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Money Market Funds

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This chapter looks at the trends of various characteristics of the money market funds (MMF) sector (S.123). The MMF sector (S.123) consists of all financial corporations and quasi-corporations, except those classified in the Central Bank sector and in the deposit taking corporations sector, which are principally engaged in financial intermediation. Their business is to issue investment fund shares or units as close substitutes for deposits from institutional units, and for their own account, to make investments primarily in money market fund shares/units, short-term debt securities, and deposits.

(AF.2) Currency and Deposits(AF.3) Debt Securities(AF.5) Equity and Investment Fund Shares/Units(AF.7 + AF.8) Financial Derivatives and Other Accounts Receivable Total
201262.268596235.4213270.8445840.180183298.71469
201351.385267221.527520.9701820.543416274.426385
201491.93026301.0573840.7431520.349616394.080412
201595.702655370.9145260.9607955.273307472.851283
2016107.223126372.7726311.286563.727532485.009849
2017130.29372362.4630721.6051986.581856500.943846
2018142.948992351.9336861.0460312.952709498.881418

Get the data: StatBank (IFI03)

The assets of this sector largely consist of currency and deposits (AF.2) and debt securities (AF.3). There was a marked increase in the size of the balance sheet of MMFs seen between 2013 and 2015. This was due to the reclassification of funds from open bond to money market. There has been little change in the value of total assets since 2015.

(AF.2) Currency and Deposits(AF.5) Equity and Investment Fund Shares/Units(AF.7 + AF.8) Financial Derivatives and Other Accounts Receivable Total
20120.511222308.2729862.785785311.569993
20130.156834281.6446072.217649284.01909
20140.096494387.0117216.989995394.09821
20150.000539467.4395276.212368473.652733
20160.005337478.2010716.964888485.171296
20170.008726486.97492113.599357500.583004
20180.005637475.15803711.275877486.439551

Get the data: StatBank (IFI03)

Liabilities of MMFs are almost entirely investment fund shares/units (AF.5), €475.2bn of the €486.4bn total in 2018.

 

Source Publication: International Accounts

2018
Bond income 68
Deposit interest income 27.3
Other Income4.7
2018
Dividends payable 85.5
Fees13.6
Other Expenses0.900000000000006
Show Table: Table 4.1 Money Market Funds Income and Expenditure, 2018

Figure 4.3 shows a breakdown of income of MMFs for the year 2018. Bond income, at €3.5bn, comprises 68% of the total income of €5.1bn. Deposit interest income, at €1.4bn, represents 27% of the total income.

Figure 4.4 shows a breakdown of expenditure of MMFs for the year 2018. Dividends payable, at €3.6bn, are the main expenditure item amounting to 85.5% of the total expenditure of €4.2bn. Fees, at 13.6%, account for most of the remaining expenses. These include management, administration, investment advice and custodian fees.

Irish ResidentsOther Euro Area ResidentsRest of the World
20141.830.867.5
20152.127.770.1
20161.328.570.2
20171.231.767.1
20181.229.569.3

Get the data: Central Bank of Ireland - Money Market Funds

Issuers of debt securities are broken down into three categories: Irish, Euro area but not Irish and rest of the world. Rest of the world represents the largest category, comprising an approximate 70% share. In 2018, the value of securities issued by the rest of the world was €243.8bn, while securities issued by Irish residents amounted to €4.1bn, approximately 1% of the total. In 2018 other Euro area residents comprise 30% of the securities with a value of €103.8bn.

Irish ResidentsOther Euro Area ResidentsRest of the World
20143.8283185520642514.860406779836281.3112746680996
20154.9621341776484710.635589594386484.4020622967654
20166.608099941238112.211392280651981.18050777811
20176.7728322809179112.089737666204681.1374300528775
20185.7832135157511614.173381642908180.0434048413408

Get the data: Central Bank of Ireland- Money Market Funds

In 2018, MMF units issued to the rest of the world, comprised the largest component of MMF liabilities at €390.6bn which accounts for 80% of the total shares issued. In 2018, units issued to other Euro area residents amount to 14% while the units issued to Irish residents are 6% of all MMF units. This pattern is similar to that seen in previous years.

 

Get the data: Central Bank of Ireland - Money Market Funds                   

Figure 4.7 shows a breakdown of 2018 debt securities assets by sector of issuer. Of the total debt securities, amounting to €352bn, those issued by banks comprise the largest share. They amount to €228bn in assets which represent 65% of the total. The next largest share is that of other financial institutions, with €70bn accounting for 20%. Government, with €54bn, makes up 15% of the total.

2018
Government15.3604685878389
Other
Financial
Institutions
19.8490169038513
Banks64.7902301710289

Get the data: Central Bank of Ireland - Money Market Funds

Figure 4.8 shows a breakdown of the holder of MMF units. This breakdown is only available for MMF units issued to Irish and Euro area residents. Together they comprise a total of €97bn, which only accounts for 20% of the total MMF units issued in 2018. Of the €97bn, other financial institutions held the largest share (71.5%) amounting to €69.7bn. Non-financial institutions held 23.9% of MMF units in 2018, with almost all of the remaining units held by Banks (4.2%).

2018
Banks4.24826198128998
Other Financial Institutions71.5324344584673
Non-Financial Institutions23.8609174274242
Households0.35735923845514

Get the Data: Central Bank - Money Market FundsCentral Bank - Money Market Funds - Previous Statistical Releases

In 2018, 94.6% of the MMF debt securities issued were short-term and just 5.4% of debt securities issued were long-term in nature.

2018
Short-term94.5594904675927
Long-term5.44050953240734
EURGBPUSD
200922.795686297535935.993188890846141.211124811618
201022.174160854156836.13039209047241.6954470553712
201120.308796950709245.549484166332634.1417188829581
201216.033559164481349.770832838585634.1956079969331
201313.609976349172254.363377294476532.0266463563513
201415.532722462906949.167912688980135.2993648481131
201511.676774945175448.013037966008840.3101870888158
201614.295760142972241.46920959611244.2350302609159
201715.435763089597244.098222397868340.4660145125345
201815.363394733713439.170298901160945.4663063651257

Get the data: Central Bank of Ireland - Money Market Funds

The largest share of assets was held in US Dollar (USD) in the years 2009, 2010, 2016 and 2018, while the largest share was held in British Pound (GBP) every other year. The assets in Euro (EUR) have remained relatively stable since 2012 comprising approximately 15% of all MMFs assets in 2018.


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