1. Healthcare

Money & Credit:
Private Sector Lending
by Eurozone MFIs
Yardeni Research, Inc.
January 29, 2015
Dr. Edward Yardeni
516-972-7683
[email protected]
Debbie Johnson
480-664-1333
[email protected]
Mali Quintana
480-664-1333
[email protected]
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Table Of Contents
Table Of Contents
Eurozone Private Lending
January 29, 2015 / Money & Credit: Private Sector Lending by Eurozone MFIs
1-8
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Eurozone Private Lending
Figure 1.
16
16
EUROZONE: PRIVATE SECTOR* LOANS OUTSTANDING AT MFIs**
(trillion euros, sa)
Total Private Sector (10.5)
14
14
Households & NPISHs (5.2)
Nonfinancial Corporations (4.3)
12
12
Others*** (1.0)
Dec
10
10
8
8
6
6
4
4
2
2
yardeni.com
0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
0
2015
* Private Sector includes Households, Non-Profit Institutions Serving Households (NPISHs), Nonfinancial corporations, Other financial intermediaries,
and insurance corporations and pension funds.
** Monetary Financial Institutions (MFIs) exclude Euro System of Central Banks (ESCB) and Money Market Funds (MMFs).
*** Others include other financial intermediaries, insurance corporations, and pension funds.
Source: Haver Analytics and ECB.
Figure 2.
1500
1500
EUROZONE: PRIVATE SECTOR* LENDING BY MFIs**
(annualized 3-month change in outstanding loans, billion euros, sa)
1200
1200
900
900
Total Lending (233.6)
600
600
300
Dec
0
300
0
-300
-300
-600
-600
yardeni.com
-900
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-900
2015
* Private Sector includes Households, Non-Profit Institutions Serving Households (NPISHs), and Non-financial Corporations.
** Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs).
Source: Haver Analytics and ECB.
Page 1 / January 29, 2015 / Money & Credit: Private Sector Lending by Eurozone MFIs
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Eurozone Private Lending
Figure 3.
600
600
EUROZONE: LENDING TO HOUSEHOLDS* BY MFIs**
(annualized 3-month change in outstanding loans, billion euros, sa)
Lending to Households (-2.8)
400
400
200
200
Dec
0
-200
yardeni.com
2004
0
-200
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
* Households include Non-Profit Institutions Serving Households (NPISHs). Lending to Households include consumer credit, mortgages and other types
of credit.
** Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs).
Source: Haver Analytics and ECB.
Figure 4.
900
800
900
EUROZONE: LENDING TO NONFINANCIAL CORPORATIONS BY MFIs*
(annualized 3-month change in outstanding loans, billion euros, sa)
800
700
700
600
600
500
500
Lending to
Nonfinancial Corporations (-13.2)
400
400
300
300
200
200
100
100
0
Dec
0
-100
-100
-200
-200
-300
-300
-400
-400
yardeni.com
-500
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-500
2015
* Monetary Financial Institutions (MFIs) exclude Euro System of Central Banks (ESCB) and Money Market Funds (MMFs).
Source: Haver Analytics and ECB.
Page 2 / January 29, 2015 / Money & Credit: Private Sector Lending by Eurozone MFIs
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Eurozone Private Lending
Figure 5.
450
450
EUROZONE: LENDING TO OTHERS* BY MFIs**
(annualized 3-month change in outstanding loans, billion euros, sa)
300
300
Dec
150
150
0
0
-150
-150
Lending to Others
(mostly financials) (249.6)
-300
-300
yardeni.com
-450
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-450
2015
* Others include other financial intermediaries, insurance corporations and pension funds.
** Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs).
Source: Haver Analytics and ECB.
Figure 6.
120
120
EUROZONE: CONSUMER CREDIT LENDING BY MFIs*
(annualized 3-month change in outstanding loans, billion euros, sa)
100
100
80
80
60
60
Lending to Consumers (-19.6)
40
40
20
20
0
0
Dec
-20
-40
-20
-40
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-60
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-60
2015
* Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs).
Source: Haver Analytics.
Page 3 / January 29, 2015 / Money & Credit: Private Sector Lending by Eurozone MFIs
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Eurozone Private Lending
Figure 7.
500
450
500
EUROZONE: HOUSEHOLD MORTGAGE LENDING BY MFIs*
(annualized 3-month change in outstanding loans, billion euros, sa)
450
400
400
350
350
Mortgage Lending (34.8)
300
300
250
250
200
200
150
150
100
100
50
Dec
0
50
0
-50
-50
-100
-100
-150
-150
yardeni.com
-200
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-200
2015
* Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs).
Source: Haver Analytics.
Figure 8.
150
150
EUROZONE: OTHER HOUSEHOLD LENDING BY MFIs*
(annualized 3-month change in outstanding loans, billion euros, sa)
120
120
90
90
Other Household Lending (-17.2)
60
60
30
30
0
0
Dec
-30
-30
yardeni.com
-60
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-60
2015
* Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs).
Source: Haver Analytics.
Page 4 / January 29, 2015 / Money & Credit: Private Sector Lending by Eurozone MFIs
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Eurozone Private Lending
Figure 9.
2100
1800
2100
EUROZONE: PRIVATE SECTOR* LENDING BY MFIs**
(monthly change in outstanding loans, billion euros, saar)
1800
1500
1500
1200
1200
Total Lending (865.2)
900
Dec
900
600
600
300
300
0
0
-300
-300
-600
-600
-900
-900
yardeni.com
-1200
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-1200
2015
* Private Sector includes Households, Non-Profit Institutions Serving Households (NPISHs), and Non-financial Corporations.
** Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs).
Source: Haver Analytics and ECB.
Figure 10.
1400
1200
1400
EUROZONE: LENDING TO HOUSEHOLDS* BY MFIs**
(monthly change in outstanding loans, billion euros, saar)
1200
Lending to Households (-10.8)
1000
1000
800
800
600
600
400
400
200
200
Dec
0
0
-200
-200
-400
-400
-600
yardeni.com
2004
-600
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
* Households include Non-Profit Institutions Serving Households (NPISHs). Lending to Households include consumer credit, mortgages and other types
of credit.
** Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs).
Source: Haver Analytics and ECB.
Page 5 / January 29, 2015 / Money & Credit: Private Sector Lending by Eurozone MFIs
Yardeni Research, Inc.
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Eurozone Private Lending
Figure 11.
1100
900
1100
EUROZONE: LENDING TO NONFINANCIAL CORPORATIONS BY MFIs*
(monthly change in outstanding loans, billion euros, saar)
900
700
700
Lending to
Nonfinancial Corporations (162.0)
500
500
300
300
Dec
100
100
-100
-100
-300
-300
-500
-500
-700
-700
-900
-900
yardeni.com
-1100
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-1100
2015
* Monetary Financial Institutions (MFIs) exclude Euro System of Central Banks (ESCB) and Money Market Funds (MMFs).
Source: Haver Analytics and ECB.
Figure 12.
1100
950
1100
EUROZONE: LENDING TO OTHERS* BY MFIs**
(monthly change in outstanding loans, billion euros, saar)
950
800
Dec
650
800
650
500
500
350
350
200
200
50
50
-100
-100
-250
-250
-400
-400
-550
-550
Lending to Others
(mostly financials) (714.0)
-700
-700
-850
-850
-1000
-1000
-1150
-1150
yardeni.com
-1300
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-1300
2015
* Others include other financial intermediaries, insurance corporations and pension funds.
** Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs).
Source: Haver Analytics and ECB.
Page 6 / January 29, 2015 / Money & Credit: Private Sector Lending by Eurozone MFIs
Yardeni Research, Inc.
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Eurozone Private Lending
Figure 13.
320
320
EUROZONE: CONSUMER CREDIT LENDING BY MFIs*
(monthly change in outstanding loans, billion euros, saar)
260
260
200
200
Lending to Consumers (-55.2)
140
140
80
80
20
20
-40
Dec
yardeni.com
-100
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-40
-100
2015
* Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs).
Source: Haver Analytics.
Figure 14.
750
650
750
EUROZONE: HOUSEHOLD MORTGAGE LENDING BY MFIs*
(monthly change in outstanding loans, billion euros, saar)
650
550
550
Mortgage Lending (50.4)
450
450
350
350
250
250
150
150
Dec
50
50
-50
-50
-150
-150
-250
-250
-350
-350
-450
-450
yardeni.com
-550
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-550
2015
* Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs).
Source: Haver Analytics.
Page 7 / January 29, 2015 / Money & Credit: Private Sector Lending by Eurozone MFIs
Yardeni Research, Inc.
www.yardeni.com
Eurozone Private Lending
Figure 15.
380
350
380
EUROZONE: OTHER HOUSEHOLD LENDING BY MFIs*
350
(monthly change in outstanding loans, billion euros, saar)
320
320
290
290
260
260
230
230
Other Household Lending (-6.0)
200
200
170
170
140
140
110
110
80
80
50
50
20
20
Dec
-10
-10
-40
-40
-70
-70
-100
-100
yardeni.com
-130
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-130
2015
* Monetary Financial Institutions (MFIs) exclude European System of Central Banks (ESCB) and Money Market Funds (MMFs).
Source: Haver Analytics.
Page 8 / January 29, 2015 / Money & Credit: Private Sector Lending by Eurozone MFIs
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