PRESS RELEASE

List of Monetary financial institutions in the European Union

18 September 1997

According to the Implementation Package published by the European Monetary Institute (EMI) in July 1996, a provisional List of Monetary Financial Institutions (MFIs) is to be compiled in 1997 and must be fully operational in early 1998.

The List of MFIs will facilitate the production of a comprehensive and consistent balance sheet of the money-creating sector in the single currency area and will serve other important applications like ESA95 . It is primarily for the use of reporting institutions and compilers of statistics.

For this purpose, a provisional database has been developed by the EMI. At present the provisional List of MFIs includes approximately 10,000 financial institutions, as at the end of 1996.

It should be emphasised that the provisional List of MFIs provides as homogeneous a population as possible for the whole European Union for statistical purposes in accordance with the MFI definition . Following this definition, central banks have provided information on Credit Institutions as defined in Community Law. The selection of other MFIs, such as Money Market Funds (MMFs), is in the process of being carried out.

The final List of MFIs will be published by March 1998 at the latest. Following the release of the final List of MFIs, procedures for monitoring and continuous checking will be put in place to ensure that the List remains up-to-date, accurate, as homogeneous as possible and sufficiently stable for statistical purposes.

Copies of the provisional list will be distributed by each of the EU central banks to interested parties in their respective countries. It will also be available from the EMI, at the following address:

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