Data extracted on 28 October 2024.
Planned article update: October 2025.
Highlights
In 2023, 5 EU countries – Germany, France, Luxembourg, the Netherlands and Ireland – collectively accounted for approximately 71% of the financial assets and liabilities of financial corporations in the EU.
The total financial assets and liabilities of financial corporations in the EU increased almost continuously between 1995 and 2023; they decreased slightly in 2013 and more strongly in 2022.
(%, change over previous year)
Source: Eurostat (nasa_10_f_bs)
This article focuses on the annual stock of financial assets and liabilities for financial corporations. Note that there are complementary articles that provide similar information on households and non-financial corporations. A comparison between these sectors (excluding general government) is available in the article on non-financial corporations.
The financial corporations sector consists of institutional units which are independent legal entities and market producers, and whose principal activity is the production of financial services. Such institutional units comprise all corporations and quasi-corporations, which are principally engaged in
- financial intermediation (financial intermediaries) and/or
- auxiliary financial activities (financial auxiliaries).
Also included are institutional units providing financial services where most of either their assets or their liabilities aren't transacted on open markets.
Across the European Union (EU), the financial assets of financial corporations mainly comprise loans, equity and investment fund shares, and debt securities. The financial liabilities of financial corporations mainly comprise equity and investment fund shares, currency and deposits, and insurance reserves, pension entitlements and standardised guarantees.
The data presented in this article relate to a detailed set of consolidated financial balance sheets for the financial corporations sector, as released by Eurostat. Note that statistics detailing the financial accounts may be consolidated or non-consolidated; the latter record not only transactions and positions between sectors (in other words, financial corporations with other actors in the economy) but also transactions and positions within the same sector (in other words, between financial corporations).
This article provides an analysis of financial assets and liabilities in the EU and the euro area (EA), as well as for individual EU countries, 1 of the EFTA countries (Norway) and 2 of the enlargement countries (Albania and Türkiye). Data are generally available for 2023; the latest data available for the euro area and Albania are for 2022. Some indicators are presented in relation to gross domestic product (GDP), which is beneficial for making cross-country comparisons, especially between countries of different size.
Assets and liabilities
Financial assets of EU financial corporations valued in 2023 at 5.0 times GDP
Total financial assets of financial corporations in the EU were valued at €86 220 billion in 2023; this was slightly higher than the value of their financial liabilities, which stood at €85 598 billion, a difference of €622 billion (or 0.7%). This difference was marginally larger than that recorded in 2022, when it was €565 billion (also 0.7%).
The annual rate of change for total financial assets and liabilities of financial corporations between 2022 and 2023 is illustrated in Figure 1. The EU recorded increases of 2.8% and 2.7% for assets and liabilities, respectively.
It should be noted that rates of change are calculated in national currencies. Among the EU countries, the highest annual growth rates were observed in Croatia, up 21.2% for assets and 22.8% for liabilities. The next fastest growth rates were recorded for Romania (17.1% for assets and 17.2% for liabilities) and for Lithuania (15.1% for assets and 14.6% for liabilities). Hungary was the only EU country which had a negative annual rate of change for assets, down 8.1%. For liabilities, Hungary also had a relatively large negative rate of change (down 9.6%), while Cyprus recorded a much lower decrease (down 0.2%).
(%, change over previous year)
Source: Eurostat (nasa_10_f_bs)
The share of each EU country in the EU's total financial assets and liabilities of financial corporations in 2023 is presented in Figure 2. Germany held just over a fifth of the financial assets (22.1%) and liabilities (21.9%) of financial corporations in the EU, followed by France (15.6% for assets and 16.1% for liabilities), Luxembourg (13.5% for assets and 13.6% for liabilities), the Netherlands (both 11.3%) and Ireland (both 8.8%). These 5 EU countries collectively accounted for 71.3% of the financial assets and 71.7% of the financial liabilities of financial corporations in the EU. Apart from Italy and Spain, the other EU countries held shares of 3.0% or less.
Some of the smaller EU countries accounted for relatively high shares of the financial assets and liabilities of financial corporations in the EU in 2023. This was clearly the case for Luxembourg, which had the 3rd highest shares (after Germany and France), as well as for Ireland, which had the 5th highest shares. This reflects the large international activity of the financial sector in both of these EU countries.
A comparison between the shares of financial assets and financial liabilities for each EU country reveals that these were generally similar. France had the largest difference, as French financial corporations held a 0.5 percentage points (points) higher share of the EU's financial liabilities than their share of the EU's financial assets.
(%)
Source: Eurostat (nasa_10_f_bs)
Figure 3 presents the financial assets and liabilities of financial corporations as a percentage of GDP. In 2023, these assets were valued in the EU at 502% of GDP, while these liabilities were valued at 498%, resulting in net financial assets equivalent to 3.7% of GDP.
The financial assets and liabilities of financial corporations in Luxembourg were valued in 2023 between 14 600% and 14 700% of GDP, in other words 146 to 147 times the level of GDP. Luxembourg's financial assets and liabilities as a percentage of GDP were 29 to 30 times the EU average. In Malta, financial assets and liabilities of financial corporations were valued around 32 times the level of GDP, while in Cyprus, Ireland and the Netherlands the values were 9 to 17 times the level of GDP. Apart from Denmark (where these assets and liabilities were valued, respectively, at 5.6 and 5.5 times the level of GDP), this ratio was below 5.0 in all other EU countries. Romania was the only EU country where the value of the financial assets and liabilities of financial corporations in 2023 was below that of GDP.
The data shown in Figure 3 demonstrate the importance of financial corporations in several small and medium-sized EU countries: Luxembourg clearly stands out, while financial corporations also play a substantial role in the economies of Malta, Cyprus and Ireland.
(%)
Source: Eurostat (nasa_10_f_bs)
Structure of assets and liabilities
The largest shares of financial corporations' financial assets were equity and investment fund shares, loans and debt securities
There are 4 prominent types of instruments of assets and liabilities of financial corporations in the EU: currency and deposits; debt securities; loans; equity and investment fund shares. There were 4 other types of assets and liabilities which accounted for lower shares (from 0.2% to 5.6% each) of total financial assets of EU financial corporations in 2023: monetary gold and special drawing rights (SDRs); insurance, pensions and standardised guarantees; financial derivatives and employee stock options; other accounts receivable/payable. In this article, these smaller types of instruments are grouped together as 'other instruments' – see Figure 4 for assets and Figure 5 for liabilities.
The category of equity and investment fund shares accounted for the largest share (29.4%) of financial assets of EU financial corporations in 2023. This type of instrument was followed by loans (27.6%) and debt securities (22.7%). Currency and deposits and other instruments accounted for 11.0% and 9.3%, respectively.
A majority of the EU countries had debt securities, loans, and equity and investment fund shares as the 3 largest types of assets held by financial corporations in 2023.
- There were 9 EU countries which had equity and investment fund shares as their principal instrument: Luxembourg (52.3% of assets), Cyprus (48.8%), Malta (43.5%), Hungary (42.0%), the Netherlands (40.7%), Denmark (39.9%), Sweden (39.8%), Ireland (34.4%) and Germany (26.9%).
- The largest share of assets in Greece (55.6%), Poland (38.9%), Italy (37.1%), Slovenia (35.6%) and Latvia (32.8%) was in debt securities; this was also the case in Albania (51.6%; 2022 data).
- In all other EU countries, the principal instrument was loans, as was also the case in Norway and Türkiye.
Aside from these 3 main instruments, the share of assets in currency and deposits was relatively large (over 15.0%) in Croatia, Romania, Slovenia, Bulgaria, Finland and Germany. More than 10.0% of assets were in other instruments in France and Germany, mainly financial derivatives and employee stock options and/or other accounts receivable/payable.
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(% share of total financial assets of financial corporations)
Source: Eurostat (nasa_10_f_bs)
Financial corporations' financial liabilities were mainly equity and investment fund shares as well as currency and deposits
The largest shares of total financial liabilities of the EU's financial corporations in 2023 were equity and investment fund shares (32.7%) and currency and deposits (31.5%). Among other instruments (20.9%), a substantial share of liabilities was due to the contribution of insurance, pensions and standardised guarantees (which had a 12.1% share of the total value of liabilities).
A comparison of the structure of financial assets and liabilities for the EU's financial corporations in 2023 shows that loans and debt securities made up larger shares (27.6% and 22.7% respectively) of assets compared with much lower shares (6.3% and 8.6%) of liabilities. By contrast, currency and deposits accounted for 11.0% of assets compared with 31.5% of liabilities. Insurance, pensions and standardised guarantees also made up a relatively high share of liabilities (12.1%) compared with a low share of assets (0.2%).
Among the EU countries, currency and deposits, equity and investment fund shares, and other instruments generally accounted for the largest shares of the financial liabilities held by financial corporations in 2023.
- Currency and deposits represented 81.4% of liabilities in Greece, 67.7% in Slovenia and 66.3% in Romania. Currency and deposits also accounted for more than half of the total in a further 10 EU countries as well as in Albania (2022 data) and Türkiye. In a further 6 EU countries, currency and deposits accounted for the largest share of liabilities, although this share was below 50.0%; this was also the case in Norway.
- More than half of the total liabilities were equity and investment fund shares in Malta (70.2%), Luxembourg (68.6%) and Ireland (58.6%). In Hungary, Cyprus and the Netherlands, currency and deposits also accounted for the largest share of liabilities, although this share was below 50.0%.
- Denmark (35.9%) and Sweden (32.8%) were the only EU countries where the largest share of liabilities was held as other instruments, in both cases mainly insurance, pensions and standardised guarantees.
Among the smaller instruments, loans were relatively important in 2023 in Cyprus (30.2% of total financial liabilities), while debt securities accounted for 19.7% of liabilities in Finland.
.png)
(% share of total financial liabilities of financial corporations)
Source: Eurostat (nasa_10_f_bs)
Developments
The value of financial assets of financial corporations as a percentage of GDP decreased in 2023 in most EU countries
Growth in the total financial assets of EU financial corporations was almost uninterrupted during the period 2013–21; the only decrease was in 2013 (down 0.7%). By 2021, the total value of assets had increased by 56.1%, from €54 394 billion in 2013 to €84 908 billion in 2021. A similar development was observed for total financial liabilities over the same period. These increased 57.1% from €53 690 billion in 2013 to €84 349 billion in 2021. This upward development for financial assets and financial liabilities was reversed in 2022. The value of assets and of liabilities both fell 1.2%. Increases returned in 2023, as the value of assets increased 2.8% to reach €86 220 billion and the value of liabilities increased 2.7% to reach €85 598 billion, equivalent to 58.5% and 59.4%, respectively, above their 2013 values.
The value of financial assets of financial corporations as a percentage of GDP was 18.3 points lower in 2023 than in 2022 in the EU, a relative decrease of 3.5%. This ratio decreased in 2023 in 18 EU countries (see Figure 6). The largest decrease observed among the EU countries was for Hungary (down 19.0%), followed at some distance by Malta (down 8.0%). Among the 9 EU countries which recorded an increase, the fastest growth in relative terms was in Ireland, as this ratio increased 9.5%.
(%)
Source: Eurostat (nasa_10_f_bs)
The contributions of each subsector of financial corporations were similar for assets and for liabilities
The contributions in 2023 from each subsector of financial corporations across the EU were similar for assets and for liabilities. The specialisation within certain subsectors is illustrated in Figures 7 and 8.
The largest subsector within financial corporations in the EU was monetary financial institutions other than the central bank, with a 39.6% share for assets and 39.2% share for liabilities. This was followed by other financial intermediaries (except insurance corporations and pension funds (ICPFs)), financial auxiliaries, captive financial institutions (CFIs) and money lenders, with 22.1% of assets and 22.2% of liabilities. The 3rd largest shares were for non-money market fund (non-MMFs) investment funds (16.4% of assets and 17.0% of liabilities), insurance corporations and pension funds (12.9% of assets and 12.6% of liabilities) and the central bank (both 9.0%).
For 21 EU countries (as well as Norway, Albania (2022 data) and Türkiye), monetary financial institutions other than the central bank held the largest shares of assets and liabilities.
- In Malta, Cyprus, Hungary and the Netherlands, the highest shares of assets and liabilities were in other financial intermediaries (except ICPFs), financial auxiliaries, CFIs and money lenders.
- In Ireland and Luxembourg, the highest shares of assets and liabilities were in non-MMF investment funds.
For monetary financial institutions other than the central bank, the highest shares of assets were recorded in France, Finland and Poland, all around 57% to 60%. For the central bank, shares of 38.4%, 31.9% and 31.8% were recorded in Greece, Latvia and Slovenia, respectively. For other financial intermediaries (except ICPFs), financial auxiliaries, CFIs and money lenders, shares in excess of 50% were observed in Malta, Cyprus and Hungary. For non-MMF investment funds, Ireland and Luxembourg reported shares that were more than double those in any other EU country, 47.3% and 43.6%, respectively. The highest shares for insurance corporations and pension funds were in Sweden and Denmark, 26.5% and 25.0%, respectively.
Looking at the combined contributions of the central bank and other monetary financial institutions, the shares were low in several EU countries that have a large financial corporations sector, namely Malta, Luxembourg, Cyprus, Ireland and the Netherlands.
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(% share of total financial assets of financial corporations)
Source: Eurostat (nasa_10_f_bs)
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(% share of total financial liabilities of financial corporations)
Source: Eurostat (nasa_10_f_bs)
Source data for tables and graphs
Data sources
The compilation of financial accounts follows the European System of Accounts 2010 (ESA 2010).
The financial account and balance sheet
Eurostat's website includes detailed financial accounts by country. Financial accounts are published in consolidated and non-consolidated forms; within this article the former are presented. As a rule, the accounting entries in ESA 2010 are non-consolidated, as a consolidated financial account requires information on the counterpart grouping of institutional units. Note that data for the EU and EA aggregates are calculated as a sum of data for EU and EA countries; no adjustment is made for flows between countries and EU institutions.
Following recommendations for a harmonised European revision policy for national accounts and balance of payments, EU countries have carried out a benchmark revision of their national accounts estimates in 2024. The purpose of this benchmark revision was to implement changes introduced by the amended ESA 2010 regulation, and to incorporate new data sources and other methodological improvements. Most of the revised quarterly and annual country data have been released by Eurostat between June and October 2024, and progressively integrated in estimates for the EU and the euro area. For further details, please consult the available documentation on Eurostat's website.
In the October 2024 version of this article, the results of the benchmark revisions on financial accounts are included.
Context
Financial accounts form part of the national accounting framework and are compiled in the EU in accordance with ESA 2010. They are a significant tool for analysing financial developments and policy decisions, and provide key statistical information on financial transactions, other financial flows and financial balance sheets by institutional sector, including financial corporations. Particular issues relating to the financial corporations sector include its capacity to withstand shocks. Indeed, since the global financial and economic crisis financial accounts for financial corporations have been integrated into an enlarged set of policy indicators – the EU's macroeconomic imbalance procedure (MIP) surveillance mechanism – that are used to identify potential macroeconomic risks early on, prevent the emergence of harmful macroeconomic imbalances and correct the imbalances that are already in place.
The types of assets and liabilities that financial corporations hold carry different levels of risk and can be used to assess financial risk.
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Database
- Financial flows and stocks (nasa_10_f)
- Financial balance sheets - annual data (nasa_10_f_bs)