The current account of the euro area recorded a surplus of €25 billion in March 2019, a decrease of €3 billion from the previous month. Surpluses were recorded for goods (€24 billion), services (€8 billion) and primary income(€4 billion). These were partly offset by a deficit for secondary income (€11 billion).
Today, the European Insurance and Occupational Pensions Authority (EIOPA) published technical information on the relevant risk free interest rate term structures (RFR) with reference to the end of April 2019.
In both the securities financing market and the over-the-counter (OTC) derivatives market, credit terms offered to counterparties tightened for almost all counterparties between December 2018 and February 2019. Looking ahead, however, a small net percentage of respondents expect price terms to ease for most counterparty types over the next three months, with non-price terms expected to remain more stable.
Quarterly fluctuation of deposits held by general government.
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Total assets of credit institutions headquartered in the EU increased year on year by 0.5%, from €33.0 trillion in September 2017 to €33.2 trillion in September 2018. The non-performing loans ratio dropped year on year by 1.0 percentage point to 3.4%.
The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased from 2.0% in November 2018 to 1.7% in December. For the outstanding amount of listed shares issued by euro area residents, the annual growth rate was 0.8% in December 2018, compared with 0.9% in November.
The Harmonised Index of Consumer Prices at constant tax rates (HICP-CT) is a variant of the HICP that measures inflation without the impact of changes in taxes on products, such as value added tax (VAT), excise duties, etc. It thus aims to assess the contribution to inflation of changes in taxes on products. This article analyses HICP-CT data for the European Union (EU) and outlines the methodology underlying these statistics.
The composite cost-of-borrowing indicators for new loans to corporations and for new loans to households for house purchase remained broadly unchanged in December 2018, at 1.64% and 1.80%, respectively. In the same month, the euro area composite interest rate for new deposits from corporations stayed constant at 0.10%, while the one for new deposits from households remained broadly unchanged at 0.35%.
Credit terms tightened for all counterparts, but non-price terms offered to hedge funds remained stable. Banks and dealers increased resources and attention dedicated to managing concentrated credit exposures. Liquidity and general trading conditions for underlying collateral deteriorated slightly, following improvement recorded in previous survey. Reduction in market-making activities was particularly visible for other government, sub-national and supra-national bonds, high-quality financial corporate bonds and derivatives.
Data on contingent liabilities and non-performing loans of EU governments for the year 2017 have been published today by Eurostat, the statistical office of the European Union. This publication includes data on government guarantees, liabilities related to public-private partnerships recorded off-balance sheet of government and liabilities of government controlled entities (public corporations) classified outside general government. Contingent liabilities are only potential liabilities. They may become actual government liabilities if specific conditions prevail.
Euro area net saving was broadly unchanged at €805 billion in the four quarters to the third quarter of 2018. Euro area net non-financial investment increased to €431 billion (from €406 billion previously), due to increased investments by households and non-financial corporations. Euro area net lending to the rest of the world decreased to €382 billion (from €404 billion previously) in line with the increased net non-financial investment and broadly unchanged net saving.