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Financial Sector (S.12)

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The balance sheet of the financial corporations sector (Table 3 Assets and Liabilities) grew by 9.4 per cent compared to 2014. This continued the 2014 trend of balance sheet expansion. The growth during 2014 and 2015 was driven primarily by activity in the non-money market funds (S.124) sector. The financial assets of sector S.12 increased by €393.7bn in 2015, while its liabilities grew from €4,245.2bn to €4,649.6bn during the same period. The evolution of the financial assets of S.12 from 2005 to 2015 is shown in Figure 10.

Monetary Financial Institutions (S.121+S.122+S.123)Non-Money Market Investment Funds (S.124)Other Financial Intermediaries (S.125+S.126+S.127)Insurance Corporations and Pension Funds (S.128+S.129)
20051.186447444959280.362420570109910.5838194856696110.208652455024402
20061.4947125380.447619986003340.7026701193110540.250522106144638
20071.7119450.47397712593910.7280968309727690.26032070793476
20081.86452750.342007048640.8830599664272340.24327927511097
20091.7558820.4600529420.9521789556009130.27230176591083
20101.7022690.6455030821.03694901918590.29884338212025
20111.41420470.8186479951.110555548909450.284114227494
20121.2520091.017969920057011.001983245643490.296716526195
20131.104991.180331699495840.8995540272904520.306508616149
20141.144268162101071.627498925977991.082584501805810.349387732553
20151.170345206685591.777537647047741.273792042951470.375745639452

Excluding the Central Bank (S.121), the balance sheet of the other monetary financial institutions sector (S.122+S.123) contracted during the period 2009-2013, where its assets fell by €742.5bn and its liabilities by €752.6bn. During 2014 and 2015 this trend was reversed as financial assets in 2015 grew by 9.1 per cent and liabilities by 3.1 per cent over their 2013 values.

The balance sheet of the non-money market investment funds sector (S.124) continued to grow during 2015. Figure 10 also shows the change in contribution by S.124 to the overall size of the financial sector balance sheet. During 2015 this contribution increased in absolute terms while remaining unchanged in relative terms. Apart from a drop in balance sheet size during 2008, relating to the financial crisis, the sector has exhibited continuous growth in the intervening period, where its financial assets have grown cumulatively by €1,435.5bn – an increase of 419.7 per cent. This growth in the value of total assets has been significantly influenced by holding gains across a range of asset classes during this period.

y-o-y Growth RateMIP Threshold
200535.127351450683516.5
200621.588434939573116.5
20079.6163140064250216.5
20086.5198080766800416.5
20093.3734419297238216.5
20106.2939153279431716.5
2011-2.425521224267216.5
2012-1.6602670463432316.5
2013-2.6608230168034216.5
201423.116011412655316.5
20159.5261882895210816.5

The year-on-year percentage change in total liabilities of the financial sector is illustrated in Figure 11. The corresponding MIP Scoreboard threshold of 16.5 per cent for this indicator is also shown in the same figure. The positive growth between 2005 and 2008 was largely dominated by the expansion of the balance sheet of the banking sector related to the housing boom. In the ensuing period of 2009-2013 there has been a deleveraging effect in the banking sector which has been offset by significant expansion of the investment funds sector. The marked reverse in trend during 2014 and 2015 has been caused by simultaneous growth in both the banking and investment funds sectors. Here the new revised data shows a year-on-year change of 23.1 per cent in 2014, which is above the 16.5 percent MIP threshold. The year-on-year change of 9.5 per cent in 2015 is below the MIP threshold. These trends are also shown in Figure 12.

Monetary Financial Institutions (S.121+S.122+S.123)Non-Money Market Investment Funds (S.124)Other Financial Intermediaries (S.125+S.126+S.127)Insurance Corporations and Pension Funds (S.128+S.129)
20051.23219680.367213270970620.5488944394892290.218235872088139
20061.5451099610.450121007393720.6237494922178990.258458952741465
20071.7483450.475009982125680.6587991777444040.271988862815666
20081.8697870.34995818160.8929420379001860.24709987472867
20091.7606120.4594350780.9771009777859120.27597950502911
20101.7124180.645648071.031082646211180.302574552513
20111.418218211246870.8187224151.08273808844620.289100549001
20121.2306610256531.018349894115880.9896382028237340.303724811579
20131.10496321.180812161141330.8534314295506070.308910842498
20141.157570504876231.63438085169081.100266571312870.35296697092
20151.109762495450661.799829078571451.359946954321770.380050677154

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