ECB : Euro area investment fund statistics

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MARCH 2012In March 2012, the amount outstanding of shares/units issued by euro area investment funds other than moneymarket funds was €407 billion higher than one quarter earlier in December 2011. This increase was mainly due to increases in share/unit prices.


The amount outstanding of shares/units issued by euro area investment funds other than
money market funds increased to €6,069 billion in March 2012, from €5,662 billion in December
2011. Over the same period, the amount outstanding of shares/units issued by euro area money market
funds decreased to €951 billion from €992 billion. These developments are partly explained by
statistical reclassifications of a number of money market funds as bond funds in the first quarter of 2012,
with the amount involved totalling about €70 billion (see notes).
Transactions1 in shares/units issued by euro area investment funds other than money
market funds amounted to €95 billion in the first quarter of 2012, while transactions in shares/units
issued by money market funds amounted to €32 billion.
The annual growth rate of shares/units issued by euro area investment funds other than money market
funds, calculated on the basis of transactions, was 1.4% in March 2012. For the same period, the annual
growth rate of shares/units issued by euro area money market funds was 2.2%.
1 Transactions in shares/units issued mainly reflect the difference between shares/units issued and those redeemed, but may also
include other transactions, such as those resulting from dividend payments received or distributed by the fund.
- 2 -
Shares/units issued
(EUR billions and annual growth rates; not seasonally adjusted; amounts outstanding at the end of the period, transactions
during the period)
Q1 Q2 Q3 Q4 Q1 Jan. Feb. Mar.
Investment funds other than
money market funds:
Amount outstanding 5,777 5,796 5,423 5,662 6,069 5,892 6,027 6,069
Transactions 65 76 -44 -42 95 23 33 39
Annual growth rate (%) 5.8 6.2 3.5 0.9 1.4 0.8 0.9 1.4
Money market funds:
Amount outstanding 1,077 1,048 1,067 992 951 938 924 951
Transactions -10 -23 -3 15 32 6 3 23
Annual growth rate (%) -7.6 -5.7 -6.4 -1.9 2.2 -0.4 -0.9 2.2
2011 2012
Q1
Regarding the assets of euro area investment funds other than money market funds, the
annual growth rate of securities other than shares was 3.4% in March 2012, with transactions amounting
to €69 billion during the first quarter. In the case of shares and other equity the corresponding annual
growth rate was -2.3%, with first-quarter transactions of €2 billion. For holdings of investment fund
shares/units the annual growth rate was -0.2%, with first-quarter transactions of €14 billion.
In terms of the breakdown by investment policy, the annual growth rate of shares/units issued by
bond funds was 3.0% in March 2012. Transactions in shares/units issued by bond funds amounted to
€54 billion in the first quarter of 2012. In the case of equity funds, the corresponding annual growth
rate was -0.7%, with first-quarter transactions of €12 billion. For mixed funds, the corresponding figures
were 0.7% and €17 billion.
Regarding the assets of euro area money market funds, the annual growth rate of securities other
than shares was 6.6% in March 2012, with transactions amounting to €77 billion during the first quarter
(within this item, the transactions in securities issued by euro area residents were €41 billion); for
deposit and loan claims the corresponding annual growth rate was -9.0% and transactions during the
first quarter equalled minus €48 billion.
- 3 -
Notes
􀁸 Money market funds are presented separately in this press release since they are classified in the monetary financial
institutions sector within the European statistical framework, while other types of investment fund are classified in the
other financial intermediaries sector.
􀁸 After a transitional period that ended on 31 January 2012, the definition of money market funds for euro area statistical
purposes has been brought into line with the criteria applied for supervisory purposes under the guidelines on a common
definition of European money market funds issued on 19 May 2010 by the Committee of European Securities
Regulators (CESR), the predecessor of European Securities Market Authority (ESMA). This change has led to
reclassifications of money market funds and other investment funds.
􀁸 Further predefined tables, statistical data and methodological notes, as well as the advance release calendar, are
available in the “Statistics” section of the ECB’s website under “Euro area investment fund statistics”
(http://www.ecb.europa.eu/stats/money.../index.en.html) and “The balance sheets of monetary financial
institutions” (http://www.ecb.europa.eu/stats/money.../index.en.html).
European Central

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