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Print this pageData Update: Money Market Funds and the Eurozone Debt Crisis
By Emily Gallagher and Chris Plantier
Fri Jan 13 00:00:00 EST 2012
In October and December, we discussed how portfolio managers of U.S. prime money market funds have addressed the ongoing debt crisis in the eurozone. Here is a look at the latest monthly data on these funds’ holdings by home country of issuer. Holdings of French issuers continued to fall in December, and almost 80 percent of these French holdings are either short-dated collateralized repurchase agreements or other instruments that mature in seven days or less. We will revisit the topic in mid-February with updated analysis once January figures become available.
U.S. Prime Money Market Funds’ Holdings of Eurozone Issuers
Percentage of prime funds’ total assets, end of month
Note: Data exclude prime money market funds not registered under the Securities Act of 1933.
Sources: Investment Company Institute tabulation of publicly available Form N-MFP data prior to May 2011; ICI tabulation of data provided by Crane Data thereafter
Prime Money Market Funds’ Holdings by Home Country of Issuer
December 31, 2011
| Country | Billions of dollars | Percentage of assets |
| World Total | $1,347.0 | 100% |
| Europe | 464.6 | 34.5 |
| Eurozone | 159.9 | 11.9 |
| France | 43.1 | 3.2 |
| Germany | 57.9 | 4.3 |
| Netherlands | 55.7 | 4.1 |
| Belgium | 0.5 | 0.0 |
| Austria | 2.0 | 0.1 |
| Spain | 0.6 | 0.0 |
| Luxembourg | 0.1 | 0.0 |
| Italy | 0.0 | 0.0 |
| Non-eurozone | 304.7 | 22.6 |
| UK | 123.7 | 9.2 |
| Switzerland | 86.9 | 6.5 |
| Sweden | 78.1 | 5.8 |
| Norway | 12.6 | 0.9 |
| Denmark | 3.4 | 0.3 |
| Americas | 630.1 | 46.8 |
| USA | 476.1 | 35.3 |
| Canada | 153.6 | 11.4 |
| Chile | 0.4 | 0.0 |
| Asia and Pacific | 237.2 | 17.6 |
| AUS/NZ | 116.0 | 8.6 |
| Japan | 119.3 | 8.9 |
| India | 0.5 | 0.0 |
| Singapore | 1.4 | 0.1 |
| Korea | 0.0 | 0.0 |
| Supranational | 1.2 | 0.1 |
| Unclassified | 13.9 | 1.0 |
Note: Calculations are based on a sample of 100 funds, representing an estimated 93.7 percent of prime funds’ assets.
Source: Investment Company Institute tabulation of data provided by Crane Data
For more on money market funds, please visit ICI’s Money Market Funds Resource Center.
Emily Gallagher is an ICI Research Associate, and Chris Plantier is an ICI Senior Economist.