• This website sets cookies on your device. To find out more about how we use cookies please refer to our Privacy and Cookie Policy. By continuing to use the site, we’ll assume that you are content for us to set these on your device.
  • Close
Home > Statistics > Sectoral breakdown of aggregate M4 and M4 lending - June 2012(1)
 

Sectoral breakdown of aggregate M4 and M4 lending - June 2012(1)

30 July 2012
  • Revisions
  • Highs and Lows
  • Notes to Editors
  • Comments and Queries
  •  
    M4 excluding intermediate OFCs increased by £7.3 billion in June, compared to an average monthly increase of £3.4 billion in the previous six months.  The three-month annualised growth rate was 2.9%.  M4 lending excluding intermediate OFCs decreased by £4.5 billion in June, compared to an average monthly increase of £1.3 billion in the previous six months.  The three-month annualised growth rate was 0.4%. 
     Image of Table A: M4 and M4 lending excluding intermediate OFCs
     
    Link to Chart 1: M4 excluding intermediate OFCs          Link to Chart 2: M4Lx excluding intermediate OFCs
    Link to Chart 3: Sectoral M4 excluding intermediate OFCs         Link to Chart 4: Sectoral M4Lx excluding intermediate OFCs
                 (a) Quarterly data.
                 (b) Excluding the effects of securitisations etc.
     
    (1) With the 28 May 2012 bank holiday moving to 4 June and an additional bank holiday on 5 June, to
         celebrate the Queen’s Diamond Jubilee, care should be taken when interpreting or comparing the data
         points around this period.  The seasonal adjustment process has not automatically taken this effect
         into account.  Once additional monthly data are available, the Bank of England will investigate the
         effect and judge whether refinements to the seasonal adjustment process are appropriate.
     
     
    Tables

     

     
    Table A - M4 and M4 lending excluding intermediate OFCs 
     
    The household sector's holdings of M4 increased by £3.6 billion in June,    compared to an average monthly increase of £4.0 billion in the previous six months.  The annual growth rate was 4.2%. M4 lending (excluding the effects of securitisations etc) to the household sector was broadly unchanged in June, compared to an average monthly increase of £0.6 billion in the previous six months.  The annual growth rate was 0.7%.
     
    Private non-financial corporations' (PNFCs') holdings of M4 decreased by £1.7 billion in June, compared to an average monthly increase of £0.6 billion in the previous six months.  The annual growth rate was 2.0%. M4 lending (excluding the effects of securitisations etc) to PNFCs decreased by £2.2 billion in June, compared to an average monthly decrease of £1.6 billion in the previous six months.  The annual growth rate was -3.9%.
     
    Holdings of M4 by non-intermediate other financial corporations (NIOFCs) increased by £5.4 billion in June.  The annual growth rate was 1.8%. M4 lending (excluding the effects of securitisations etc) to NIOFCs decreased by £2.3 billion in June.  The annual growth rate was 11.9%.
     
    Image of Table B: Sectoral breakdown of M4ex and M4Lex (excluding the effects of securitisations etc.)  
    Table B - Sectoral breakdown
     
    PNFCs total finance raised from UK MFIs and capital markets  was £0.1 billion in June, following a net redemption of £3.4 billion in May.  Further information can be found in the Capital Issuance release of 19 July 2012, see ww.bankofengland.co.uk/statistics/Pages/ci/2012/jun/default.aspx.
     
    Table C - A wider measure of PNFCs' financing
     
     
    Table D - M4 and M4 lending
     

     

    Revisions

    Revisions to Table A and B (36B)  

     


    Highs and Lows
    PDF Version (50KB)  

     

     
    Notes to Editors
    1. The data for M4 lending and sectoral M4 lending excluding intermediate OFCs shown in Table A and B (and the accompanying text and chart) exclude the effects of securitisations and loan transfers.  Growth rates excluding the effects of securitisations etc, which more accurately reflect the indebtedness of borrowers, are used in the Bank of England Inflation Report and in the minutes of the meetings of the Monetary Policy Committee. 
    2. The household sector comprises individuals, unincorporated businesses other than unlimited liability partnerships (i.e. sole traders) and non-profit institutions serving households (e.g. charities and universities).  Data for total lending to individuals, i.e. including that by non-MFI mortgage and credit grantors, are available in the Lending to individuals statistical release, also published today www.bankofengland.co.uk/statistics/pages/li/2012/jun/default.aspx
    3. Table C shows a wider measure of financing by PNFCs.  This measure encompasses their sterling and foreign currency borrowing from UK MFIs (but excluding MFIs' net purchases of securities issued by PNFCs) and the funds raised through issues of sterling and foreign currency equities and bonds and commercial paper in the UK. 
    4. Quarterly M4 excluding intermediate OFCs is calculated as households' M4 (seasonally adjusted) plus PNFCs' M4 (seasonally adjusted) plus sterling deposits from non-intermediate OFCs (seasonally adjusted): www.bankofengland.co.uk/statistics/pages/iadb/notesiadb/m4adjusted.aspx.  M4Lx (i.e. M4 lending excluding the effects of securitisations etc) excluding lending to intermediate OFCs is calculated as household M4Lx (seasonally adjusted) plus PNFC M4Lx (seasonally adjusted) plus sterling loans and advances to non-intermediate OFCs' (seasonally adjusted): www.bankofengland.co.uk/statistics/pages/iadb/notesiadb/m4lxadjusted.aspx. Given the short run of monthly data available for non intermediate OFCs robust seasonal adjustment of the monthly series is not currently possible.  Monthly seasonally adjusted data are estimates, the construction of which is detailed in an article in the November 2010 Bankstats (see www.bankofengland.co.uk/statistics/documents/ms/articles/art1nov10.pdf).  Intermediate OFCs are defined as: non-bank credit grantors; mortgage and housing credit corporations; bank holding companies; and other activities auxiliary to financial intermediation.  Sterling deposits from and sterling loans and advances to 'other financial intermediaries' undertaken with banks and building societies in their own financial group are included in intermediate OFCs.  Banks' and building societies' holdings of securities issued by their own securitisation vehicles are also included in intermediate OFCs.  The series codes for non-seasonally adjusted data are as follows:
       
       
      RPQ/RPM
      Amount outstanding
      Change
      1m
      1Q (ann) /3m(ann)
       
      4Q/12m
      M4 excluding intermediate OFCs
      B3DQ
      B3DS
      B3D4
      B3DG /B3D8
      B3DO/B3DC
      M4Lx excluding intermediate OFCs
      B3DR
      B3DT
      B3D5
      B3DH/B3D9
      B3DP/B3DD
    5. The Statistical Interactive Database (at www.bankofengland.co.uk/boeapps/iadb) provides long runs of statistical data with comprehensive search options and the ability to download in a variety of formats.  The series codes are listed in the tables in this release.
     
     

     

     
    Comments and Queries
    This Statistical Release can be viewed as a complete PDF file or in sections. Click on the appropriate heading to access the file. To view these documents for best results you should use Adobe 5.0 reader or later.
    If you have any comments/queries with regard to this release please email us and we will be pleased to help.
     
    Next release date: 30 August 2012

 

Top of Page