PRESS RELEASE

Publication of the 2004 study on the euro area money market

3 May 2005

The European Central Bank (ECB) is today publishing a report entitled “Euro Money Market Study 2004”.

The report contains the results of an analysis of euro area money market developments in 2004, carried out by experts from the ECB and from the national central banks of the European Union in the context of the regular monitoring activities of the European System of Central Banks (ESCB). The study confirms that the secured segment is the largest euro money market segment. It also highlights the fact that the turnover in the overnight interest rate swap segment contracted markedly in the second quarter of 2004, after a strong increase in the second quarter of 2003.

This analysis follows up on similar studies conducted regularly since 1999. The results of the last study were published on 7 November 2003 in a report entitled “Euro Money Market Study 2002”. A set of charts presenting the data of the 2003 survey were published on 16 January 2004 as an annex to the previous study, as the ESCB carries out the survey on an annual basis but does not publish a full study every year.

The 2004 report is available on the ECB’s website. Hard copies can be obtained from the ECB’s Press and Information Division.

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