In too many cases, deeper restructures (such as split mortgages) while nominally called out as being part of the firms' waterfall are in practice not being used at all. As a result, if restructuring does happen, that restructure – from the outset – has little chance of succeeding.
Annual growth in M3 moderated to 1.1% in March, from 1.3% in February. The growth of the narrow monetary aggregate M1 remained robust but decreased to 5.6 % in March, after 6.2% in February. The increase in the MFI net external asset position, reflecting in part the continued interest of international investors in euro area assets, remains the main factor supporting annual M3 growth.