2
│
The size and evolution of the non-bank financial sector
17
Table 4: EU27 asset class “Securities other than shares” held by NBFIs 2001-2011, €bn
Assets
Liabilities
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Δ outstanding amounts
Securities other than shares, excluding
financial derivatives
207
215
292
300
342
228
71
-126
333
251
1
-1
2
2
0
3
3
4
4
0
Short-term - Securities other than
shares, excluding financial derivatives
12
25
7
6
6
4
4
-21
-27
-4
1
-1
0
0
0
0
0
0
0
0
Long-term - Securities other than
shares, excluding financial derivatives
195
190
285
294
336
224
67
-105
361
255
0
0
2
2
0
4
3
4
4
0
Financial derivatives
4
1
9
48
-1
-2
32
155
-78
-4
2
-2
3
44
4
-5
47
87
-43
-12
Transactions
Securities other than shares, excluding
financial derivatives
162
205
245
244
249
271
202
139
133
154
7
1
7
3
2
3
3
5
9
1
Short-term - Securities other than
shares, excluding financial derivatives
11
28
10
4
5
-2
9
-9
-30
-5
-2
-1
-1
0
0
0
0
0
0
0
Long-term - Securities other than
shares, excluding financial derivatives
150
177
235
240
244
272
193
148
164
159
9
2
8
3
2
4
3
5
9
1
Financial derivatives
-3
-4
-8
-8
-24
-19
-33
-59
-75
-83
0
0
-7
-4
-18
-22
-25
-84
-55
-85
Δ valuation
Securities other than shares, excluding
financial derivatives
45
10
46
56
93
-42
-130
-265
200
97
-6
-1
-5
-1
-2
0
0
-1
-5
0
Short-term - Securities other than
shares, excluding financial derivatives
1
-3
-3
2
1
6
-4
-12
3
1
3
1
0
0
0
0
0
0
0
0
Long-term - Securities other than
shares, excluding financial derivatives
44
13
50
55
92
-48
-126
-253
197
96
-9
-2
-5
-1
-2
0
0
-1
-5
0
Securities other than shares, excluding
financial derivatives
6
6
17
56
23
17
64
214
-3
79
2
-1
10
48
22
17
72
171
12
73
Financial derivatives
45
10
46
56
93
-42
-130
-265
200
97
-6
-1
-5
-1
-2
0
0
-1
-5
0
Source: Eurostat Financial balance sheet data (nasa_f_bs), financial transactions data (nasa_f_tr) and other changes in financial assets (nasa_f_of)
2
│
The size and evolution of the non-bank financial sector
18
2.2.4
Analysis of loans
The non-bank financial sector as a whole is described by a maturity mismatch in its loan book, as
shown in Figure 15 and Table 5. On the asset side, long-term loans dominate short-term loans, but
the reverse is true on the liabilities side. In a large part, the dominance of long-term loans on the
asset side reflects the preference of pension funds and insurance companies to invest in longer-life
assets to match their long-term liabilities.
Figure 15: EU27 short- and long-term loan assets and liabiltiies, 2001-2010, €bn
Source: Eurostat Financial balance sheet data (nasa_f_bs), financial transactions data (nasa_f_tr) and other changes in financial
assets (nasa_f_of)
Loan assets expanded relatively significantly in 2006. Short-term loan assets expanded more than
long-term loan assets on a proportionate basis. However, this occurred more due to valuation
changes than active loan expansion activity by NBFIs. The key consequence of the crisis on loan
assets was a reduction in asset growth.
Loan liabilities display interesting variation. Of the four series shown in Figure 15, short-term loan
liabilities underwent the largest adjustment over the periods immediately prior to and since the
financial crisis. In the crisis and post-crisis period, particularly in 2008 and 2009, this reflects the
drying up of liquidity in short-term funding markets. That being said, it
is interesting to note that
growth of short-term loan assets of NBFIs were relatively stable and even grew to some degree
over 2009-2010.
2.3
Key message
The key points to note from this chapter are the following:
The MFI and NBFI sectors expanded at roughly the same pace from 2000 to 2004. From
2004 to 2006, in the run-up to the financial crisis, total
assets held by the non-bank
financial sector grew much more rapidly than those held by the banking sector. During
crisis, the non-bank financial sector experienced a much more pronounced decline in
total assets than the banking sectors. Finally, during the post crisis period of 2009 to
2011, growth of non-bank financial balance sheets returned close to the growth
experienced over the period 2002 to 2005 (before the sharp pre-crisis acceleration) while
assets of the banking sector have barely grown since 2008.
0
500
1000
1500
2000
2500
3000
3500
4000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
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