From this month onwards, this press release will include a breakdown of long-term debt securities into fixed interest rate and variable interest rate issues. According to this breakdown, at the end of November 2004, 22.0% of the stock outstanding of long-term debt securities was issued at variable interest rates.

The annual growth rate of outstanding debt securities issued by euro area residents was 6.8% in November 2004, compared with 6.7% in October. For quoted shares issued by euro area residents, the annual growth rate increased from 1.0% in October 2004 to 1.2% in November.

Issuance of debt securities by euro area residents totalled EUR 671.1 billion in November 2004 (see Table 1 and Chart 1). As redemptions came to EUR 614.6 billion, net issues amounted to EUR 56.4 billion. The annual growth rate of debt securities issued by euro area residents (excluding valuation changes) was 6.8% in November 2004, compared with 6.7% in October (see Table 1 and Chart 2).

As regards the sectoral breakdown, the annual growth rate of debt securities issued by non-financial corporations was 3.3% in November 2004, the same as in October (see Table 2 and Chart 3)¹. For the monetary financial institutions sector, this growth rate decreased from 8.9% in October 2004 to 8.6% in November. The annual growth rate of debt securities issued by non-monetary financial corporations increased from 10.6% in October 2004 to 12.1% in November. For the general government, this growth rate was 5.0% in November 2004, compared with 4.9% in October.

As regards the maturity breakdown, the annual growth rate of short-term debt securities decreased from 3.3% in October 2004 to 3.1% in November (see Table 1 and Chart 2). For long-term debt securities, the annual growth rate was 7.2% in November 2004, compared with 7.1% in October. The annual growth rate for fixed rate long-term debt securities decreased from 4.2% in October 2004 to 4.0% in November. The annual growth rate for variable rate long-term debt securities increased from 17.9% in October 2004 to 18.9% in November.

Concerning the currency breakdown, the annual growth rate of euro-denominated debt securities was 6.4% in November 2004, compared with 6.3% in October. For debt securities in other currencies, this growth rate increased from 10.8% in October 2004 to 11.2% in November (see Table 1).

Issuance of quoted shares by euro area residents totalled EUR 15.2 billion in November (see Table 3). As redemptions came to EUR 3.3 billion, net issues amounted to EUR 11.8 billion. The annual growth rate of quoted shares issued by euro area residents (excluding valuation changes) increased from 1.0% in October 2004 to 1.2% in November (see Table 3 and Chart 4). The annual growth rate of quoted shares issued by non-financial corporations was 0.9% in November 2004, compared with 0.8% in October. For monetary financial institutions, it increased from 1.2% in October 2004 to 2.8% in November. For non-monetary financial corporations, this growth rate decreased from 2.0% in October 2004 to 0.8% in November.

The amount outstanding of quoted shares issued by euro area residents totalled EUR 3,957 billion at the end of November 2004. Compared with EUR 3,547 billion at the end of November 2003, this implies an annual increase of 11.6% in the value of the stock of quoted shares in November 2004, up from 10.2% in October (see Table 3).

In addition to the developments for November 2004, this press release incorporates minor revisions to the data for previous periods. Securities issues statistics and explanations can be accessed via the "Money, banking and financial markets" page of the "Statistics" section of the ECB's website (http://www.ecb.int). The data can be downloaded in the form of charts (pdf files) or as csv files and are updated monthly.

¹ The sector classification is based on the ESA 95 (sector codes in brackets): monetary financial institutions, which include central banks (S.121) and other monetary financial institutions (S.122); non-monetary financial corporations, which comprise other financial intermediaries (S.123), financial auxiliaries (S.124) and insurance corporations and pension funds (S.125); non-financial corporations (S.11); general government, which refers to the central government (S.1311) and other general government, the latter comprising state government (S.1312), local government (S.1313) and social security funds (S.1314).

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