They refer only to assets held by money market funds, investment funds, financial vehicles corporations and some special purpose vehicles that are domiciled in the euro area. The figures would be much higher if we also had statistics on non-euro area shadow banking. They would be even higher if offbalance sheet activities, such as securities funding transactions and derivatives were accounted for.
As such the  2  BIS central bankers’ speeches  CBR is now proving quite effective in influencing the marginal cost of funds for commercial banks.