11,87,1, Muual fund shares,1,71,7,7,39,7, Insurance echnical reserves,32,3,8,111,117,179, Oher liabiliies ) 1, 1,72 1,22 1,72 1,7 1,39 1,27 1) Annual percenage changes are calculaed as 1*(x()-x(-))/x(-) where x() sands for he ransacion or end-of-quarer sock x in quarer, and x(-) for he ransacion or sock four quarers earlier. 2) As a percenage of ne value added in he case of ne enrepreneurial income and ne saving. 3) Changes in invenories, acquisiions less disposals of valuables and acquisiions less disposals of non-produced non-financial asses (e.g. land). ) Annual growh raes for financial ransacions are calculaed as 1*(f()+f(-1)+f(-2)+f(-3))/F(-) where f() sands for he ransacions in quarer, and F(-) for he end-of-quarer sock value four quarers earlier. ) Moneary gold and SDRs, oher accouns receivable, and prepaymens of insurance premiums and reserves for ousanding claims. ) Oher accouns payable and financial derivaive s ne liabiliies. S 8 ECB July 212

13 Table. Insurance corporaions and pension funds (EUR billions) annual growh Financial ransacions four-quarer-cumulaed sums raes 1) Q1 211 Q2 211 Q3 211 Q 212 Q1 211 Q 212 Q1 Financial invesmen Currency and deposis Deb securiies Shor-erm Long-erm Loans Shares and oher equiy Quoed shares Unquoed shares and oher equiy Muual fund shares Oher financial asses 2) Financing Deb securiies Loans Shor-erm Long-erm Shares and oher equiy Quoed shares Unquoed shares and oher equiy Insurance echnical reserves Oher liabiliies 3) Ne lending (+)/ne borrowing (-) (financial accouns) annual percenage Financial balance shee end-of-period socks changes ) Q1 211 Q2 211 Q3 211 Q 212 Q1 211 Q 212 Q1 Financial invesmen,327,72,82,82,79,72 7, Currency and deposis Deb securiies 2,89 2,3 2,711 2,72 2,733 2,87 2, Shor-erm Long-erm 2,2 2,17 2, 2,7 2,7 2,2 2, Loans Shares and oher equiy 2,23 2,2 2,7 2,8 2,3 2, 2, Quoed shares Unquoed shares and oher equiy Muual fund shares 1,29 1,7 1,87 1, 1,1 1,1 1, Oher financial asses 2) Financing,3,8,91,92,889,933 7, Deb securiies Loans Shor-erm Long-erm Shares and oher equiy Quoed shares Unquoed shares and oher equiy Insurance echnical reserves,,971,21,,1,113, Oher liabiliies 3) Source: ECB. 1) Annual growh raes for financial ransacions are calculaed as 1*(f()+f(-1)+f(-2)+f(-3))/F(-) where f() sands for he ransacions in quarer, and F(-) for he end-of-quarer sock value four quarers earlier. 2) Oher accouns receivable, and prepaymens of insurance premiums and reserves for ousanding claims. 3) Oher accouns payable and financial derivaive s ne liabiliies. ) Annual percenage changes are calculaed as 1*(x()-x(-))/x(-) where x() sands for he ransacion or end-of-quarer sock x in quarer, and x(-) for he ransacion or sock four quarers earlier. ECB July 212S 9

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