Fig. 11

Bank financial assets - breakdown by financial instrument; 1999Q1-2017Q2. Time series of the breakdown of the financial assets held by Monetary Financial Institutions excluding the Eurosystem by financial instrument, i.e., short-term and long-term loans and deposits (in red), short-term and long-term private and public debt securities (in blue), and listed, unlisted, and investment fund shares and other equity (in yellow), over the reference period 1999Q1-2017Q2. The aforementioned time series are normalized by Monetary Financial Institutions excluding the Eurosystem total financial assets. The vertical dashed line corresponds to the beginning of the first purchase programme (3rd Covered Bond Purchase Programme, CBPP3) included in the APP, started in 2014Q4, while the percentages on the right-hand side of the graph correspond to our estimate of the growth rates of the bank holdings of the three categories of financial instruments, since the initiation of QE. Data source: (European Central Bank 2017b)