If you require any further assistance, please contact us.
If you require any further assistance, please contact us.
M4 excluding intermediate other financial corporations (OFCs) (M4ex) is a more economically relevant measure of broad money than the wider measure of M4. It excludes the deposits of intermediate OFCs which are seen as similar in nature to monetary financial institutions (MFIs). Please see Measures of M4 and M4 lending excluding intermediate other financial corporations for further detail.
M4 lending is sterling lending by UK resident MFIs to the UK resident private sector. For further details please see Explanatory Notes on Counterparts to M4.
In general, ‘lending’ data cover both loans and securities, whilst ‘loans’ data exclude holdings of securities.
Before January 2010, MFIs reported securitised loans off balance sheet, so when a securitisation happened with a UK-resident SPV, there was a reduction in the flow and amounts outstanding of M4L. In the current data, a similar effect is seen when MFIs transfer loans to entities outside the reporting population. Because these are not genuine falls in private sector debt, the Bank also publishes a series excluding the effects of securitisations and loan transfers (M4Lx). M4Lx is based on M4L, but the value of loans moving off balance sheet is added back to the flow and amounts outstanding of M4L. Further detail can be found at Statistical Reporting of Securitisations.
Intermediate OFCs mainly provide intermediation services to banks and building societies. These include non-bank credit grantors; mortgage and housing credit corporations; bank holding companies; securitisation special purpose vehicles and other activities auxiliary to financial intermediation. In addition, loans and advances arising from transactions between banks or building societies and 'other financial intermediaries' belonging to the same financial group are excluded from this measure of credit. Non-intermediate OFCs are those OFCs not falling under the definition above, and include securities dealers, insurance companies and pension funds, financial leasing corporations, investment & unit trusts, fund managers and other financial intermediaries excluding intergroup transactions. Please see the Quarterly Bulletin in 2007 Q3 (Proposals to modify the measurement of broad money in the United Kingdom: a user consultation) and Measures of M4 and M4 lending excluding intermediate other financial corporations for further detail.
M1 comprised of notes and coin held by the private sector plus the private sector's non-interest-bearing deposits and interest-bearing sight deposits held with banks. Since the conversion of building societies to banks, this statistic has become less useful and production of it has subsequently ceased. Users who are looking for a similar statistic are advised to use M2, the retail component of M4. This comprises of notes and coin held by the private sector, plus the private sector's retail deposits held with banks and building societies. Retail deposits are those where the depositor accepts an advertised rate of interest (including nil). These data can be found in Components of M4 (Table A2.2.1) and long runs are available from the Database. The Bank also publishes estimates of M1, M2 and M3 in M3 (estimate of EMU aggregate for the UK) (Table A2.3); these are estimates of the EMU aggregates for the UK. Please see explanatory notes on M3 (estimate of EMU aggregate for the UK) for further detail.
The Bank publishes a number of measures of money. The most narrowly defined measure is Notes & Coin, whilst the measure with the broadest definition is M4. All measures are outlined in the Monetary Aggregate spreadsheet, together with basic descriptions of their coverage and information relating to their availability.
The Bank of England publishes a number of series on lending to UK businesses. While there are common elements across the series, the main measures can differ according to the definition of businesses used in the calculations (private non-financial corporations or non-financial businesses), the currency (sterling lending or sterling and foreign currency lending, expressed in sterling) and the instruments (inclusion of loans, overdrafts and holdings of securities). For a comprehensive account of this information, please see Statistics article ‘Measures of lending to UK businesses’.
The Bank currently publishes a number of series on MFIs’ lending to UK non-financial businesses in Monetary financial institutions' loans to non-financial businesses, by size of business (Table A8.1), with series starting in April 2011. This includes a split of gross lending, repayments, and loan and overdraft balances by business size (SMEs and large businesses) and also by major industrial sector.
Following a regular review of the Bank of England’s statistical Form LN, new series were introduced from January 2016 to provide additional granularity of the data in Monetary financial institutions' loans to non-financial businesses, by size of business (Table A8.1), including a further industrial breakdown by business size. These are available on a monthly frequency from January 2016 in Monetary financial Institutions' loans to UK small and medium-sized enterprises, by industry (Tables A8.1.1) and Monetary financial Institutions' loans to UK large businesses, by industry (Table A8.1.2). For further information, please see the January 2017 Statistics article ‘Publication of additional data on UK monetary financial institutions’ lending to businesses’.
In Monetary financial institutions' loans to non-financial businesses, by size of business (Tables A8.1), Monetary financial Institutions' loans to UK small and medium-sized enterprises, by industry (Table A8.1.1) and Monetary financial Institutions' loans to UK large businesses, by industry (Table A8.1.2), SMEs are defined as businesses with annual debit account turnover on the main business account up to £25 million. Large businesses are those with annual debit account turnover on the main business account of over £25 million. For further information, please see the explanatory notes on Monetary financial institutions loans to non-financial businesses, by size of business.
There are no directly comparable data available before 2011. This is due to differences in methodology, reporting size etc. However, the April 2014 Trends in Lending publication featured twelve month growth rates of lending to SMEs from 2004 in Chart C of the box, sourced from the British Bankers’ Association (BBA). The backing data for this chart are available to download in the April 2014 Trends in Lending publication.
The Bank currently publishes effective rates series in UK MFIs' (excluding central bank) effective interest rates (Table G1.4) and a quarterly distribution of balances, by interest rate type and tenure, in UK MFIs' (excluding central bank) distribution of balances within effective interest rates (Table G1.5). Effective rates for total PNFCs are available from January 2004 and effective rates for SMEs are available from January 2016. Both are available on a monthly frequency. For further information, please see the September 2016 Statistics article ‘Forthcoming improvements to interest rate statistics’ and the explanatory notes on Effective interest rates. For SME pricing data going further back, please see Chart 3.6 of the 2015 Q4 Credit Conditions Review publication, which displays indicative interest rates on lending to SMEs, sourced from the Department for Business, Energy & Industrial Strategy (BEIS).
M4 lending to the household sector comprises data on MFIs’ sterling lending to individuals, unincorporated businesses and not-for-profit institutions serving households. Lending to individuals data comprises sterling lending by MFIs and other specialist lenders (such as non-bank, non-building society UK credit grantors, specialist mortgage lenders) to UK-resident individuals.
The Bank does not publish these data on a routine basis, but may make use of them in some of its publications, for example the Financial Stability Report and the Quarterly Bulletin. When used the authors may make the data available on request. Please contact Financial Stability Report or Quarterly Bulletin for further information.
The Bank does not publish data on loan delinquencies or defaults, but does produce data on 'write-offs and other revaluations of loans by MFIs’ for credit card and other unsecured lending to individuals. These are covered in Write-offs of loans by monetary financial institutions (excluding central bank) (Table C2.1).
No; the Bank does not publish such data.
No. HEW occurs when withdrawals of housing equity by the household sector are larger than injections of equity. The Bank measures HEW by taking the difference between net lending secured on dwellings (net mortgage lending and capital grants) and households’ gross investment in housing (purchases of new houses and houses from other sectors, improvements to property, and the transactions costs of moving house). Therefore, HEW is not regarded in stock terms and hence a levels series does not exist. Further information relating to HEW can be found in the explanatory notes (The Bank's estimate of housing equity withdrawal).
The Lending to Individuals data set only captures residential mortgages and does not measure mortgages taken out by commercial institutions. M4 lending data captures commercial lending but does not separately identify it.
Buy-to-let lending is included in the Bank’s statistical data for secured lending, but not separately identified. Separate buy-to-let lending data are available in the Bank and FCA’s joint mortgage lenders and administrators statistics publication. Alternatively please refer to data produced by the Council of Mortgage Lenders (CML).
The value and number of approvals for secured lending split by purpose are available in Approvals for lending secured on dwellings (Table A5.4). From January 2013, the Bank has collected data on gross advances by purpose from all UK lenders, please see Statistics article, June 2013, ‘Lending to individuals- new published series and update on student loans ’ for further details. These gross advances by purpose data are available in Lending secured on dwellings (Table A5.3).
Yes. The effect of the transfer is removed such that the published data reflect true lending flows. The amounts outstanding are not adjusted for such a transfer.
Not all house purchases require a mortgage, for example when someone who has paid off their mortgage moves house. This would count as a transaction but no mortgage approval would have been made.
The amount outstanding of lending to individuals by UK resident institutions can be found in Total lending to individuals excluding student loans (Table A5.2). Net flows are shown for a number of months and the amounts outstanding for the current month. A further breakdown of consumer credit is available on the second page of Consumer credit excluding student loans (Table A5.6). By clicking on the four digit code above each series, users are able to access a longer time series with footnotes via the Database.
There are two reasons for differences here. Firstly, bridging loans are included in the net lending data, but not in the gross lending or repayments data. Secondly, loans that have been written off are not accounted for within gross lending and repayments respectively, but they are excluded from net lending. The Council of Mortgage Lenders (CML) also produce similar data.
Other loans and advances includes data other than credit cards this may include overdrafts, personal loans, dealership car finance, second charge lending and bridging loans.
Bankstats table A5.6 provides a breakdown of consumer credit data which is further split into credit card lending and other loans and advances. Dealership car finance data will be included within other loans and advances. However, it is not separately published by the Bank; these data are published by the Finance & Leasing Association (FLA) and can be accessed via their website.
References to dealership car finance have been included in Bank publications, including the Credit Conditions Review, Financial Stability Report and Inflation Report. See Chart 2.5 in the 2016 Q4 Credit Conditions Review.
These can be found on the IADB under the codes listed below.
|Secured lending to individuals||RPQB7YW||RPQB8YB||RPQB73D|
|Credit card lending||N/A||N/A||RPQB74D|
|Other unsecured lending to individuals||N/A||N/A||RPQB75D|
|Total lending to individuals||RPQB7YU||RPQB7YZ||RPQB77D|
|Total private sector and non-residents||RPQB8YP||RPQB8YQ||RPQB68D|
Write-offs data are published in Write-offs of loans by banks and building societies (Table C2.1). Longer back-runs of these data are available from the Database, using the codes shown in the table.
Write-offs data are published on the 21st working day of the second month following the quarter end. For example, Write-offs data for end-March would be published on the 21st working day of May.
The write-offs data in Table C2.1 relate to lending by UK banks and building societies only, and do not cover loans by other lenders. Prior to 2008, the data only covered write-offs by UK banks. Write-offs by building societies are included in Table C2.1 from Q1 2008 onwards. Data are available split by sector together with a limited industrial breakdown and an instrument split for Individuals data. Please see the explanatory notes on Write-offs and other revaluations of loans by monetary financial institutions for further detail.
Write-offs data do not include provisions against bad debts, non-performing loans, loans in arrears or impaired loans although it is likely that most loans written off will have been in these categories previously.
The Bank of England also publishes data on provisions for bad and doubtful debts. These are broken down by counterparty sector and include provisions made against impaired financial assets, including those assessed both individually and collectively. There is not a specific breakdown, however, into provisions made on secured and unsecured loans like the splits shown in Bankstats Table C2.1. Available data on provisions can also be found on the Database.
No, The Bank of England does not collect data on non-performing loans within our statistical returns.
No, these data are not seasonally adjusted.
Data are available quarterly and annually from 1993 onwards. Data for write-offs of loans secured on dwellings prior to Q3 1997 are estimates, not based on Bank of England statistical returns. Write-offs of loans to unincorporated businesses are based on estimates until Q4 1994, when they began to be collected.
Write-off rates are calculated by dividing the value of write-offs by the stock of loans outstanding at the previous comparable period. For example, the write-off rate for Q2 would be calculated as write-offs from Q2 over the amounts outstanding as at end Q1. A list of stock series for this purpose can be found on the Database.
Data are collected from a sample of UK resident monetary financial institutions (MFIs). Approximately 100 institutions are surveyed quarterly, and a further 75 are surveyed annually. Inclusion in the sample is determined by the size of the institution’s balance sheet, income, operating expenditure and foreign direct investment income.
The Office for National Statistics (ONS) collects data from other economic sectors and publishes the National Accounts.
It includes data for the legal banking entity but not the other legal entities of banking groups such as investment management and insurance subsidiaries. Since the introduction of the form PL in 2004, the income and expenditure data covers all the legal banking entities’ revenue items. This makes it easier for MFIs to reconcile the data with their published accounts.
The data includes MFIs’ business with non-resident counterparties. It does not however include the business of UK MFIs’ non-resident subsidiaries or branches.
No. The income and expenditure data collected on Form PL is used primarily for National Accounts purposes. As such, the reporting guidelines may differ slightly from standard accounting practices.
As part of the monetary policy framework introduced by the Chancellor of the Exchequer in 1997, the Bank of England holds its own foreign exchange reserves. These reserves can be used by the MPC in support of monetary policy. The reserves are separate from the Government's own foreign exchange reserves, which are managed by the Bank on behalf of the Treasury.
Where the Bank holds gold as custodian for central banks and other customers, these are off balance sheet.
The aggregate figures for banks' gross positions are at market values. This means that there are both volume and price factors affecting the published aggregates. Unfortunately it is not possible to identify changes in volumes of the range of derivatives products for which gross data are compiled and published.
No, data on the underlying nominal values are not collected on a regular basis from the Bank of England's reporting population. However, data on nominal values are collected on a semi-annual basis for a small sample of banks. This information is supplied to the Bank for International Settlements and features in their semi-annual OTC derivatives release.
The published data on banks' gross positions since 1998 reveal underlying growth trends, notably in options and swaps. Part of the answer to the fluctuations observed over the shorter term may be that some of the trading stimulus in derivatives markets is connected to the general degree of uncertainty in financial markets. When exchange rates and/or official interest rates are significantly stable, anecdotal information suggests that there is less need, per se, to enter into hedging or other trading strategies. Conversely, when markets are volatile, and there is a lack of market consensus as to future trends, there is scope for maximising future profit opportunities out of increased derivatives activity when spreads are widening. The contrast between peaks and troughs in market values may be exacerbated to some extent by the nature of OTC derivatives. A trader who seeks to match or offset an exposure represented by an existing OTC contract will engage in further OTC contracts in order to transfer the risk.
Differences arise between apparently equivalent series because of different coverage, source data and methodology. A summary is given below; more details are available in the explanatory notes.
The average quoted household interest rates in Table G1.3 are calculated from advertised rates for a sample of banks/building societies across a range of different deposit and lending products. For each product, individual lenders rates are weighted according to their market share. The end result is a weighted average quoted rate.
Banks' effective interest rates (Table G1.4) are compiled from a sample of banks that complete a monthly banking return. Average daily balances and accrued interest flows are provided for the whole of banks' deposit and lending business, broken down by sector and instrument. From this an annualised rate is calculated. The end result is a weighted average rate which covers all products available (stock and new business).
Sight deposits are defined as credit balances on customers' accounts where the entire balance is accessible without penalty either on demand or by close of business the following day on which the deposit was made. Time deposits are not accessible on demand without a penalty being incurred.
There are rates for interest bearing balances only and rates for all balances. The rates for all balances will include those balances which do not attract any interest. Within interest bearing balances, there are separate rates for credit card balance transfers, purchases, and cash withdrawal. And within all balances, there are separate rates for credit card balance transfers and purchases. These would include balances on a 0% balance transfer offer or 0% purchase offer.
No. We cannot provide any information about individual institutions and would suggest that you contact the bank directly for this information.
More information can be found at the official Bank Rate history. You can download the entire series or select the appropriate year(s) by clicking on the output options.
The Average quoted household interest rates (Table G1.3) and UK MFIs' (excluding central bank) effective interest rates (Table G1.4). Please read the explanatory notes (Quoted household interest rates and Effective interest rates) for these tables.
No we do not calculate such a rate. We do calculate an aggregate sight deposit rate and an aggregate time deposit rate. These are effective interest rates that can be found in UK MFIs' (excluding central bank) effective interest rates (Table G1.4) or by using the Database. A weighted average can be constructed using the balances published in Sectoral deposits and Divisia money (Table A6.1).
Interest rates for Buy-to-Let mortgages are included in the effective mortgage rates.
A quoted rate for buy-to-let mortgages fixed for 2 years with an LTV of 75% is published in Average quoted household interest rates (Table G1.3).
Interest rates for specific countries can normally be found on the central banks' website. For Euro area countries the ECB website can be used, please see the Statistical Data Warehouse.
Alternatively the national statistics department for that country may have these data.
The effective rates data are available monthly from January 2004. However, high level stock effective rates data are available back to 1999.
The quoted rates data are generally available monthly from January 1995.
The ER series includes non interest bearing balances which may result from a number of factors, namely: customers staying within their authorised limit, banks offering an interest free period, banks charging fees instead of a rate and non performing overdrafts not yet written off. Additionally the ER series includes a range of differently priced products offered to existing and new customers. This contrasts with the QR series which reflects the rates payable on current accounts available to the broadest range of customers.
Longer-run rates data are available in the Three centuries of macroeconomic data resource. Information about the long-run mortgage rates can be found in the Statistics article Historical sources of mortgage interest rate statistics.
When there are fewer than three banks or building societies in the sample for a particular product, the rate is suppressed to protect confidentiality.
This series is published as a quoted rate on 1yr fixed-rate bonds. It can be accessed through the interactive database or Bankstats table G1.3.
Most of our published rates do not incorporate fees.
Within the quoted rates on mortgages, the effect of fees is taken into account in determining which mortgage rate to choose from the numerous products often available for each bank or building society. This is done by calculating the effective rate of mortgage repayments on a loan of £150,000 for the relevant fixation period including the product fee spread over the length of fix. The advertised rate for the most competitive product is selected for the quoted rate calculation.
Within the effective rates on overdrafts, a series incorporating fee-charging overdrafts is published. This is available on the interactive database.
Many of our total fixed rate series are composed of a weighted average of a more detailed breakdown by fixation period. Each fixation period will have a different average rate. If the weight on a higher rated fixation period increases, total fixed rates will increase, even if the average rates on each of the fixation periods have fallen.
Information about the split between fixed and floating lending can be found in Bankstats table G1.5.
Quoted rates are updated with data for the previous month on working days 5 and 21. Effective rates are updated with data for the previous month on working day 21.
We do not publish rates by loan-to-income, however in the quoted rates data set we publish rates for different LTVs:
In 2016, the effective rates data collected for the household sector were split into ‘unincorporated businesses’ and ‘individuals & individual trusts’, to provide a more detailed sectoral breakdown and be consistent with other published statistics relating to lending to individuals.
The Bank continued to calculate and publish stock and new business rates for the total household sector where these data were available. Where a household series could not be compiled using ‘individuals & individual trusts’ and ‘unincorporated businesses’ data, the Bank started publishing the corresponding series for individuals & individual trusts. Given that unincorporated businesses make up less than 2% of the total household sector, these series are not materially different from current household series.
A full list of the discontinued series and the replacement series can be found in the Statistics article Developments in Effective Rates statistics.
Look at the Spot Exchange Rates on the Statistical Interactive Database.
Spot exchange rates are one value against another, ie £1 = $1.87. An Effective Exchange rate is a measure of the value of a currency against a trade-weighted 'basket' of other currencies, relative to the base date. It is calculated as a weighted, geometric average, expressed in the form of an index.
There is a separate link on the Database under Interest and Exchange Rates Data (Yield Curves).
There is a link to a separate spreadsheet showing the official Bank Rate going back to 1694 on the Interactive Database main page under Common Queries (Official Bank Rate History).
No, we only collect a certain few, mainly the most commonly used.
No, the only data we receive is from our dealers during the late afternoon, which we update on the Database at 9.30 the following day.
No, unfortunately the only data we provide is currently published on our website so we are unable to help in providing any further historical data than is already available.
No, all published Interest & Exchange rates data is published at 9:30am every working day. The data can be downloaded in HTML, Excel, XML and CSV format.
Permission requests, specifically on Interest & Exchange rates should be made by contacting email@example.com. Please refer to the copyright/disclaimer webpage for more information on using information from the Banks website or social media channels.
The exchange rates are not official rates and are no more authoritative than that of any commercial bank operating in the London foreign exchange market.
Series codes are first split into category of rate type, interest rates will begin with ‘IU’ whilst exchange rates will begin with ‘XU’. The third letter is an indication to the type of frequency i.e. A= Annual M= Monthly Q= Quarterly.