Fig. 13

Bank security holdings - breakdown by counterparty sector; 2013Q4-2017Q2. Time series of the breakdown of debt securities (including short-term and long-term private and public securities) held by the euro area Monetary Financial Instutions excluding the Eurosystem by issuing counterparty sector, i.e., Monetary Financial Institutions excluding the Eurosystem (MFI excl. ECB&NCB, in black), Other Financial Institutions (OFI, in pink), Insurance Corporations and Pension Funds (IC&PF, in green), Non-Financial Corporations (NFC, in yellow), and General Governments (GG, in blue), over the reference period 2013Q4-2017Q2. 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 bank exposures in terms of debt securities to the different institutional sectors of the euro area, since the initiation of QE. Data source: (European Central Bank 2017b)