Chart 8 Debt financing flows of euro area firms and households (left panel: average monthly flows over the respective period in EUR billions; right panel: annual growth rate in percentages)  Sources: ECB (BSI) and ECB staff calculations. Notes: MFI loans are adjusted for sales and securitisation, and for firms also for cash pooling.
The seasonal adjustment of the net issuance of debt securities is not official. For the household breakdowns, a harmonised adjustment has been made since February 2022, but not for seasonality and not yet published. This implies possible discrepancies between the sum of the breakdowns and the total. The latest observations are for December 2022.