BANCO DE ESPAÑA
3
ECONOMIC BULLETIN, SEPTEMBER 2012
ANALYSIS OF RECENT CHANGES IN BANK DEPOSITS IN SPAIN
Table 1 offers an overview of all other resident and non-resident sector deposits. As can be seen, a large part (43 %) of these deposits does not correspond to Spanish households and non-financial corporations and is shared between a heterogeneous group of agents, headed by financial institutions which accounted for more than 90 % of the outstanding balance as at July 2012. Accordingly, this is essentially wholesale funding. Moreover, a substantial part does not, in effect, reflect a genuine raising of funds by banks. Thus, of the above-mentioned 43 %, deposits of securitisation vehicles, of companies issuing preference shares and other market-able securities and of central counterparties accounted for three quarters of the outstanding balance and for slightly more than 80 % of the decline since June 2011. Both the breakdown and the development of these headings should be analysed in detail.Deposits of securitisation vehicles are the largest item by far, totalling, in July 2012, €355 billion from entities resident in Spain and a further €2 billion from other euro area countries.
Deposits of the other sectors other than Spanish households and non-financial corporations
June 2011July2012 (a)2011 Q32011 Q42012 Q12012 Q2July 2012Cumulative June 2011-July 2012 (a)Cumulative % change on June 2011 balance
TOTAL
1,831.51,540.4-23.3-47.8-49.4-87.8-82.7-291.1-15.9
Households and non-
nancial corporations resident in Spain
959.8884.0-23.2-12.5-13.2-0.8-26.0-75.8-7.9
Households and NPIs
741.1709.3-10.0-4.4-7.0-0.2-10.2-31.7-4.3
Non-
nancial corporations
218.7174.7-13.2-8.1-6.3-0.7-15.8-44.0-20.1
Other euro area residents
754.3598.80.4-23.4-11.4-75.9-45.2-155.5-20.6
Households and non-
nancial corporations resident in other euro area Member States
20.911.9-2.3-0.7-1.2-4.80.0-9.0-43.3
Non-MFI investment funds, insurance and pension funds
83.279.7-1.61.75.8-7.8-1.6-3.5-4.2
Other non-MFI
nancial institutions resident in Spain
599.9485.9-15.2-9.4-8.3-42.1-39.1-114.0-19.0
Asset securitisation vehicles
430.3355.3-8.5-3.8-15.1-21.7-26.0-75.0-17.4
Companies issuing preference shares and other
nancial instruments
107.883.6-1.7-8.8-1.6-12.1…-24.2-22.4
Central counterparties
31.627.0-5.21.85.30.2-6.8-4.6-14.6
Other
30.226.30.21.33.1-8.5…-3.9-12.9
Other non-MFI
nancial institutions resident in other euro area Member States
50.321.319.6-15.1-7.7-21.2-4.5-28.9-57.5
Securitisation vehicles
6.12.41.5-5.70.6-0.80.6-3.7-60.8
Central counterparties
28.38.518.7-7.0-9.6-17.8-4.0-19.8-70.0
Other
15.810.4-0.6-2.41.4-2.6-1.2-5.4-34.0
Rest of world residents
117.557.6-0.6-12.0-24.8-11.1-11.5-59.9-51.0
Central counterparties
58.812.72.3-11.9-18.4-8.5-9.6-46.1-78.4
Other
58.744.9-2.9-0.1-6.4-2.5-1.9-13.8-23.5
BalancesChange in balances
DEPOSITS OF OTHER RESIDENT AND NON-RESIDENT SECTORS WITH SPANISH MONETARY FINANCIAL INSTITUTIONS
TABLE 1
€bn SOURCE: Banco de España.
a
In the case of the resident sectors in Spain (Companies issuing preference shares and other
nancial instruments and Other), both the cumulative
gure and the July balance are as at June, as this information is only available quarterly.