- Revisions
- Highs and Lows
- Notes to Editors
- Comments and Queries
M4 excluding intermediate OFCs increased by £5.7 billion in September, compared to an average monthly increase of £7.5 billion in the previous six months. The three-month annualised growth rate was 7.4%. M4 lending excluding intermediate OFCs decreased by £1.6 billion in September, compared to an average monthly increase of £0.8 billion in the previous six months. The three-month annualised growth rate was -0.5%.
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(a) Quarterly data.
(b) Excluding the effects of securitisations etc.
Table A - M4 and M4 lending excluding intermediate OFCs
The household sector's holdings of M4 increased by £2.3 billion in September, compared to an average monthly increase of £4.9 billion in the previous six months. The annual growth rate was 4.8%. M4 lending (excluding the effects of securitisations etc.) to the household sector increased by £1.3 billion in September, compared to an average monthly increase of £0.5 billion in the previous six months. The annual growth rate was 0.6%.
Private non-financial corporations' (PNFCs') holdings of M4 increased by £0.2 billion in September, compared to an average monthly increase of £0.8 billion in the previous six months. The annual growth rate was 3.9%. M4 lending (excluding the effects of securitisations etc.) to PNFCs decreased by £0.6 billion in September, compared to an average monthly decrease of £1.2 billion in the previous six months. The annual growth rate was -3.2%.
Holdings of M4 by non-intermediate other financial corporations (NIOFCs) increased by £3.1 billion in September. The annual growth rate was 1.8%. M4 lending (excluding the effects of securitisations etc.) to NIOFCs decreased by £2.3 billion in September. The annual growth rate was 4.0%.
Table B - Sectoral breakdown
Table C - A wider measure of PNFCs' financing
Table D - M4 and M4 lending
Notes to Editors
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- 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's Inflation Report and in the minutes of the meetings of the Monetary Policy Committee.
- 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/Sep/default.aspx.
- 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.
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 |
- 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.
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Comments and Queries
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Next release date: 29 November 2012
