But it is not our intention to spring a total surprise on the markets, or on the banks concerned. Misunderstandings and unnecessary speculation would certainly run counter to the aim of creating a more solid banking sector and restoring investor confidence. Which is why we intend to consult the banks affected in advance on the format of publication.
The annual growth rate of M3 fell to 2.5% in April, down from 3.1% in March, following strong inflows into money in the first quarter of the year. The moderation in annual M3 growth in April was mainly driven by outflows from overnight deposits belonging to non-monetary financial intermediaries (which includes entities like central counterparties, investment funds and securitisation vehicles).