2
│
The size and evolution of the non-bank financial sector
13
Table 3: EU27 non-bank financial sector balance sheet developments, 2001-2011, €bn
Assets
Liabilities
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Δ outstanding
amounts
Currency and dep.
289
-51
149
221
735
473
487
-113
117
387
98
-4
1
88
22
29
-121
6
7
1
28
2
Debt sec. + deri.
374
287
336
671
708
1061
478
1336
28
1905
256
165
120
195
524
578
668
887
1707
-385
1276
136
Loans
298
82
279
237
319
785
540
284
120
108
107
497
-48
155
221
761
812
556
-127
-327
320
110
Equity
-82
-1137
650
673
1487
3018
521
-3142 1980
1423
360
-10
-898
596
419
1094
3396
230
-2382 1925
1411
341
Insurance res.
24
8
2
3
14
64
10
8
3
8
5
257
-238
339
527
1013
851
140
-1195
956
675
247
Other
30
59
9
6
33
100
-8
-34
56
49
11
48
34
-6
17
23
119
-30
-16
39
22
10
Financial assets
933
-753
1425
1811
3296
5500
2028 -1661 2304
3880
838
953
-1030 1366
1728
3498
5724
1788 -2006 2208
3732
845
Transactions
Currency and dep.
249
39
215
244
626
545
619
-8
100
-42
-44
-3
0
4
20
26
19
6
13
-1
0
0
Debt sec. + deri..
240
379
545
362
564
684
648
681
751
658
675
208
234
331
294
519
658
943
1027
530
39
42
Loans
197
144
222
201
376
525
735
491
89
199
207
378
69
267
244
671
562
705
-110
-281
185
188
Equity
524
176
259
249
332
728
582
8
511
252
260
337
169
326
208
347
812
551
-98
871
640
661
Insurance res.
18
11
1
7
16
18
21
7
13
14
14
326
328
326
374
450
419
374
192
287
299
306
Other
13
57
22
12
41
94
7
-21
30
50
51
29
30
22
52
58
144
-14
-10
-25
14
16
Financial assets
1240
806
1263
1075
1954
2593
2611
1160
1494
1130
1162
1274
830
1277
1192
2070
2613
2566
1013
1381
1177
1213
Δ valuation
Currency and dep.
40
-90
-66
-22
109
-72
-132
-105
17
429
142
-1
1
84
2
3
-140
0
-6
2
28
2
Debt sec. + deri..
134
-93
-209
309
144
377
-170
655
-723
1247
-418
-43
-115
-136
229
59
11
-56
680
-915
1237
94
Loans
101
-62
58
36
-56
260
-194
-208
31
-91
-100
119
-117
-113
-24
90
250
-150
-17
-46
135
-79
Equity
-606
-1313
392
424
1155
2290
-61
-3150 1469
1170
100
-347
-1066
269
211
748
2584
-321
-2284 1054
770
-320
Insurance res.
7
-3
1
-4
-2
46
-10
1
-10
-5
-9
-69
-566
13
153
563
431
-234
-1387
669
376
-60
Other
18
2
-13
-6
-8
6
-15
-13
26
-1
-40
19
4
-28
-35
-35
-25
-16
-6
64
8
-6
Financial assets
-307
-1559
162
736
1342
2907
-583
-2821
810
2749
-324
-321
-1859
89
537
1428
3111
-778
-3020
827
2555
-369
Note: Deposits (dep.), Securities (sec.), Reserves (res.)
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
14
The three key points to note from the table are the following:
As a group, the NBFIs did not dump any of the broad asset classes during the financial
crisis. The only asset class showing occasionally negative values in the transaction part of
the table is cash. Acquisition of equities dropped to almost zero in 2008 but then
rebounded afterwards. However, this does not mean that, within the various asset
classes, certain securities were not subjects of large sales by NBFIs (see Figure 11 to
Figure 13 overleaf). As will be shown in the next section, NBFIs did in fact reduce their
holdings of derivatives in 2009 and 2010 but not in 2008.
Valuation changes were large drivers of year-to-year changes, especially in the case of
equity and, to a somewhat
lesser extent, debt securities. However, overall over the
period 2000-2011, acquisitions of assets rather valuation changes explain the bulk of the
increase in the various asset classes (92% in the case of cash, 83%
in the case of debt
securities and derivatives and 67% in the case of equities).
The composition of asset acquisitions by NBFI has changed somewhat following the
financial crisis with debt securities and derivatives playing a much more important role
(Figure 10).
Figure 10: EU27 share of debt securities and derivatives, loans and equities in asset acquisition
by NBFIs 2000-2011, €bn
Source: Eurostat
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Debt sec. + derivatives
Loans
Equity
2
│
The size and evolution of the non-bank financial sector
15
Figure 11: EU27 NBFI equity asset developments, 2000-2011, €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)
Figure 12: EU27 NBFIs debt securities and derivatives asset developments, 2000-2011, €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)
Figure 13: EU27 NBFIs loan assets, 2000-2011, €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)
-4000
-3000
-2000
-1000
0
1000
2000
3000
0
2000
4000
6000
8000
10000
12000
14000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Tra
ns
act
ion
s /
Va
lua
tio
n c
ha
ng
es
(€
bn
)
Ou
tst
an
din
g a
mo
un
t (
€b
n)
Transactions
Valuation changes
Outstanding amount
-1000
-500
0
500
1000
1500
0
2000
4000
6000
8000
10000
12000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Tra
nsa
ctio
ns /
Va
lua
tio
n c
han
ges
(€
bn
)
Ou
tst
and
ing
am
ou
nt
(€b
n)
Transactions
Valuation changes
Outstanding amount
-400
-200
0
200
400
600
800
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Tra
nsa
cti
on
s /
Va
lua
tio
n c
ha
ng
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