Statistics Glossary

Statistics Glossary Statistics Glossary

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M1 
A narrow monetary aggregate that comprises currency in circulation and demand deposits maintained in MFIs and the Central Government (for example, in the Post Office or Treasury).
M2 
An intermediate monetary aggregate that comprises M1 plus deposits redeemable at notice of up to three months (short-term savings deposits) and time deposits with a maturity of up to two years (short-term time deposits) held by monetary financial institutions and central governments.
M3 
A broad monetary aggregate that comprises M2 plus marketable instruments, in particular, repurchase agreements, money market fund shares and units as well as debt securities with a maturity of up to two years issued by the Monetary Financial Institutions.
MFI consolidated balance sheet 
The balance sheet obtained by excluding the positions between MFIs that appear in the aggregated sector balance sheet (such as, for example, loans and deposits between MFIs). It offers statistical information on the assets and liabilities of the MFI sector as opposed to euro area residents that do not belong to this sector (that is, general governments and other residents) and non-residents. The consolidated balance sheet is the main source of statistical information for the calculation of monetary aggregates and is the basis for the regular analysis of the counterparties of M3.
MFI longer-term financial liabilities 
Deposits with an agreed maturity of over two years, deposits redeemable at a period of notice of over three months, debt securities issued by euro area MFIs with an original maturity of more than two years and the capital and reserves of the euro area MFI sector.
MFI net external assets 
The external assets of the euro area MFI sector (such as gold, coins and banknotes in foreign currency, securities issued by non-residents in the euro area and loans granted to non-residents in the area) minus the external liabilities of the euro area MFI sector (such as non-euro area residents' holdings of deposits, repurchase agreements, money market funds and securities other than shares issued by MFIs with a maturity of up to and including two years).
MIBOR  
The Spanish interbank interest rate that was the most commonly used reference rate for mortgage loans until the creation of the Euribor in 2000.
Monetary Financial Institutions (MFIs) 
A term established by the Eurosystem for the group of financial institutions resident in the euro area, considered to be issuers of money. The term MFI includes the Eurosystem (ECB and national central banks), euro area resident credit institutions and all other resident financial institutions (predominantly, specialised credit institutions and money market funds), whose business is to receive deposits or close substitutes and, for their own account, to grant credit or to invest in securities.
Monetary Financial Institutions interest rate 

The interest rate applied by credit institutions and other resident Monetary Financial Institutions, excluding central banks and money market funds, to deposits and loans denominated in euro provided to households and non-financial corporations that are resident in the euro area.