Financial Aggregates August 2010

Total credit provided to the private sector by financial intermediaries rose by 0.1 per cent over August 2010, following an increase of 0.3 per cent over July. Over the year to August, total credit rose by 3.1 per cent.

Housing credit increased by 0.6 per cent over August, following an increase of 0.6 per cent over July. Over the year to August, housing credit rose by 8.1 per cent. Housing credit rose over August due to growth in lending to both owner-occupiers and investors.

Other personal credit declined by 0.2 per cent over August, after being flat in July. Over the year to August, other personal credit increased by 2.6 per cent.

Business credit fell by 0.6 per cent over August, following a fall of 0.2 per cent over July. Over the year to August, business credit declined by 4.0 per cent. Due to the reclassification of assets by a financial institution, business credit growth over the past year has been revised up slightly.

Over the month of August, M3 rose by 0.7 per cent and broad money increased by 0.5 per cent. Over the year to August, broad money grew by 4.5 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.