All other financial assets and liabilities are shown at nominal value .

All other financial assets and liabilities are shown at nominal value .

7 Liabilities to euro area residents denominated in foreign currency

Longer term financial liabilities ( excluding capital and reserves ) are shown with an inverted sign , since they are liabilities of the MFI sector .

As a result , in the second half of the year , the largest contribution to loan growth came from the non financial corporate sector . Among the other counterparts of M3 , the annual growth of MFI longer term financial liabilities ( excluding capital and reserves ) remained strong in 2006 and even strengthened towards the end of the year .

Moreover , only the statistical aggregate includes liabilities to financial counterparties in foreign currency .

In 2000 the ECB intensified its work on financial accounts , which will cover quarterly financial flows and a quarterly statement of financial assets and liabilities outstanding .

Longer term financial liabilities ( excluding capital and reserves ) are shown with an inverted sign , since they are liabilities of the MFI sector .

5.2 Liabilities to other euro area residents denominated in euro other liabilities

This chapter describes the Eurosystem 's responsibilities and main achievements in the fields of financial stability and oversight .

The narrower spread between the yield on longer term financial liabilities and the remuneration on short term instruments is likely to have reduced the demand for longer term financial liabilities in 2001 .

5.2 Liabilities to other euro area residents denominated in euro other liabilities

Transparency and a clear definition of the responsibilities and liabilities of each category of participating financial institutions , be they owners or users , should be established

The proposal concerns the compilation of quarterly financial accounts for general government , including quarterly government outstanding liabilities .

2.5 MONETARY AGGREGATES AND COUNTERPARTS

In principle , the statistical data should be larger than the accounting data , also because they include liabilities to financial counterparties in foreign currency .

It separates the roles and responsibilities between schemes ( i.e. the rules for the different payment instruments ) and infrastructures ( i.e. providers that offer processing services to financial institutions ) .

The responsibilities assigned by the Treaty to the ESCB do not include the direct supervision of financial institutions this remains within the competence of the relevant national authorities .

1 Liabilities to other euro area residents denominated in euro 2 Liabilities to non euro area residents denominated in euro 3 Liabilities to non euro area residents denominated in foreign currency Deposits , balances and other liabilities 4 Intra Eurosystem liabilities 4.1 Liabilities due to the transfer of foreign reserves 4.2 Other liabilities within the Eurosystem ( net )

Monetary analysis is generally based on financial transactions that occur when MFIs acquire or dispose of financial assets and incur or repay liabilities .

the ECB and the Commission share responsibility for balance of payments statistics and related statistics , and for financial accounts statistics

the ECB and the Commission share responsibility for balance of payments statistics and related statistics , and for financial accounts statistics the Commission is responsible for price and cost and other economic statistics .

It is made up of representatives of the governments of the Member States , normally the ministers responsible for the matters under consideration ( therefore often referred to as the Council of Ministers ) .

European Central Bank ( ECB ) the ECB is the centre of the European System of Central Banks ( ESCB ) and the Eurosystem and has legal personality under Community law . It ensures that the tasks conferred upon the Eurosystem and the ESCB are implemented either by its own activities pursuant to the Statute of the European System of Central Banks and of the European Central Bank or through the national central banks .

Non financial corporations Non financial corporations

Responsibilities

Developments in MFI net external assets were , for the greater part of 2005 , still characterised by positive annual flows , which exerted upward pressure on M3 dynamics ( see Chart 8 ) . Balance of payments data suggest that this phenomenon reflected the greater propensity of non euro area residents to invest in euro area equity and bonds compared with that of euro area residents to Chart 8 Counterparts of M3 ( annual flows

The framework distinguishes between the roles and responsibilities of schemes ( i.e. the rules for the different payment instruments ) and those of infrastructures ( i.e. providers that offer processing services to financial institutions ) .

the financial decisions of non financial firms

5.2 Liabilities to other euro area residents denominated in euro other liabilities

Liabilities to other euro area residents denominated in euro other liabilities Domestic

Liabilities to other euro area residents denominated in euro other liabilities

5 Liabilities to non euro area residents denominated in euro 6 Liabilities to euro area residents denominated in foreign currency 7 Liabilities to non euro area residents denominated in foreign currency 7.1 Deposits , balances and other liabilities 7.2 Liabilities arising from the credit facility under ERM II

Economic and Monetary Union ( EMU ) the Treaty describes the process of achieving Economic and Monetary Union in the European Union in three stages .

It provided for , inter alia , the establishment of the European Monetary Institute ( EMI ) , the prohibition of financing of the public sector by the central banks , the prohibition of privileged access to financial institutions by the public sector and the avoidance of excessive government deficits .

It is made up of representatives of the governments of the Member States , normally the ministers responsible for the matters under consideration ( therefore often referred to as the Council of Ministers ) . The EU Council meeting in the composition of the ministers of finance and economy is often referred to as the ECOFIN Council .

Non financial corporations

Option a financial instrument that gives the owner the right , but not the obligation , to buy or sell specific assets ( e.g. a bond or a stock ) at a predetermined price ( the strike or exercise price ) at or up to a certain future date ( the exercise or maturity date ) .

Marginal lending facility a standing facility of the Eurosystem which counterparties may use to receive overnight credit from an NCB at a pre specified interest rate against eligible assets ( see also key ECB interest rates ) . MFIs ( monetary financial institutions ) financial institutions which together form the moneyissuing sector of the euro area .

Liabilities to other euro area residents denominated in euro other liabilities 12 Other liabilities Domestic

Liabilities to other euro area residents denominated in euro other liabilities Domestic

An appropriate provision against the contractual obligation of the ECB to restore its current premises to their original condition when they are vacated and the ECB moves to its final site and other provisions are included in this item .

Remaining liabilities

Other liabilities

IntraEurosystem liabilities