PRESS RELEASE

Addendum to the provisional list of monetary financial institutions in the european union

29 December 1997

In accordance with the Implementation Package (Statistical requirements for Stage Three of Monetary Union, EMI 1996) published by the European Monetary Institute (EMI) in July 1996, a provisional List of Monetary Financial Institutions (MFIs) was to be compiled in 1997 and should be fully operational by March 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 (European System of Accounts. ESA 1995. Official Journal L310, November 1996). It is primarily intended for use by reporting institutions and compilers of statistics.

On 18th September 1997, a provisional List of MFIs as at the end of 1996 was published by the EMI, consisting mainly of Credit Institutions as defined in Community Law. Work on the selection of Money Market Funds (MMFs) from the wider population of Collective Investment Institutions for inclusion in the List has meanwhile continued. The first results of the classification of MMFs are reflected in the present Addendum to the provisional List of MFIs.

The final List of MFIs will be published by the EMI 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 Addendum to the provisional List of MFIs 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:

Media contacts