EUROPE – The European Central Bank says residents in the euro area held a total of 3.04 trillion euros in investment funds at the end of the second quarter of 2002, a decline from the prior year period’s 3.29 trillion euros.

Equity funds stood at 728.8 billion euros, down from 945.4 billion euros a year earlier. Bond funds rose slightly to 1.04 trillion euros from 1.02 trillion euros. Mixed funds fell to 762.5 billion euros from 856.5 billion euros.

Real estate funds rose to 139.2 billion euros from 123.6 billion euros. Other funds gained slightly, rising to 370.8 billion euros from 343.6 billion euros.

The ECB said that equity funds’ market share declined to 24% from 29%. That fall was mirrored by a rise in bond funds’ share, which rose to 34% from 31%.

It said the data “cover all types of investment fund resident in the euro area belonging to the sub-sector ‘other financial intermediaries, except insurance corporations and pension funds’ of the European System of Accounts.

It warned that the figures have been compiled on the basis of data available at the national level, which are “not yet fully harmonised across the euro area”.


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