The annual growth rate of outstanding debt securities issued by euro area residents decreased from 7.1% in September 2004 to 6.7% in October. For quoted shares issued by euro area residents, the annual growth rate was 1.0% in October 2004, compared with 0.9% in September.

Issuance of debt securities by euro area residents totalled EUR 691.2 billion in October 2004 (see Table 1 and Chart 1). As redemptions came to EUR 657.0 billion, net issues amounted to EUR 34.3 billion. The annual growth rate of debt securities issued by euro area residents (excluding valuation changes) decreased from 7.1% in September 2004 to 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 decreased from 3.7% in September 2004 to 3.1% in October (see Table 2 and Chart 3).¹ For the monetary financial institutions sector, this growth rate decreased from 9.1% in September 2004 to 8.9% in October. The annual growth rate of debt securities issued by non-monetary financial corporations decreased from 10.9% in September 2004 to 10.6% in October. For the general government, this growth rate decreased from 5.4% in September 2004 to 4.8% in October.

As regards the maturity breakdown, the annual growth rate of long-term debt securities decreased from 7.4% in September 2004 to 7.0% in October. For short-term debt securities, this growth rate decreased from 4.1% in September 2004 to 3.3% in October (see Table 1 and Chart 2).

Concerning the currency breakdown, the annual growth rate of euro-denominated debt securities decreased from 6.7% in September 2004 to 6.3% in October. For debt securities in other currencies, this growth rate was 10.9% in October 2004, the same as in September (see Table 1).

Issuance of quoted shares by euro area residents totalled EUR 3.4 billion in October (see Table 3). As redemptions came to EUR 0.3 billion, net issues amounted to EUR 3.1 billion. The annual growth rate of quoted shares issued by euro area residents (excluding valuation changes) was 1.0% in October 2004, compared with 0.9% in September (see Table 3 and Chart 4). The annual growth rate of quoted shares issued by non-financial corporations was 0.8% in October 2004, compared with 0.7% in September. For monetary financial institutions, it was 1.2% in October 2004, compared with 1.3% in September. For non-monetary financial corporations, this growth rate was 2.0% in October 2004, the same as in September.

The amount outstanding of quoted shares issued by euro area residents totalled EUR 3,840 billion at the end of October 2004. Compared with EUR 3,761 billion at the end of October 2003, this implies an annual increase of 10.2% in the value of the stock of quoted shares in October 2004, down from 14.8% in September (see Table 3).

In addition to the developments for October 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.

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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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