In December 1986 a small group chaired by the head of the Government Statistical Service was set up to review the seasonafity and method of seasonal adjustment of the monetary aggregates. This group, which included independent representatives as well as representatives of the Bank and the Treasury, has now completed its work. Its findings are set out in Report of the Working Party on Seasonal Adjustment of the Monetary Aggregates, Central Statistical Office, 8 September 1988, obtainable from the CSO.
The Bank, the Treasury and the Central Statistical Office have now considered the working party's report. A number of recommendations were made. This note sets these out and explains the Bank's response to them. Technical terms used in this note are explained in the glossary.