Equity capital 1.1.1.1 .

Equity capital 1.2.1.1 .

Income on equity 2.1.1.1 .

Income on equity 2.2.2 .

Chart A Euro area MFIs main asset holdings by sector ( excluding shares and other equities ) ( three month flows

TARGET2 a new generation of the TARGET system in which the current decentralised technical structure will be replaced by a single shared platform offering a harmonised service with a uniform pricing scheme .

More specifically , budgetary positions close to balance or in surplus are required as the medium term objective for Member States . Standing facility a central bank facility available to counterparties on their own initiative .

Systemic risk the risk that the inability of one participant to meet its obligations in a system will cause other participants to be unable to meet their obligations when they become due , potentially with spillover effects ( e.g. significant liquidity or credit problems ) threatening the stability of or confidence in the financial system .

Liquidity risk the risk that a counterparty will not settle an obligation at its full value when due but on some unspecified date thereafter .

Executive Board one of the decision making bodies of the European Central Bank ( ECB ) .

Implied volatility the expected volatility ( i.e. standard deviation ) in the rates of change of the price of an asset ( e.g. a share or a bond ) .

Equity and reinvested earnings 1.1.1.1 .

Equity and reinvested earnings 1.2.1.1 .

Equity and reinvested earnings 1.1.1.1 .

Equity and reinvested earnings 1.2.1.1 .

1 ) Securities issued by international and supranational institutions are not included .

Portfolio investment Equity securities Debt securities Bonds and notes Money market instruments III .

Income on equity Income on debt ( interest ) 2.2.2.1 .

Foreign exchange swap simultaneous spot and forward transactions exchanging one currency against another .

European System of Accounts 1995 ( ESA 95 ) a system of uniform statistical definitions and classifications aimed at achieving a harmonised quantitative description of the economies of the Member States .

That inability to meet obligations can be caused by operational or financial problems .

Direct investment Abroad Equity and reinvested earnings Other capital In the reporting economy Equity and reinvested earnings Other capital Step 3 Step 3 Step 3 Step 3 Step 3 Step 3 II .

I. Direct investment Abroad Equity and reinvested earnings Other capital In the reporting economy Equity and reinvested earnings Other capital II .

Abroad 1.1.1 Equity and reinvested earnings 1.1.1.1 .

A final commonly used classification is between the form of the financial instrument ( equity or debt market ) .

Portfolio investment Equity securities Debt securities Bonds and notes Money market instruments Step 3 Step 3 Step 3 Step 3

Shares , stocks , preferred stock or shares , participation , or similar documents usually denote ownership of equity .

In the reporting economy 1.2.1 Equity and reinvested earnings 1.2.1.1 .

2.6 Financial markets This section introduces the main features of the money , debt and equity markets in the euro area .

ECB Opinion on Belgian legislation on direct participation in securities settlement systems

Deposits with an agreed maturity this instrument category consists mainly of time deposits with a given maturity which , depending on national practices , may be either not convertible prior to maturity or convertible only subject to a penalty .

Equity prices affect the financing conditions of enterprises and the wealth of private households .

Euro area investors were also large net purchasers of Japanese equity securities .

Direct investment Abroad Equity and reinvested earnings Other capital In the reporting economy Equity and reinvested earnings Other capital Step 3 Step 3 Step 3 Step 3 Step 3 Step 3

Net direct Net portfolio Net portfolio Combined investment investment investment net direct in equities in debt investment instruments and portfolio investment

net direct investment net portfolio net portfolio combined investment investment net direct in equities in debt investment instruments and portfolio investment

These securities generally entitle the holders to a share in the profits of corporations or quasi corporations and to a share in their own funds in the event of liquidation .

These securities generally entitle the holders to a share in the profits of corporations or quasi corporations and to a share in their own funds in the event of liquidation

Money market paper is included as part of securities other than shares , but derivatives and mutual fund shares are not covered by the reporting framework .

Tier two assets include credit institution or corporate bonds , commercial paper , mediumterm notes , regional government bonds , bank loans , trade bills , mortgage backed promissory notes and equities .

This was mainly the result of substantially lower net outflows in direct investment and larger net inflows in portfolio investment in both equity securities and debt instruments ( see Chart 35 ) . Excluding the effects of a single large transaction associated with the restructuring of a large euro area firm in 2005 , the rising deficit in direct investment in 2006 was due to an increase in direct investment abroad by euro

Consequently , equity price correlation can potentially be a significant transmission channel in itself .

In addition to these internal teams, Capcom also commissions outside development studios to ensure a steady output of titles.

Portfolio investment equity securities investment funds and money market funds shares Quarterly b.o.p. Quarterly i.i.p. Annual i.i.p. ( ) See Table 2 of Annex II .'

A. 1 and II .