Informe_Anual_Cecabank_2016_ENG

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ANNUAL VARIATION
Source: Bank of Spain
INVESTMENT FUNDS. CHANGE IN ASSETS
Source: Bank of Spain
Market instability, especially in the first quarter of the year (and promptly after
Brexit) explains the modest growth in off-balance sheet resources over the year as
a whole (6 per cent) especially in investment funds. According to INVERCO data,
accumulated assets of investment funds stood at €234 billion in December, ma-
king this the fourth consecutive year of asset growth in investment funds. However,
assets only increased by 14 billion in the period from January to December, signi-
ficantly less than that of the 2015 and 2014 financial years (€25 and €41 billion
respectively). This was due to less of an increase in net subscriptions (€13.5 billion)
in a volatile and risk-averse environment.
CREDITS
APPRECIATION
DEPOSITS
NET SUBSCRIPTIONS
OFF-BALANCE SHEET RESOURCES
20.0
15.0
10.0
5.0
0.0
-5.0
-10.0
12
2015
1
2016
2
2016
6
2016
3
2016
7
2016
10
2016
4
2016
8
2016
11
2016
5
2016
9
2016
12
2016
Fourth consecutive
year with asset
growth in
investment funds.
Millions of euros
45,000
40,000
55,000
30,000
25,000
20,000
15,000
10,000
5,000
January - December 2014 January - December 2015 January - December 2016
0
Cecabank 2016 Annual Report Page 59
05 OUR BUSINESS MODEL
5.1
5.2