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An aggregate in monetary statistics that comprises changes in the MFI balance sheet that are due to a change in the market price of negotiable securities held, sold or issued and/or to the (partial) removal from the balance sheet of loans that are subject to write-offs or write-downs. A change in the market value of securities held, sold or issued by MFIs affects the outstanding stock of securities, in addition to actual transactions in these securities. A write-off or write-down of loans has an impact on the reported value of the outstanding amount of loans, but is not related to a change in the amount of MFI lending to the economy.

Copyright © 2006, European Central Bank, Frankfurt am Main, Germany. This information may be obtained free of charge through the ECB's website.

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