The annual growth rate of outstanding debt securities issued by euro area residents decreased from 7.1% in September 2004 to 6.7% in October. For quoted shares issued by euro area residents, the annual growth rate was 1.0% in October 2004, compared with 0.9% in September.

Issuance of debt securities by euro area residents totalled EUR 691.2 billion in October 2004 (see Table 1 and Chart 1). As redemptions came to EUR 657.0 billion, net issues amounted to EUR 34.3 billion. The annual growth rate of debt securities issued by euro area residents (excluding valuation changes) decreased from 7.1% in September 2004 to 6.7% in October (see Table 1 and Chart 2).