Valuations and Breaks
The current SIC 2007 coding was preceded by a change from SIC 68 to SIC 80 in 1983 and from SIC 80 to SIC 92 in 1997. Data for sterling lending which bridges the change from SIC 80 to SIC 92 and from SIC 92 to SIC 07 using condensed industrial categories are available both seasonally adjusted and non-seasonally adjusted. Data for sterling and foreign currency deposits and lending which bridges the change from SIC 92 to SIC 07 only is available on a non-seasonally adjusted basis. These data should be taken with some warning, as although broadly consistent, small changes in category definition may be evident. Further information on the current SIC 2007 structure can be found in the Statistics article ‘Changes to the Industrial analysis of loans and deposits data’ in the February 2011 edition of Bank of England: Monetary and Financial Statistics. .
Aside from classification changes arising from amendments to the SIC, there have also been other classification changes, changes in reporting methods, and changes in reporting institutions. Such changes are adjusted to take account of factors that might otherwise significantly distort them, for example restructuring of company groups; and are footnoted in each series at the point they may impact.
At end-March 1993 the definition of bank ‘lending for house purchase’ (now known as ‘lending secured on dwellings’) changed. The net effect of the re-definition has been to boost lending to individuals ‘secured on residential property’, with a corresponding reduction in ‘other advances to persons’. The changes shown in these tables have been adjusted to exclude the estimated effect of the re-definition.
The classification of deposits from the Issue Department of the Bank of England was amended prior to the publication of data for 1998 Q3. Previously these deposits were assigned to public administration and defence. Hence following the creation of a separate central bank sector on 1 April 1998, Q2 1998 sees a sizable fall in the coverage of this Table which now excludes both deposits from and deposits with both the Banking and Issue Departments of the Bank of England. Flows for public administration and defence for Q2 1998 have been adjusted to remove this effect.
Write offs and other revaluations potentially distort flows. Using published data and certain other information provided by the reporting MFIs, adjustments have been made to total lending flows from 1986 onwards (before then adjustments were made on an ad-hoc basis). Until 1992 adjustments have been carried through only to other lending to persons. Thereafter they have been applied each quarter (and each month from July 09) to this category, to lending secured on dwellings, to real estate and occasionally, when significant write-offs have been identified, to other categories. Further information can be obtained via the Write-offs page.
Data timing changes:
From 1975 data were collected on the third Wednesday of the month in February, May, August and November. The reporting day was changed to the end of the month in 1986.
At end-March 1993, the industrial analysis moved to end-calendar quarter basis. The analysis of the period to end-December 1993 therefore covers thirteen months, and thus the changes are not directly comparable with those for the previous years.
Data were not collected in Q3 1997 therefore levels for this period are interpolated and flows for both Q3 1997 and Q4 1997 are estimated.
A more comprehensive exposition of the changes made to the dataset in 1997, along with further information on the data, can be found in the Statistics article 'The new industrial analysis of bank deposits and lending'.
From July 2009 onwards, the data collection changed from a quarterly basis to a monthly basis. The statistical release Analysis of monetary financial institutions lending to and deposits from UK residents was also changed to monthly publication (where it had previously been quarterly) at that time. For further information on this higher frequency of data, please see the Statistics article Measures of M4 and M4 lending excluding intermediate other financial corporations.
From January 2010 data onwards, all loans that have been securitised by MFIs will be included on the institutions’ balance sheet for statistical reporting purposes. Some institutions reported securitisations on balance sheet prior to 2010, so their reporting did not change. However, other institutions brought back on to their balance sheets loans that had been securitised in the past. When these loans came back on balance sheet, an additional liability to the SPV was also brought on balance sheet, to balance out the increase in loans. This caused a level shift in various series in January 2010, as well as changing the coverage of various series from January 2010 data onwards. For more details, please see the Statistics article “Statistical Reporting of Securitisations”.
Standard Industrial Classification codes
The SIC codes associated with the series shown in Table F, Money and Credit statistical release are available below