Financial Aggregates April 2009

Total credit provided to the private sector by financial intermediaries rose by 0.1 per cent over April 2009, following a similar rise over March. Over the year to April, total credit rose by 4.6 per cent.

Housing credit increased by 0.7 per cent over April, following an increase of 0.7 per cent over March. Over the year to April, housing credit rose by 7.1 per cent. The rise in housing credit over April was mostly due to growth in lending to owner-occupiers, although lending to investors also rose.

Other personal credit fell by 0.3 per cent over April, following a decline of 0.4 per cent over March. Over the year to April, other personal credit fell by 6.6 per cent, reflecting a large decline in margin lending.

Business credit fell by 0.5 per cent over April 2009, following a decline of 0.6 per cent over March. Since its peak in November 2008, the decline in business credit has been due to falls in foreign currency denominated lending. Over the year to April, business credit rose by 3.5 per cent.

Over the month of April, M3 increased by 1.1 per cent and broad money increased by 0.7 per cent. Over the year to April, broad money grew by 11.8 per cent.

All growth rates for the financial aggregates are seasonally adjusted, and adjusted for the effects of breaks in the series as recorded in the footnotes to tables. Figures showing the levels of financial aggregates are not adjusted for series breaks. Historical levels and growth rates for the financial aggregates have been revised owing to the resubmission of data by some financial intermediaries, the re-estimation of seasonal factors and the incorporation of securitisation data.