Financial Aggregates April 2004

Starting with this release, the Bank is broadening the scope of its credit data to better reflect the provision of housing loans that are subsequently securitised in mortgage-backed securities. Details of this change are provided in an explanatory note that accompanies this release. Historical data are available on request from the Media Office.

Based on the new definitions, total credit provided to the private sector by financial intermediaries (including securitisation of housing loans) rose by 1.5 per cent in April 2004, following a rise of 0.7 per cent in March. Over the year to April, total credit rose by 14.7 per cent. Housing credit grew by 1.6 per cent in April and by 20.4 per cent over the year, other personal credit grew by 1.0 per cent in the month and by 14.5 per cent over the year, and business credit grew by 1.4 per cent in the month and by 7.2 per cent over the year.