Institutional Sector Accounts Non-Financial and Financial 2013

Excluding the Central Bank (S.121), the balance-sheet of the Other Monetary Financial Institutions sector (S.122+S.123) continued to contract in 2013. This trend has persisted since 2009 in which time total assets have fallen by €743.0bn and liabilities by €749.5bn.

The non-Money Market Investment Funds sector (S.124) grew again in 2013. Figure 10 also shows the change in contribution by S.124 to the overall size of the financial sector balance-sheet. Apart from a drop in balance-sheet size during 2008, relating to the financial crisis, the sector has grown continuously in the intervening period, showing cumulative growth of €838.3bn for total assets. During the period 2008-2013, excluding Money Market Funds, the investment funds and collective investment schemes sector has more than doubled in size in Ireland.

The year-on-year percentage change in total liabilities of the financial sector is illustrated in Figure 11. The corresponding MIP Scoreboard threshold for this indicator, 16.5%, is also shown in the same figure. The positive growth between 2003 and 2008 was largely dominated by the expansion of the balance-sheet of the banking sector related to the property boom. In the ensuing period there has been a deleveraging effect in the banking sector which has been offset by significant expansion of the investment funds sector. These trends are highlighted in Figure 12.