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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.7 + AF.8) Financial Derivatives and 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 |
| 2017 | 130.29372 | 362.463072 | 1.605198 | 6.581856 | 500.943846 |
| 2018 | 142.948992 | 351.933686 | 1.046031 | 2.952709 | 498.881418 |
Get the data: StatBank (IFI03)
The assets of this sector largely consist of currency and deposits (AF.2) and debt securities (AF.3). There was a marked increase in the size of the balance sheet of MMFs seen between 2013 and 2015. This was due to the reclassification of funds from open bond to money market. There has been little change in the value of total assets since 2015.
| (AF.2) Currency and Deposits | (AF.5) Equity and Investment Fund Shares/Units | (AF.7 + AF.8) Financial Derivatives and Other Accounts Receivable | Total | |
| 2012 | 0.511222 | 308.272986 | 2.785785 | 311.569993 |
| 2013 | 0.156834 | 281.644607 | 2.217649 | 284.01909 |
| 2014 | 0.096494 | 387.011721 | 6.989995 | 394.09821 |
| 2015 | 0.000539 | 467.439527 | 6.212368 | 473.652733 |
| 2016 | 0.005337 | 478.201071 | 6.964888 | 485.171296 |
| 2017 | 0.008726 | 486.974921 | 13.599357 | 500.583004 |
| 2018 | 0.005637 | 475.158037 | 11.275877 | 486.439551 |
Get the data: StatBank (IFI03)
Liabilities of MMFs are almost entirely investment fund shares/units (AF.5), €475.2bn of the €486.4bn total in 2018.
Source Publication: International Accounts
| 2018 | |
| Bond income | 68 |
| Deposit interest income | 27.3 |
| Other Income | 4.7 |
| 2018 | |
| Dividends payable | 85.5 |
| Fees | 13.6 |
| Other Expenses | 0.900000000000006 |
Figure 4.3 shows a breakdown of income of MMFs for the year 2018. Bond income, at €3.5bn, comprises 68% of the total income of €5.1bn. Deposit interest income, at €1.4bn, represents 27% of the total income.
Figure 4.4 shows a breakdown of expenditure of MMFs for the year 2018. Dividends payable, at €3.6bn, are the main expenditure item amounting to 85.5% of the total expenditure of €4.2bn. Fees, at 13.6%, 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 | 1.8 | 30.8 | 67.5 |
| 2015 | 2.1 | 27.7 | 70.1 |
| 2016 | 1.3 | 28.5 | 70.2 |
| 2017 | 1.2 | 31.7 | 67.1 |
| 2018 | 1.2 | 29.5 | 69.3 |
Get the data: Central Bank of Ireland - Money Market Funds
Issuers of debt securities are broken down into three categories: Irish, Euro area but not Irish and rest of the world. Rest of the world represents the largest category, comprising an approximate 70% share. In 2018, the value of securities issued by the rest of the world was €243.8bn, while securities issued by Irish residents amounted to €4.1bn, approximately 1% of the total. In 2018 other Euro area residents comprise 30% of the securities with a value of €103.8bn.
| Irish Residents | Other Euro Area Residents | Rest of the World | |
| 2014 | 3.82831855206425 | 14.8604067798362 | 81.3112746680996 |
| 2015 | 4.96213417764847 | 10.6355895943864 | 84.4020622967654 |
| 2016 | 6.6080999412381 | 12.2113922806519 | 81.18050777811 |
| 2017 | 6.77283228091791 | 12.0897376662046 | 81.1374300528775 |
| 2018 | 5.78321351575116 | 14.1733816429081 | 80.0434048413408 |
Get the data: Central Bank of Ireland- Money Market Funds
In 2018, MMF units issued to the rest of the world, comprised the largest component of MMF liabilities at €390.6bn which accounts for 80% of the total shares issued. In 2018, units issued to other Euro area residents amount to 14% while the units issued to Irish residents are 6% of all MMF units. This pattern is similar to that seen in previous years.
Get the data: Central Bank of Ireland - Money Market Funds
Figure 4.7 shows a breakdown of 2018 debt securities assets by sector of issuer. Of the total debt securities, amounting to €352bn, those issued by banks comprise the largest share. They amount to €228bn in assets which represent 65% of the total. The next largest share is that of other financial institutions, with €70bn accounting for 20%. Government, with €54bn, makes up 15% of the total.
| 2018 | |
| Government | 15.3604685878389 |
| Other Financial Institutions | 19.8490169038513 |
| Banks | 64.7902301710289 |
Get the data: Central Bank of Ireland - Money Market Funds
Figure 4.8 shows a breakdown of the holder of MMF units. This breakdown is only available for MMF units issued to Irish and Euro area residents. Together they comprise a total of €97bn, which only accounts for 20% of the total MMF units issued in 2018. Of the €97bn, other financial institutions held the largest share (71.5%) amounting to €69.7bn. Non-financial institutions held 23.9% of MMF units in 2018, with almost all of the remaining units held by Banks (4.2%).
| 2018 | |
| Banks | 4.24826198128998 |
| Other Financial Institutions | 71.5324344584673 |
| Non-Financial Institutions | 23.8609174274242 |
| Households | 0.35735923845514 |
Get the Data: Central Bank - Money Market Funds, Central Bank - Money Market Funds - Previous Statistical Releases
In 2018, 94.6% of the MMF debt securities issued were short-term and just 5.4% of debt securities issued were long-term in nature.
| 2018 | |
| Short-term | 94.5594904675927 |
| Long-term | 5.44050953240734 |
| EUR | GBP | USD | |
| 2009 | 22.7956862975359 | 35.9931888908461 | 41.211124811618 |
| 2010 | 22.1741608541568 | 36.130392090472 | 41.6954470553712 |
| 2011 | 20.3087969507092 | 45.5494841663326 | 34.1417188829581 |
| 2012 | 16.0335591644813 | 49.7708328385856 | 34.1956079969331 |
| 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 |
| 2017 | 15.4357630895972 | 44.0982223978683 | 40.4660145125345 |
| 2018 | 15.3633947337134 | 39.1702989011609 | 45.4663063651257 |
Get the data: Central Bank of Ireland - Money Market Funds
The largest share of assets was held in US Dollar (USD) in the years 2009, 2010, 2016 and 2018, while the largest share was held in British Pound (GBP) every other year. The assets in Euro (EUR) have remained relatively stable since 2012 comprising approximately 15% of all MMFs assets in 2018.
Next Chapter >> Investment Funds
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