20 March 2001, 17:54 BOE provisional UK adj Feb M4 money supply-STATS and OVERVIEW
--BOE: UK prov adj Feb M4 money +0.3% on month; +9.1% on year
--BOE: UK provisional adj Feb M4 lending +6.1 bln stlg
--BOE: Securitisations reduced UK Feb M4 lending by 2.2 bln stlg
London, March 20 (BridgeNews) - Growth in February's seasonally
adjusted U.K. M4 broad money supply came in below expectations, rising a
provisional monthly 0.3% and an annual 9.1%, according to data released by
the Bank of England Tuesday. Adjusted M4 bank lending rose 6.1 billion
stlg. Forecasts were for a 0.6% monthly and a 9.5% annual M4 increase,
and a 7.8 billion rise in M4
lending. Securitizations were one factor behind the weaker than forecast
data.
* * *
Securitizations of residential mortgage debt and corporate lending
reduced M4 lending by 2.2 billion stlg, the Bank of England said. The way
the central bank accounts for securitizations means they reduce the total
stock of lending.
Overall M4 growth, at 9.1% year-on-year, was below the 9.4% recorded
in January. It was, however, still strong in comparison to the growth
rates seen in the past couple of years. Setting aside January, the last
time M4 growth was above 9.1% was in September 1998.
The data will add to the evidence that U.K. consumer demand has
remained robust in the early months of this year.
The following tables give provisional U.K. M4 monetary statistics for
February. All data are month-on-month and seasonally adjusted. Data from
the previous month are in brackets.
Feb Jan
Month-on-month 0.3 (1.2)
3 months annualized 8.1 (7.7)
6 months annualized 5.8 (9.4)
Year-on-year 9.1 (9.4)
M4 measures all bank and building society deposits together with notes
and coins in circulation and certificates of deposit. M0 meanwhile refers
to U.K.
notes and coins in circulation and banks' deposits with the Bank of
England. End
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