This section provides time series on holdings of M3 by non-financial corporations, households (including non-profit institutions serving households), other financial intermediaries (including financial auxiliaries), and insurance corporations and pension funds. The series incorporate, for each holder sector, data on deposit holdings that fall within the Eurosystem's definition of M3, which are regularly reported by euro area MFIs. The sectoral holdings of the remaining (non-deposit) instruments that constitute M3 are estimated by the ECB.
The euro area broad monetary aggregate, M3 (see monetary aggregates), comprises deposits (overnight deposits, deposits with an agreed maturity of up to two years, deposits redeemable at a period of notice of up to three months and repurchase agreements) and non-deposit instruments (currency in circulation, money market fund shares/units and short-term debt securities with an original maturity of up to two years issued by MFIs).
The sectoral holdings of deposits are reported by euro area MFIs under Regulation ECB/2008/32 on MFI balance sheet item statistics and are available as time series under sectoral data.
The allocation of non-deposit instruments to each holder sector is estimated by the ECB. The estimation procedure makes use of statistical information reported by the national central banks of the Eurosystem to the ECB under Guideline ECB/2007/9, covering, among other statistics, data on other financial intermediaries, and under Regulation ECB/2007/8 on investment fund statistics. It further makes use of statistical information reported under Guideline ECB/2005/13 on monetary union financial accounts statistics.
The time series presented in this section comprise outstanding amounts (stocks) and transactions (flows). Growth rates are derived in accordance with the standard procedure adopted for MFI balance sheet statistics (see monetary aggregates). The estimates of holdings of M3 by sector are available at quarterly and monthly frequencies starting with the reference period Q1 1999 and January 2003 respectively. Data releases are subject to a degree of delay relative to headline M3 figures, owing to the lag in timeliness of the source data used to estimate the sectoral allocation of non-deposit instruments.
The procedure applied for the estimation is explained in further detail in the Manual on MFI balance sheet statistics [2.51 MB] .