Fig. 14

Bank equity holdings - breakdown by counterparty sector; 2013Q4-2017Q2. Time series of the breakdown of equity (including listed, unlisted, and investment fund shares) 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), Non-MMF Investment Funds (Non-MMF IF, in dark blue), Insurance Corporations and Pension Funds (IC&PF, in green), and Non-Financial Corporations (NFC, in yellow), 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 equity to the different institutional sectors of the euro area, since the initiation of QE. Data source: (European Central Bank 2017b)