2014年-ECB欧洲央行_Banking_structures_report_October_2014_63页_1mb

Banking Structures Report - October 2014

Executive Summary

This report provides an overview of the main structural developments in the euro area banking sector from 2008 to 2013, with a special focus on changes since the previous report in November 2013. It examines the market structure, balance sheet composition, financial performance, and capital positions of euro area banks, as well as the role of structural and cyclical factors in the financial sector.

The period covered includes the onset of the financial crisis and the implementation of financial assistance programs in several euro area countries. The report highlights that the consolidation of the banking sector continued, resulting in a significant reduction in the number of credit institutions and an increase in market concentration. Despite these changes, the overall efficiency of the system improved.

I. The Market Structure of the Euro Area Banking System

Banking Sector Capacity

• The number of credit institutions in the euro area decreased from 6,690 in 2008 to 5,948 in 2013, with a net reduction of 742 institutions over the 2008–2013 period.
• On a consolidated basis, the number of credit institutions dropped from 2,920 in 2008 to 2,609 in 2013.
• The largest declines occurred in Greece, Cyprus, Spain, and Ireland, driven by restructuring and consolidation efforts.
• Germany and France remained the largest banking sectors in the euro area, with total assets of €6.7 trillion and €6.3 trillion respectively.
• The share of foreign branches in the total number of credit institutions increased slightly from 10.4% to 11.7% between 2008 and 2013.

Consolidation and M&A Activity

• M&A activity in the euro area declined significantly from 2008 to 2013, with only one domestic, one cross-border, and one outward transaction exceeding €1 billion.
• The decline was attributed to conservative expansion strategies, economic uncertainty, and the focus on capital strengthening and risk management.
• Domestic M&A activity remained relatively stable, reflecting ongoing consolidation and restructuring in countries like Italy and Germany.
• Cross-border and outward transactions were most affected by the decline, with a continued reduction in both the number and value of transactions.

Concentration and Competition

• Market concentration, as measured by the share of total assets held by the five largest credit institutions, increased from 2010 onwards, both at the euro area and EU levels.
• The Herfindahl index also showed a rise, reflecting the continued consolidation of the banking sector.
• In 2013, concentration indices peaked, indicating that the banking sector remained highly concentrated compared to pre-crisis levels.
• Crisis-affected countries like Cyprus, Greece, and Spain saw the most pronounced increases in concentration due to the resolution of non-viable institutions.
• Larger countries such as Germany and Italy tend to have more fragmented banking systems, while smaller countries like Luxembourg and Austria show higher concentration, partly due to foreign presence.

2. Structural Developments in Banking Activity

Balance Sheet Structure

• Total assets of the euro area banking sector declined to €26.8 trillion at the end of 2013, a drop of 19.9% from 2008 and 9.4% from 2012.
• The decline was mainly driven by ongoing balance sheet repair and deleveraging, particularly in large banks.
• Derivative positions accounted for about half of the total balance sheet shrinkage, with reductions in France and Germany playing a significant role.
• Total loans decreased by around a quarter, contributing to the overall decline in assets.
• The share of loans in total bank assets increased in most countries, as the decline in assets outpaced the reduction in loan volumes.
• Cross-country differences in balance sheet structure decreased in 2013.

Financial Performance and Cost Structure

• The financial performance of the euro area banking sector remained subdued, with low profitability due to the low interest rate environment, asset quality deterioration, and restructuring costs.
• Operating income increased marginally in 2013, and no operating losses were recorded in any country.
• The median Tier 1 capital ratio improved to 13% from 12.4% in 2012, reflecting both capital increases and reductions in risk-weighted assets.

Capital and Leverage

• Capital positions continued to improve in 2013, driven by capital injections and asset deleveraging.
• The median Tier 1 ratio increased to 13%, indicating stronger capital buffers.
• Leverage ratios also declined, reflecting the ongoing deleveraging process.

Special Features

Structural Features of the Wider Euro Area Financial Sector

• The report discusses the role of non-bank financial institutions such as shadow banks, insurance corporations, and pension funds.
• These institutions have grown substantially over the past decade and often perform functions similar to banks.
• The analysis serves as a foundation for future reports on non-bank financial market segments.

The Relationship Between Structural and Cyclical Features of the EU Financial Sector

• Structural and cyclical features of the EU financial sector are interrelated.
• The activation of policy measures such as the systemic risk buffer (SRB) should consider the cyclical position of the banking system.
• Structural characteristics of the banking sector must also be taken into account when implementing counter-cyclical measures.

Statistical Annexes

• The report uses ECB data and national statistics to provide a comprehensive overview of the banking sector.
• Data sources include the ECB's Monetary Financial Institution (MFI) statistics, Structural Financial Indicators, and other relevant reports.
• Key indicators such as population per branch, population per employee, and assets per employee are analyzed to assess the efficiency and structure of the banking system.