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ECB-Euro area bank interest rate statistics: November 2023
January 5, 2024--Composite cost-of-borrowing indicator for new loans to corporations decreased by 4 basis points to 5.23%; indicator for new loans to households for house purchase increased by 10 basis points to 4.01%, both driven by interest rate effect
Composite interest rate for new deposits with agreed maturity from corporations and for overnight deposits from corporations broadly unchanged at 3.71% and 0.83%, respectively
Composite interest rate for new deposits with agreed maturity from households increased by 6 basis points to 3.33%, driven by interest rate effect; interest rate for overnight deposits from households broadly unchanged at 0.36%
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Source: ECB
UK official holdings of international reserves: December 2023
January 4, 2024--This release details movements in the international reserves of gold and assets held by the UK Government.
This monthly release shows details of movements in the UK's official holdings of international reserves, or assets.
These consist of gold, foreign currency assets and International Monetary Fund assets.
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Source: gov.uk
UK investment fund launches plunge to 20-year low as investors turn to cash
January 3, 2023--The number of new UK investment funds has reached its lowest level in two decades, according to new data, as asset managers are squeezed by rising interest rates and the cost of living.
Figures from US financial services firm Morningstar, first reported by the Financial Times, showed 397 UK funds were launched in 2023, down a quarter from the year before and the lowest since the aftermath of the dotcom crash in 2003.
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Source: msn.com
ECB-Monetary developments in the euro area: November 2023
January 2, 2023-- Annual growth rate of broad monetary aggregate M3 stood at -0.9% in November 2023, after -1.0% in October 2023
Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, was -9.5% in November, compared with -10.0% in October
Annual growth rate of adjusted loans to households stood at 0.5% in November, compared with 0.6% in October
Annual growth rate of adjusted loans to non-financial corporations increased to 0.0% in November from -0.3% in October
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 stood at -0.9% in November 2023, after -1.0% in October, averaging -1.0% in the three months up to November. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -9.5% in November, compared with -10.0% in October. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 20.8% in November from 21.4% in October. The annual growth rate of marketable instruments (M3-M2) decreased to 17.9% in November from 22.9% in October.
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Source: ECB
Euro area monthly balance of payments: October 2023
December 20, 2023-- Current account recorded €34 billion surplus in October 2023, up from €31 billion in previous month
Current account surplus amounted to €218 billion (1.5% of euro area GDP) in the 12 months to October 2023, after a €56 billion deficit (0.4%) one year earlier
ESMA presents methodology for climate risk stress testing and analysis of the financial impact of greenwashing controversies
December 19, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, today published two articles, one outlining an approach to modelling the impact of asset price shocks from adverse scenarios involving climate-related risks, the other exploring the use of ESG controversies for the purpose of monitoring greenwashing risk.
Risk article: Dynamic modelling of climate-related shocks in the fund sector
The article presents a methodological approach to modelling climate-related shocks in the fund sector, which includes dynamic impacts, such as inflows and outflows from investors and portfolio rebalancing by managers. The analysis focuses on the overall direction of these effects, finding that investor outflows can worsen falls in fund values following an initial shock.
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Source: ESMA
The average cost of retail investment products declines but significant differences across EU Member States remain
December 18, 2023--The European Securities and Markets Authority (ESMA), the EU financial markets regulator and supervisor, today publishes its sixth market report on the costs and performance of EU retail investment products. In this annual report ESMA finds that the average costs of investing in key EU retail financial products has declined by the end of 2022. However, cost heterogeneity persisted across EU Member States.
The key findings in the report are:
UCITS Costs: Costs have declined, but investors should continue to consider fund fees carefully in their investment decisions. Despite costs of active equity funds decreasing, this category of funds remained more expensive than passive funds and ETFs, such that their net performance was on average lower in comparison.
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Source: ESMA
Are new EU data market regulations coherent and efficient?
December 18, 2023--Technical restrictions on access to and re-use of data may result in failures in data markets and data-driven services markets. Th is paper examines three new EU data regulations (the European Health Data Space, the Data Act and the Digital Markets Act) that vary substantially in mandatory access measures intended to overcome these market failures.
It applies three economic criteria, economies of scope in re-use and in aggregation of data, and data supply-side failures, to assess the effi ciency of these regulations in overcoming market failures and coherence across regulations. Variations might be justified by particular sectoral market conditions.
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Source: bruegel.org
IMF Staff Country Report-Ireland: Selected Issues
December 18, 2023--A. Savings Funds in Ireland
Evolution of Public Finances
1. Sound fiscal policies have contributed to healthy public finances and put Ireland in a good position to weather shocks. The solid fiscal position of recent years has enabled the authorities to conduct countercyclical fiscal policy in the face of the Covid and energy price shocks and contributed to a fast decline in public debt.
Ireland’s path of primary surpluses, except for during the GFC, is not out of line with that in some peer countries. Some countries, like Korea and New Zealand, have also established sovereign wealth funds (SWF).
2. Ireland's healthy fiscal position has been supported in recent years by a fast increase in CIT revenues, which have grown beyond what would be implied by economic fundamentals. Ireland's share of CIT in total revenue (almost 1/3) is much larger than the average of European countries in the OECD (about 6 percent) and CIT has become the second largest source of tax revenues. While
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Source: imf.org
ESMA proposes changes and updates timeline for its Guidelines on funds' names
December 14, 2023--The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, today provides an update on the status of ESMA's guidelines on ESG and sustainability-related terms in fund names, including details on the timing of their publication.
Since the launch of the work on the guidelines, the AIFMD and UCITS Directive reviews have progressed. ESMA has decided to postpone the adoption of the Guidelines to ensure that the outcome of these reviews may be fully considered.
In particular, the text of the provisional agreement resulting from the interinstitutional negotiations contains two new mandates for ESMA to develop guidelines specifying the circumstances where the name of an AIF or UCITS is unclear, unfair, or misleading.
ESMA plans to adopt the Guidelines shortly after the date of entry into force of those amended legal texts and is publishing this statement to highlight the key content of the guidance that it intends to provide in the forthcoming Guidelines.
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Source: ESMA
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