Financial Aggregates July 2009

Total credit provided to the private sector by financial intermediaries rose by 0.2 per cent over July 2009, following an increase of 0.1 per cent over June. Over the year to July, total credit rose by 3.0 per cent.

Housing credit increased by 0.6 per cent over July, following an increase of 0.6 per cent over June. Over the year to July, housing credit rose by 7.3 per cent. The rise in housing credit over July was mostly due to growth in lending to owner-occupiers, with only weak growth in lending to investors.

Other personal credit declined by 0.2 per cent over July, following a fall of 0.3 per cent over June. Over the year to July, other personal credit fell by 6.4 per cent, reflecting a large decline in margin lending.

Business credit declined by 0.3 per cent over July 2009, following a fall of 0.6 per cent over June. Over the year to July, business credit declined by 0.7 per cent.

Over the month of July, M3 increased by 0.5 per cent and broad money increased by 0.1 per cent. Over the year to July, broad money grew by 9.3 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.