2016年-ECB欧洲央行_Report_on_financial_structures_84页_2mb

Summary of the ECB Report on Financial Structures (October 2016)

Core Content

The ECB Report on Financial Structures (RFS) provides an in-depth analysis of the structural features and developments of the euro area financial sector, including the banking sector, insurance corporations and pension funds (ICPFs), and other non-bank financial entities (OFIs). It complements the ECB Financial Stability Review (FSR), which focuses more on cyclical factors.

The report highlights that the euro area financial sector has undergone significant structural changes since the global financial crisis. It emphasizes the importance of understanding interconnectedness within the financial system to assess potential structural risks to financial stability.

Main Points

1. Financial Sector Overview and Interconnectedness

• Financial Sector Size: At the end of 2015, the total assets of the euro area financial sector amounted to about €68.5 trillion.

• Sector Composition:

  • MFIs (Monetary Financial Institutions) accounted for 46% of total assets.
  • OFIs (Other Financial Intermediaries) accounted for 39%.
  • ICPFs (Insurance Corporations and Pension Funds) accounted for 15%.
  • Remaining Other Financial Institutions accounted for 21%.
  • FVCs (Financial Vehicle Corporations) represented a smaller share (2.4%).

• Growth Trends:

  • ICPFs and OFIs have grown in size, while the MFI sector has tended to deleverage.
  • The share of the non-bank financial sector (ICPFs, MMFs, and OFIs) in the total financial sector increased from 42% in 2008 to 54% in 2015.

• Interconnectedness:

  • Loans: MFIs are the largest lenders, followed by OFIs. MFIs are also the largest counterparties.
  • Debt Securities: MFIs are the largest holders and counterparties.
  • Investment Fund Shares: ICPFs and OFIs are the largest holders, while OFIs are the largest counterparties.
  • Cross-Country Exposures: The largest cross-country exposures for MFIs are to Germany, France, and the United Kingdom.
  • Common Assets: Banks in large economies are heavily exposed to domestic long-term debt, while countries with significant OFI sectors are more exposed to domestic investment fund shares.

2. Euro Area Banking System

• Market Structure:

  • The euro area banking sector has continued to consolidate, reducing the number of credit institutions from 6,767 in 2008 to 5,475 in 2015.
  • Market concentration increased over the past decade, reaching a historical maximum in 2014, but declined slightly in 2015.

• Balance Sheet and Performance:

  • Total consolidated assets of the euro area banking sector stood at €27.7 trillion at the end of 2015, a 17% decline from 2008.
  • Lending growth was moderate in 2015, with significant variation across countries.
  • Funding Sources:
    • The share of customer deposits increased to 45% (from 42% in 2014).
    • Wholesale funding dropped to 23% (from 38% in 2009).
    • Central bank funding use has generally declined.
  • Capital and Leverage:
    • Median Tier 1 ratio increased to 15.6% in 2015.
    • Median CET1 ratio increased to 14.6% in 2015.
    • Leverage ratios decreased, indicating improved solvency.

• Challenges:

  • Despite improvements, non-performing loans (NPLs) remain high in several countries, especially after the 2008 crisis.
  • Banks face profitability challenges due to the low interest rate environment.
  • Cost-to-income ratios have declined, with large banks focusing on staff cost reductions.

3. Insurance Corporations and Pension Funds

• Growth and Concentration:

  • The insurance and pension fund sector has grown in size, with ICPFs being the largest part of the non-bank financial sector.
  • The sector remains highly concentrated in a few countries, especially Luxembourg, Malta, Ireland, Cyprus, and the Netherlands.

• Asset and Liability Structure:

  • Insurance Sector:
    • Accounts for between 1% and 19% of total financial assets.
    • Particularly developed in France, Germany, Belgium, and Italy.
  • Pension Funds:
    • Represent the smallest part of the financial sector.
    • More developed in the Netherlands.

• Profitability and Regulation:

  • The insurance sector has been constrained by low yields and weak macroeconomic conditions.
  • Solvency positions are well above Solvency I requirements, and Solvency II came into effect after 2015.

4. Other Non-Bank Financial Entities

• Sector Composition:

  • Includes non-MMFs, MMFs, and FVCs.
  • The broad measure of the non-bank financial sector includes all financial intermediaries except banks and ICPFs.
  • The narrow measure focuses on investment funds, MMFs, and FVCs.

• Growth and Trends:

  • The investment fund sector has more than doubled in size since 2008.
  • MMFs and FVCs have seen slower growth, with FVCs declining by over 20% since 2009 due to weak securitisation activity.

• Interconnectedness:

  • Investment Fund Shares: ICPFs and OFIs are the largest holders, while MFIs hold a smaller share.
  • Listed Shares: OFIs are the largest holders, with MFIs and ICPFs holding smaller amounts.
  • Cross-Country Exposures:
    • MFIs in the four largest euro area economies (Germany, France, Italy, Spain) have significant exposures to other MFIs and OFIs.
    • In contrast, MFIs in Ireland, Austria, Luxembourg, and Malta have more exposure to non-euro area countries.

Key Information

• The non-bank financial sector (ICPFs and OFIs) has grown significantly, often performing functions similar to banks.
• Interconnectedness across financial sectors and countries is a key factor in assessing financial stability risks.
• MFIs have been the main source of financing for non-financial corporations (NFCs), particularly through loans.
• ICPFs and OFIs have also played an important role in financing NFCs, especially through debt securities and investment fund shares.
• Deleveraging trends are evident in the MFI sector, while the non-bank financial sector has seen asset growth.
• Geographical Concentration is a notable feature, with some countries (e.g., Luxembourg, the Netherlands) having a higher share of non-bank financial assets relative to GDP.
• M&A activity in the euro area banking sector has declined in recent years, with a focus on consolidation and risk diversification.
• Statistical Challenges exist in measuring the non-bank financial sector, particularly due to data availability and confidentiality issues.

Conclusion

The report underscores the structural transformation of the euro area financial sector since the financial crisis, with MFIs still playing a dominant role in financing NFCs, while non-bank financial entities have grown in importance. It highlights the interconnectedness between different parts of the financial system and across countries, emphasizing the need for a holistic approach to financial stability. Despite improvements in capital and solvency, persistent NPLs, low yields, and challenges in profitability remain key concerns for the sector.