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This chapter looks at the trends of various characteristics of the Money Market Funds (MMF) sector (S.123). The MMF sector (S.123) consists of all financial corporations and quasi-corporations, except those classified in the Central Bank sector and in the Deposit Taking Corporations sector, which are principally engaged in financial intermediation. Their business is to issue investment fund shares or units as close substitutes for deposits from institutional units, and, for their own account, to make investments primarily in money market fund shares/units, short-term debt securities, and deposits.
| (AF.2) Currency and Deposits | (AF.3) Debt Securities | (AF.5) Equity and Investment Fund Shares/Units | (AF.8) Other Accounts Receivable | Total | |
| 2012 | 62.268596 | 235.421327 | 0.844584 | 0.180183 | 298.71469 |
| 2013 | 51.385267 | 221.52752 | 0.970182 | 0.543416 | 274.426385 |
| 2014 | 91.93026 | 301.057384 | 0.743152 | 0.349616 | 394.080412 |
| 2015 | 95.702655 | 370.914526 | 0.960795 | 5.273307 | 472.851283 |
| 2016 | 107.223126 | 372.772631 | 1.28656 | 3.727532 | 485.009849 |
Get the data: StatBank
| (AF.4) Loans | (AF.5) Equity and Investment Fund Shares/Units | (AF.7) Financial Derivatives and Employee Stock Options | (AF.8) Other Accounts Receivable | Total | |
| 2012 | 0.511222 | 308.272986 | 0.000087 | 2.785698 | 311.569993 |
| 2013 | 0.156834 | 281.644607 | 2.217649 | 0 | 284.01909 |
| 2014 | 0.096494 | 387.011721 | 6.989995 | 0 | 394.09821 |
| 2015 | 0.002223 | 467.439527 | 6.212368 | 0 | 473.652733 |
| 2016 | 0.005337 | 478.201071 | 6.964888 | 0 | 485.171296 |
Get the data: StatBank
The total assets of this sector largely consist of Currency and Deposits (AF.2) and Debt Securities (AF.3). There is a marked increase seen between 2013 to 2014, this was due to a reclassification of funds from open bond to money market resulting in an increase in total assets. In September 2015, there was another reclassification of funds from open bond to money market funds resulting in an increase in total assets.
Equity (AF.5) comprises most of the liabilities of MMFs.
| 2016 | |
| Bond Income | 80.4 |
| Deposit Interest Income | 15.8 |
| Other Income | 3.8 |
| 2016 | |
| Bond Income | 69.2 |
| Deposit Interest Income | 29.3 |
| Other Income | 1.5 |
| Please note: The data displayed in Figure 4.3, Figure 4.4 and Table 4.1 was revised in February 2020 due to errors detected in the originally published data. |
Figure 4.3 shows a breakdown of income of MMFs for the year 2016. Bond income, at €1.5bn, comprises 80% of the total income of €1.9bn. Deposit interest income, at €0.3bn, represents 16% of the total income.
Figure 4.4 shows a breakdown of expenditure of MMFs for the year 2016. Dividends payable, at €1.2bn, are the main expenditure item amounting to 69% of the total expenditure of €1.7bn. Fees, at 29%, account for most of the remaining expenses. These include management, administration, investment advice and custodian fees.
| Irish Residents | Other Euro Area Residents | Rest of the World | |
| 2014 | 1.76490342573474 | 30.7737578677519 | 67.4613387065133 |
| 2015 | 2.14373918154513 | 27.7297556714317 | 70.1265051470231 |
| 2016 | 1.2755923255215 | 28.5472465447678 | 70.1771611297107 |
Get the data: Central Bank of Ireland
Figure 4.5 shows the relative share of Debt Securities issued by residency of issuer. There are three categories: Irish, EU but not Irish and Rest of the world. Rest of the world represents the largest category, comprising an approximate 70% share in all three years. In value terms, securities issued by the rest of the world increased from €203bn in 2014 to €262bn in 2016. In comparison to this, in 2016 Irish residents issued €5bn securities which accounts for 1% of the total. In 2016 other Euro area residents comprise 29% of the securities with the value of Debt Securities issued accruing to €106bn.
| Irish Residents | Other Euro Area Residents | Rest of the World | |
| 2014 | 3.82831855206425 | 14.8604067798362 | 81.3112746680996 |
| 2015 | 4.96214479322436 | 10.6356123472795 | 84.4022428594961 |
| 2016 | 6.6080999412381 | 12.2113922806519 | 81.18050777811 |
Get the data: Central Bank of Ireland
Figure 4.6 shows the proportions of the MMF shares/units by residence. In comparison to Figure 4.5 the distribution is quite different. In 2016, the shares issued to the rest of the world comprise the largest component at €388bn which accounts for 81% of the total shares issued. In 2016, shares issued to other euro area residents amount to 12% while the shares issued to Irish residents are 7% of all MMF shares/units. This pattern is similar to that seen in previous years.
Get the data: Central Bank of Ireland
Figure 4.7 shows a breakdown of 2016 Debt Securities by sector of the issuer. Of the total Debt Securities, amounting to €373bn, those issued by banks comprise the largest share. They amount to €244bn of assets which make up 65% of the total. The next largest shares are those of Government and Other Financial Corporations. Debt Securities assets issued by the Government amount to 19% and Other Financial Corporations comprise 15% of all Debt Securities assets.
| Debt securities assets by sector of issuer 2016 | |
| Government | 19 |
| Banks | 65 |
| Other Finanical Institutions | 15 |
| Non-financial Corporations | 1 |
Get the data: Central Bank of Ireland
Figure 4.8 looks at the issuers of MMF shares/units by sector in 2016. This breakdown is however only available for MMF shares issued to Irish residents and Other EU residents. They together comprise a total of €90bn of the total MMF shares issued. In 2016, banks contribute 7% to the MMF shares/units issued. Other Financial Institutions issue the largest share of 72%. Non-financial Institutions issued €19bn which accounts for 21% of the total share. Contribution of Households is less than 1%.
| MMF shares untis by sector of issuer 2016 | |
| Banks | 7 |
| Other Financial Institutions | 72 |
| Non-financial Institutions | 21 |
| Households | 0 |
Get the data: Central Bank of Ireland
Figures 4.9 and 4.10 look at the maturity of Debt Security assets in 2016. Figure 4.9 shows that 90% of the MMF securities issued are short-term. Figure 4.10 provides more detail. The majority (37%) of Debt Securities assets have a maturity of over one month and less than three months. Total assets with a maturity of less than one month amount to 34% of the total.
| Assets by maturity 2016 | |
| Short-term | 90 |
| Long-term | 10 |
| Short-term assets by maturity 2016 | |
| Less than 1 month | 34 |
| Over 1 month and less than 3 months | 37 |
| Over 3 months and less than 6 months | 22 |
| Over 6 months and up to 1 year | 7 |
| EUR | GBP | USD | |
| 2013 | 13.6099763491722 | 54.3633772944765 | 32.0266463563513 |
| 2014 | 15.5327224629069 | 49.1679126889801 | 35.2993648481131 |
| 2015 | 11.6767749451754 | 48.0130379660088 | 40.3101870888158 |
| 2016 | 14.2957601429722 | 41.469209596112 | 44.2350302609159 |
Get the data: Central Bank of Ireland
Figure 4.11 shows the currency breakdown of MMF assets for the period 2013 to 2016. The largest share in the years 2013, 2014 and 2015 is that of the British Pound (GBP). However, the share of the GBP shows a decreasing trend, falling from 54% to 42% between 2013 and 2016. On the other hand, the share of assets in US dollars (USD) increased from 32% to 44% overtaking the assets in GBP and accounting for the largest share in 2016. The assets in Euro have remained relatively stable comprising approximately 15% of all MMFs assets in 2016.
Go to next chapter >> Investment Funds S.124
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