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Monetary & Financial Statistics
Brief Background to Tables
- This publication contains the monetary and other financial statistics compiled
by the Bank of England. Many of these statistics reappear in Financial Statistics,
issued by the Office for National Statistics, in the context of comprehensive
coverage of the UK’s financial accounts; but the Bank’s publication
contains extra detail, particularly on money and banking, government financing,
the money markets (including the gilt repo market) and capital issues, and
a different range of interest rates.
- M0 (Table A1.1) is the UK's main narrow monetary aggregate, intended to capture money held for transactions rather than as wealth. Within M0 it is notes-and-coin which are likely to be related to economic transactions such as retail sales; because of the institutional structure M0's other component, banks' operational balances at the Bank of England, is determined only by the predictability of flows through the money markets.
- M4 (Tables A2 to A4) is the UK's main broad monetary aggregate; M4 is held not only for transactions purposes but also as a form of wealth. 'Divisia
money' (Table A6.1) attempts to weight the components of M4 by the likely transactions services they offer, on the assumption that components which bear lower interest rates offer more transactions services. Because M4 comprises mainly deposit liabilities of the bank and building society sectors, it can readily be shown as either rearrangement of the MFIs' consolidated balance sheet (Table A3.1) or as part of a simplified financial accounts matrix incorporating the other elements of these sectors' balance sheets (e.g. their lending) and such as the public sector net cash requirement, public sector financing and the balance of payments (Table A3.2). Since the motives of the holders of money and of borrowers are likely to differ according to their economic sector, the sectoral
analysis of M4 and lending (Table A4) is likely to be particularly illuminating: for examples of this and of use of other financial and economic data see the relevant sections of the Bank's quarterly Inflation
Report and research articles in the Quarterly Bulletin.
- Although the competitiveness of the bank and building society sectors means that they account for the bulk of the liquidity holdings and borrowing of UK residents, liquidity is held also in
other forms (see Table A7.1) and there are other channels
through which finance is provided (Table A5 includes individuals' borrowing from other lenders, who may in turn at least partly finance themselves from the banks and building societies, and Table E3 shows companies' finance from issuing paper and securities on the UK capital markets).
- Tables B1 and B2 show the balance sheets of the monetary financial
institutions' (MFI), central bank, other banks' and building societies' sector. The MFI consolidated balance sheet forms the basis for the construction of the monetary statistics shown in Tables A2 to A4.
- Tables B3.1 and B4.1 show UK banks' income and expenditure. The former table shows income and expenditure for UK banks as a whole, whilst the latter shows UK banks' income and expenditure vis-à-vis non-residents. The data are calculated in accordance with international statistical standards for National Accounts and it is therefore not possible to derive a conventional profit and loss figure for the banking sector from these data.
- Table C1 supplements the economic sector analysis in Table A4 by showing an industrial analysis of bank deposits from and lending to UK residents.; Table C3 analyses this business by country of customer and by currency. UK registered banks also report their international lending on a consolidated bank group basis, with detail such as a maturity split; Table C4.2 shows these data for UK-owned banks.
- Table C5.1 aggregates balance sheet information on all banks and building
societies in Jersey, Guernsey and the Isle of Man, as reported by the islands'
institutions. Tables D2 to D6 cover the public sector debt and money market
operations (in addition, details of Bank of England foreign currency assets
and liabilities are shown in Table D5), appropriate elements of which have
already been included as counterparts of M4 in Table A3, and more general data
on activity in the gilt strips market and borrowing and lending secured on
government stock (gilt repo). As already mentioned, Table E3 covers finance
raised by UK companies - and others - from the UK capital markets. Table F1.1
shows banks positions in financial derivatives, broken down by product, risk
category and counterparty. A selection of interest rates, yields, equity prices
and exchange rates (ie the prices at which financial activity occurs) is shown
in Table G1.
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