Security Issue Statistics - February 2016

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Trends in financing of all Irish-resident entities

• The outstanding amount of debt securities issued by Irish resident entities (including Government) was €781.9 billion at end-February 2016, which was a fall of 10.6 per cent year-on year. There was little change to the outstanding amount of debt securities issued by euro area residents, which fell by 1.7 per cent over the same period.
• Debt financing for the banking sector stood at €60.6 billion at the end of February 2016, an increase of nearly €2.1 billion from the same month last year.
• Equity shares had a market capitalisation of €549 billion at end-February. Quoted shares, which account for over 99 per cent of total equity, saw an increase of 13.8 per cent over the year. This is largely due to the impact of mergers & acquisitions by redomiciled entities in the NFC sector over the year. The value of the stock of quoted shares issued by euro area residents decreased by 9.5 per cent.

Banking Sector

At the end of February 2016, the outstanding amount of bank bonds was €60.6 billion, a decrease of €0.9 billion over the month – (Charts 1 & 2). Over the year to February 2016, the outstanding value of bank bonds increased by 3.6 per cent. This increase primarily reflected a fall of €2.7 billion in long-term debt securities, which was more than offset by an increase of €4.8 billion in short-term debt securities. Long term debt securities account for 77 per cent of the total debt securities issued by the banking sector.

Over the past twelve months, the total outstanding amount of debt securities for the banking sector across the euro area decreased by 7.8 per cent.

The market value of equities in the banking sector in Ireland increased by 18.7 per cent over the year, to stand at €27.7 billion (Chart 3) as of February 2016.¹

Other Financial Intermediaries

The outstanding amount of debt securities issued by the other financial institutions (OFI) sector decreased by €30.4 billion in February, to stand at €578.1 billion (Chart 4). This was a decrease of 14.7 per cent over the year. Long term debt securities account for 93.5 per cent of the total debt securities issued by the OFI sector.

Over the past twelve months, the total outstanding amount of debt securities for the OFI sector across the euro area decreased by 2.5 per cent.

In February 2016, the value of the quoted shares in the OFI sector in Ireland decreased by €0.5 billion from the previous month to stand at €25.8 billion. This represented an increase of 27.7 per cent over the year (Chart 5).

Non-Financial Corporations

In February 2016, the value of the quoted shares in the non-financial corporations (NFC) sector increased by €6.2 billion (1.3 per cent) from the previous month to stand at €495.2 billion. This increase was largely due to the impact of market price and foreign exchange rate changes. There was an increase of 13 per cent over the year, largely due to mergers and acquisitions by redomiciled entities (Chart 6).

Over the past twelve months, the total market capitalisation of equities for NFCs in the euro area increased by 2.6 per cent.

The outstanding amount of debt securities issued by NFCs increased year-on-year by over €1 billion to stand at €10.7 billion in February 2016 (Table 1).

Detailed tables can be found on the Central Bank of Ireland’s website. The data are largely compiled from the ESCB Central Securities Database.

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¹ As per compilation methodology utilised by the Central Bank of Ireland. The increase seen in December 2015 reflects recent corporate developments in the sector.