In the ECB’s statistical system, these are – time deposits with a predefined maturity which, according to national practices, cannot be converted before the expiry of the agreed maturity, or can be converted only against payment of a penalty. It also includes – some non-marketable debt instruments, such as non-marketable certificates of deposit for sale to bank customers. – Deposits with an agreed maturity of up to two years are included in M 2 (and hence also in M 3). – Deposits with an agreed maturity of over two years, on the other hand, are included in the (nonmonetary) longer-term financial liabilities of the monetary financial institutions sector. – See also the ECB’s guide “The single monetary policy in Stage Three: General documentation on monetary policy instruments and procedures,” p. 107, and the ECB’s Monthly Bulletin, annex “Euro area statistics,” section “Monetary developments, banks and investment funds.
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