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On 1 January 2013, there were 7,059 MFIs resident in the euro area, compared with 7,533 on 1 January 2012. In relative terms, the decrease was particularly pronounced in Slovakia (-30 per cent), Luxembourg (-22 per cent), France (-9 per cent), Spain and Finland (both -8 per cent). In absolute terms, Luxembourg (-124), France (-105) and Italy (-55) were the main contributors to the net decrease of 474 units in the euro area.
Since 2011, a substantial decrease in the number of money market funds (an MFI sub-sector) has been recorded in the European Union (-519 over two years), partly on account of their new definition under Guideline ECB/2011/13, which is more closely in line with that used for supervisory purposes. In addition, the contraction in this sub-sector continued during 2012, most prominently in Luxembourg (-128) and France (-84).
Despite the enlargement of the euro area through the accession of Greece (2001), Slovenia (2007), Cyprus and Malta (both 2008), Slovakia (2009) and Estonia (2011), the number of MFIs in the euro area has decreased by 28 per cent or 2,797 institutions since 1 January 1999. On 1 January 2013, Germany and France accounted for 42 per cent of all euro area MFIs, approximately the same share as recorded on 1 January 2012.