Financial Market Statistics

Transcription

1 Financial ket Statistics Balance of Payments and Financial ket Statistics Unit, SCB January Produced by Statistics Sweden on behalf of Sveriges Riksbank

2 Table of contents (to get to a specific table, click on the name of that table) FM5001tab1eng 4.10 Finance companies' lending broken down by collateral 4.11 MFIs' lending broken down by collateral Method 4.12 Housing credit institutions' lending to Swedish and foreign non-bank public broken down by collateral 4.13 Loans managed by housing credit institutions' on behalf of other entities outstanding amounts Part 1 Overview 4.14 MFIs' lending broken down by maturity 1.1 MFIs' assets 4.15 Lending to households incl NPISH broken down by the sector of the lender and purpose 1.2 MFIs' liabilities 4.16 MFIs' lending to Swedish and foreign non-bank public broken down by type of credit 1.3 Lending to and deposits from Swedish non-mfi 4.17 Banks' lending to Swedish and foreign non-bank public broken down by type of credit 1.4 MFIs' lending and deposit rates towards Swedish non-bank public 4.18 Housing credit institutions' lending to Swedish and foreign non-bank public broken down by type of credit 1.5 Money supply 4.19 Finance companies' lending to Swedish and foreign non-bank public broken down by type of credit 1.6 Securities issued on the Swedish market in SEK 4.20 MFIs' lending to Swedish and foreign non-bank public broken down by type of credit 4.21 Leasing from MFIs, broken down by type of leasing object Part 2 Money supply 4.22 Leasing from banks, broken down by type of leasing object 2.1 Diagram Money supply 4.23 Leasing from finance companies, broken down by type of leasing object 2.2 Method Money supply 4.24 Leasing from MFIs, broken down by counterpart 2.3 Money supply M0 M1 M2 and M3 stock figures 4.25 Leasing from banks, broken down by counterpart 2.4 Money supply M0 M1 M2 and M3 12-month growth rate % 4.26 Leasing from finance companies, broken down by counterpart 2.5 Former definition of Money supply M0 and M Specification of securitites MFI 2.6 Appendix for part 2 Money supply 4.28 Specification of securitites Banks 4.29 Individual pension savings Part 3 Balance sheets 4.30 Appendix for part 4 Specification of certain balance sheet items 3.1 Diagram balance sheets 3.2 Method balance sheets Part 5 Interest rate statistics 3.3 MFIs' balance sheet 5.1 Diagram interest rate statistics 3.4 Banks' balance sheet 5.2 Method interest rate statistics 3.5 Housing credit institutions' balance sheet 5.3 MFIs' lending rates 3.6 Finance companies' balance sheet 5.4 Banks' deposit and lending rates in comparison with a 6-month treasury bill 3.7 MFIs' balance sheet 5.5 Banks' lending rates 3.8 Banking companies, bank branches outside Sweden, foreign bank branches in Sweden and savings banks balance sheet 5.6 Banks' deposit rates 3.9 MFIs' balance sheet time series 5.7 Housing credit institutions' lending rates in comparison with a 6-month treasury bill 3.10 Banks' balance sheet time series 5.8 Housing credit institutions' lending rates 3.11 Housing credit institutions' balance sheet time series 5.9 Housing credit institutions' volumes of lending 3.12 Finance companies' balance sheet time series 5.10 MFIs' lending rates 3.13 MFIs' balance sheet time series 5.11 Appendix for part 5 Interest rate statistics 3.14 Banking companies' balance sheet time series 3.15 Bank branches outside Sweden balance sheet time series Part 6 The securities market 3.16 Foreign bank branches in Sweden balance sheet time series 6.1 Diagram concerning the securitites market 3.17 Savings banks' balance sheet time series 6.2 Method securities market 3.18 Appendix for part 3 Balance sheets 6.3 Bond market 6.4 Money market Part 4 Specification of certain balance sheet items 6.5 Borrowing instruments of housing credit institutions 4.1 Diagram certain balance sheet items 6.6 Appendix for part 6 The securities market 4.2 Method certain balance sheet items 4.3 Specification of MFIs' lending and deposits Part 7 MFIs' claims and liabilities outside Sweden 4.4 Specification of banks' lending and deposits 7.1 Diagram MFIs' claims and liabilities outside Sweden 4.5 Specification of counterpart for derivatives 7.2 Method MFIs' claims and liabilities outside Sweden 4.6 Lending to households and public sector plus deposits from households broken down by sub sectors 7.3 External positions of MFIs located in Sweden outstanding amounts 4.7 MFIs' lending broken down by collateral 7.4 Swedish owned MFIs consolidated foreign claims outstanding amounts 4.8 Banks' lending broken down by collateral 7.5 External positions of MFIs located in Sweden time series 4.9 Housing credit institutions' lending broken down by collateral 7.6 Swedish owned MFIs consolidated foreign claims time series 7.7 Appendix for part 7 MFIs claims and liabilities outside Sweden

3 Methods This Section describes how the publication is built-up and provides a comprehensive review of the methods generally used. For a more detailed description of either the money supply, interest statistics or the international receivables and liabilities of MFIs, refer to the respective Sections on Methods. Introduction The Riksbank has long compiled statistics with respect to Swedish Monetary Financial Institutions (MFI) and the financial markets - the Financial ket Statistics.The required information has mainly been collected on a monthly basis. Certain information has, nevertheless, been reported quarterly. Since Statistics Sweden has, on behalf of the Riksbank, assembled the Financial ket Statistics.This means that statistics regarding the circumstances as of and later are produced by Statistics Sweden. This applies generally with the exception that some parts of the interest statistics (part five) have been produced by the Riksbank up to and including Quarter 1, The information is assembled by Statistics Sweden and released monthly in the new publication. Each new release of Financial ket Statistics is accompanied by a Press Release.The new publication will be published for the first time in ruary It will refer to circumstances in The Statistics portray: - the comprehensive structure of the assets and liabilities of MFI, - the development of money supply and the extension of credit (deposits and lending), - the balance sheets of MFI, - the setting of rates by MFI, - the securities market. The new publication replaces the previous publication which has recently appeared on Statistics Sweden's website and which previously appeared on the Riksbanks' website. Contacts Contacts at Balance of Payments and Financial kets Statistics Unit, Economic and Statistics Department, Statistics Sweden: Jan-Olof Elldin firstname.lastname@scb.se Daniel Hansson firstname.lastname@scb.se Johannes Holmberg firstname.lastname@scb.se Telephone: fmr@scb.se Outline Composition of the publication A menu consisting of a set of tabs with headings appears on each page. (On the website, this menu may also act as a set of links to subordinate webpages.) A list of contents and this Methods Section are included in the menu. The diagrams which appear in the publication can be found in the introductory part as well as at the beginning of each respective part. The publication can be divided into the following parts: Part 1: Introduction. This briefly describes the main series. These series are further broken down later in the relevant part of the publication. Part 2: Money supply and its development The former money supply measurements can be found here. Part 3: The balance sheets of MFI. Current positions as well as percentage changes in current positions are shown here (under the first tab). Time series follow (under the next tab). Part 4: for Specifications selected balance sheet posts. This applies foremost to specifications of deposits and lending but also to leasing, securities and, lastly, to individual pension savings that are reported. Part 5: MFI' deposit and lending rates. Part 6: The securities market: Both the bond and the money markets are accounted for as well as a specification for borrowing instruments used by housing credit institutions. Part 7: Swedish MFI' international receivables and liabilities. A distinction is made between the consolidated receivables and the receivables and liabilities calculated for the solely Swedish share of the institute.

4 Time series Time series are to found in the tables included within the different parts of the publication. Complete time series are not included as a standard. In order to access complete time series, one must open the first row in a Table. In order to view any one single time series, click on the button displaying i a + -sign. This little button is located at the furthest left-hand side of the time series. In order to hide the time series from view again, click on the button displaying the - sign and located furthest to the left of the time series. In order to view all time series within a tab, click on the little button with number 2 in the upper left-hand edge. In order to hide them from view again, click on the little button with number 1 in the upper left edge.

5 General Method All series in the publication, except for the new money supply which is reported in Part 2, are calculated including foreign branches and excluding transactions with own foreign branches. This is in contrast to the data published by the European Central Bank, ECB, which is calculated excluding foreign branches but including transactions with own foreign branches. This distinction thus now also applies to the new money supply. The Reference Sector The reference sector refers here to that sector whose positions, particularly as lenders, receivers of deposits and issuers of securities, the statistics aim to describe. The publication generally presents the reference sector's Monetary Financial Institutions (MFI) which are then further divided into banks, housing credit institutions, finance companies and other MFI. In terms of the banks' balance sheets, a more refined breakdown, also to be found in the sector's structure, is available. General structure of the reference sector in the publication: Monetary Financial Institutions, MFI (21) Banks (excluding central banks) (212) Banking company Banking company in the rest of the world Foreign bank branches in the rest of the world (213) Savings banks Housing credit institutions (214) Finance companies (subset of sector 215) MFI Local government- and company-financed institutions (subset sector 215) Monetary securities companies (217) Monetary Financial Institutions (219) Monetary securities funds (216), (sometimes called money market funds), are not included in the MFI reference sector. They are included in the MFI sector. The same also applies to the Riksbank (211) which is also classified as a MFI yet is not included in the MFI reference sector. The sector's code according to the Standard Classification by Institutional Sector 2000, INSEKT 2000, is given in brackets. This classification standard defines Swedish sectors, sub sectors and sub-sub sectors. 1) Counterpart sector The counterpart sector refers here primarily to borrowers and deposit granters. The breakdown of counterparts depends to some extent on the different characteristics of items posted in the balance sheet. Those counterparts that are marked in bold are the usual counterparts. The sub-levels of the counterparts are shown here primarily for the purpose of describing them in the sector's details. The sublevels of the sectors marked in bold are solely reported on in exceptional cases and in specific tables (applies in reality only to households and the public sector). For certain Tables and instruments, there exist only less detailed breakdowns or no breakdown of counterparts at all. The notion of 'the general public' as a counterpart sector occurs other than in the sectors presented here. See the next Section. The two sectors - Non-MFI and MFI - add up to the total of all sectors, that is, the total economy. Non-MFI (Swedish and foreign) Swedish Non-MFI Non-monetary financial corporations ( ) Non-monetary securities funds (222) Non-monetary securities' companies (223) Insurance corporations and pension institutes (23) s Financial service corporations (24) Non-Profit Institutions serving Financial corporations (25) Investment corporations (224) Credit market companies (221) financial institutions (229) Non-financial corporate sector (1) Central government-owned Municipal government-owned Private s Public sector Swedish National Debt Office (312) Municipalities and county councils (4) Municipalities (41) County councils (42) Social insurance funds (50) Central government administrations excluding the Swedish National Debt Office (311 and 32) Households Households of the self-employed (61) households (62) Non-profit institutions serving households (7) 1) INSEKT 2000

6 Foreign Non-MFI Foreign Non-MFI (EU countries) Public sector excluding central banks Central governments Regional governments Municipalities Social insurance funds counterparts Insurance corporations financial institutions Non-financial corporate sector Households Non-profit institutions serving households Foreign Non-MFI (Rest of the world, excluding Sweden and the EU) Public sector counterparts MFI (Swedish and foreign) Swedish MFI (21) The Riksbank k (211) Banks (excluding central banks) (212) Foreign bank branches in Sweden (213) Housing credit institutions (214) monetary credit market companies (215) MFI Monetary securities funds (216) Monetary securities companies (217) Monetary Financial Institutions (219) Foreign MFI 1) Foreign (EU countries) Swedish bank branches foreign banks and their branches Swedish credit market company branches Monetary Financial Institutions 1) References to the rest of the world excluding MFI means, for these purposes, the rest of the world excluding the EU, all sectors except for Swedish bank branches, other foreign banks and branches as well as branches of Swedish credit market companies. For the EU excluding Sweden, the MFI concept as formulated in the report's questionnaire is used and counterparts other than MFI are included. Foreign MFI ( rest of the world excluding Sweden and the EU) Swedish bank branches foreign banks and their branches Swedish credit market company branches The sector's code according to the Standard Classification by Institutional Sector 2000, INSEKT 2000, is given in brackets. This classification standard defines Swedish counterparts by sector, sub sector and sub-sub sector. 2) The general public Non-MFI The notion of the general public has been changed to non-mfi as much as possible in the new publication. The definition of non-mfi lies under the tree structure. In certain cases, this has nonetheless been impossible since the collected questionnaires, which form the basis for the publication, do not currently fully enable this. Alternatively, another definition may exist - as in the case of the money supply. The notion of the general public appears in Part 2, 4 and 5 of the publication. The exact definition is presented in each of the Methods subsection of these parts. The MFI population and the basis for this publication All Monetary Financial Institutions are bound to report financial market statistics according to The Riksbank's regulations and general guidelines (RBFS 2003:2) on the reporting by institutions of money and banking statistics. At the start of 2006, there were 233 companies which were classified as MFI. Today, Banks, Housing credit institutions, Local government- and company-financed institutions as well as Monetary securities companies are classified as Monetary Financial Institutions. Monetary securities funds, sometimes called money market funds, are also currently classified as Monetary Financial Institutions although they are not currently subject to the same reporting requirements. Most of the information for the publication is obtained from an accounting-based form called the MFI form. The reporting parties are divided into three groups depending on the size of their balance sheet totals. Those included in the group which accounts for 95% of the balance sheet total report monthly while the other parties report quarterly, or annually if they belong to the group which accounts for 0.5% of the balance sheet total. Over the years, the content of the MFI form has changed. The newer forms contain, above all, a greater number of breakdowns than the older forms. Today's MFI form came into use at the turn of the year 2003/4. The greatest of content changes nevertheless occurred at the turn of the year 2001/2 when a common form for all MFIs was introduced. Prior to this, different types of institutions used different forms for reporting purposes. The changeover to a common form may have led to cases in which certain time series in the publication include definitions which differ over time. Differences in the definition of the MFI population over time have also occurred. Monetary securities companies are only included as of and from ch 2003 and credit market companies were classified as MFI in December Explanation of Symbols - Magitude nil.. Data not available or too uncertain to be stated. Category not applicable 2) INSEKT 2000

7 Quick facts Money supply - annual growth rate M1 5,0 % M2 12,5 % M3 5,7 % MFIs' lending to Swedish households incl. NPISH a) - annual growth rate b) 8,6 % MFIs' lending to Swedish households incl. NPISH a) SEK million Table 2.4 Table MFIs' lending to Swedish households for housing loans SEK million Table 4.15 MFIs' lending rates to Swedish households for housing loans Rates - new agreements during the month 3,42 % Table Rates - period ending stock 4,23 % Table Housing credit institutions' volumes of lending to households - new loans granted each month Flexible rate Fixed rate MFIs' lending to Swedish households broken down by collateral Loans with collateral in single-family dwellings and tenant-owner apartments collaterals Unsecured credits MFIs' lending to Swedish public broken down by type of credit c) Hire purchase credits Promissory note credits Delayed debits and credit card credits credits MFIs' deposits from Swedish households Entrepreneur households households SEK million SEK million SEK million SEK million SEK million SEK million SEK million SEK million SEK million SEK million SEK million SEK million SEK million SEK million SEK million Table Table Table 4.16 Table a) Non- profit institution serving households. b) Monetary Financial Institutions (MFI) include banks, housing credit institutions, local government- and company-financing institutions and monetary securities companies. c) Swedish public includes non-financial corporations, households, local government, government administration excl. the National Debt Office (RGK) and more.

8 1. OVERVIEW 1.1 MFIs' assets The reference sectors share of MFIs' balance sheet total 100% The reference sectors share of MFIs' total lending 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 2000-Jan2001-Jan2002-Jan2003-Jan2004-Jan2005-Jan2006-Jan2007-Jan-Jan-Jan 0% 2000-Jan2001-Jan2002-Jan2003-Jan2004-Jan2005-Jan2006-Jan2007-Jan-Jan-Jan 0% Banks Housing credit institutions Finance companies MFI Banks Housing credit institutions Finance companies MFI MFIs' assets, January 31,. SEK millions Balance sheet total Lending Securities Shares and other Deriviatives other than shares equitites assets Banks Housing credit institutions Finance companies MFI MFI totalt

9 1.2 MFIs' liabilities The reference sectors share of MFIs' deposits and borrowing 100% The reference sectors share of MFIs' issued securities etc. 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 2000-Jan2001-Jan2002-Jan2003-Jan2004-Jan2005-Jan2006-Jan2007-Jan-Jan-Jan 0% 2000-Jan2001-Jan2002-Jan2003-Jan2004-Jan2005-Jan2006-Jan2007-Jan-Jan-Jan 0% Banks Housing credit institutions Finance companies MFI Banks Housing credit institutions Finance companies MFI MFIs' liabilities, January 31,. SEK millions Balance sheet total Deposits Securities etc Deriviatives Equity and borrowing issued liabilities Banks Housing credit institutions Finance companies MFI MFI totalt

10 1.3 Lending to and deposits from Swedish non-mfi Lending to Swe. non-mfi, 12-month per cent change Deposits from Swe. non-mfi, 12-month per cent change 20% 20% 15% 15% 10% 10% 5% 5% 0% 0% -5% -5% -10% Dec Sep Dec Sep Dec Sep Dec Sep Dec Swe. non-mfi Households Non-financial corporations 0-10% Dec Sep Dec Sep Dec Sep Dec Sep Dec Swe. non-mfi Households Non-financial corporations Lending to and deposits from Swedish non-mfi, January 31,. SEK millions Lending to Swedish non-mfi of which of which non-financial households corporations Deposits from Swedish non-mfi Banks Housing credit institutions Finance companies MFI MFI totalt

11 1.4 MFIs' lending and deposit rates towards the Swedish non-bank public % MFIs' lending rates % 8 8 % Banks' deposit rates 8 % D J D J D J D Sep Dec Sep Dec Sep Dec Sep Dec D J D J D J D Sep Dec Sep Dec Sep Dec Sep Dec Swe. non-mfi Households Non-financial corporations Swe. non-mfi Households Non-financial corporations MFIs' lending and deposit rates towards the Swedish non-bank public, per cent MFIs lending to non-bank public of which of which non-financial households corporations Banks deposits from non-bank public of which households of which non-financial corporations Jan-08 4,93 4,99 4,92 2,86 2,55 3,17 Dec-08 4,46 4,70 4,19 1,72 1,60 1,84 Jan-09 4,10 4,36 3,79 1,60 1,54 1,64

12 1.5 Money supply % Money Supply M1 and M3-12 month change in per cent M1 M Dec 2001 Sep Dec 2002 Sep Dec 2003 Sep Dec 2004 Sep Dec 2005 Sep Dec 2006 Sep Dec 2007 Sep Dec Sep Dec Money supply M1, M2 och M3 12-mon change in 12-mon change in 12-mon change in M1, SEK millions M1, % M2, SEK millions M2, % M3, SEK millions M3, % Jan , , ,2 Dec , , ,2 Jan , , ,7

13 1.6 Securities issued on the Swedish market in SEK MSEK Outstanding amounts of Debt securities issued on the Swedish market Dec Sep Dec SepDec SepDec SepDec Sep Dec Sep Dec Sep Dec Bond market, Central gov. Money market, Central gov. Bond market, Housing institutions Money market, Housing institutions Outstanding amounts of Debt securities issued on the Swedish market in SEK, SEK millions Money market Bond market Central government Housing institutions Central government Housing institutions Jan Dec Jan

14 2. MONEY SUPPLY 2.1 Diagram Money supply 25 % Money supply M1, M2 and M3-12 month change in per cent ( 3 month moving average ) Dec Sep Dec Sep Dec Sep Dec Sep Dec Sep Dec Sep Dec Sep Dec Sep Dec M1 M2 M3 0

15 2.2 Method Money supply Introduction The money supply refers to the quantity of liquid mediums of exchange circulating in society. It is, nevertheless, not obvious what should be included in the definition of money. Normally, a number of measures of differing breadths are defined. The narrowest definition includes only cash while the broader definitions include different types of instruments which can be regarded as substitutes for money. The most usual study of the money supply may be investigations of different money supply measurements as indicators of inflation. The analysis of these aggregates may also be carried out for the purpose of obtaining complementary, primarily shortterm, indicators of real activity such as GNP. Another purpose could be to investigate the significance of money in the context of the financial markets influence on demand in the economy. Background In order to measure the quantity of money one usually divides society into different sectors: issuers of money and bearers of money. The actual money supply can thus be defined as the debt instruments of the issuers held by the bearer sectors. Up until and including December 2005, the issuer sector consisted of Swedish banks. Two central money supply measurements were calculated: M0 consisting of banknotes and coins in circulation and, M3 inclusive of deposits in banks as well as certificates of deposit. M3+ also includes the Swedish public's holding of Treasury bills. Of all the foreign central banks is it mainly at the European Central Bank (ECB) that the analysis of money supply aggregates has been given a prominent role. ECB has produced definitions of the money supply for the EU area. One sweeping change in terms of the many previous national measurements was that the issuer sector was broadened so as to not only include the bank sector. Since other financial institutions mediate credit and accept deposits, the concept of Monetary Financial Institutions (MFI) was created. Of all the foreign central banks is it mainly at the European Central Bank (ECB) that the analysis of money supply aggregates has been given a prominent role. ECB has produced definitions of the money supply for the EU area. One sweeping change in terms of the many previous national measurements was that the issuer sector was broadened so as to not only include the bank sector. Since other financial institutions mediate credit and accept deposits, the concept of Monetary Financial Institutions (MFI) was created. The Riksbank will produce, as of and from January 2006 onward, a set of money supply measurements - M0, M1, M2 and M3 - which will to a great extent be harmonised with the ECB definition. The objective has been to achieve as extensive as possible a harmonisation without unnecessarily increasing the data provision burden on financial institutions. The issuer sector has been broadened to include those liabilities of the MFI and the Swedish National Debt Office (RGK) which are of a monetary nature. Moreover, the debt instruments proposed in the ECB definitions are, for the most part, included in the measurement of the money supply. The handling of foreign branches of Swedish institutions has changed; the new money supply is to be calculated exclusive of foreign branches but including unsettled claims with foreign branches. It has been possible to calculate these money supply measurements in an acceptable way since and including January Definition of the new money supply measurements The issuer sector: MFI (and National Debt Office's (RGK) liabilities of a monetary nature) Neutral sector: Central government sector excluding National Debt Office's (RGK) liabilities of a monetary nature The bearer sector (The general public): sectors, that is, municipalities and county councils, social security funds, households including household nonprofit organisations (HIO), non-financial enterprises and non-monetary financial corporations. M0 M0 consists theoretically of the Swedish public's holdings of banknotes and coins issued by the Riksbank. It is the most liquid of the measurements. In practice, M0 is calculated as the total stock of banknotes and coins in circulation (formally a debt instrument in the Riksbank's balance sheet) minus the Swedish MFI's cash balances in Swedish krona. Since foreigners can also hold Swedish krona in cash, this calculation will yield a slightly too large M0. However, it can be assumed that these foreign holdings are small relative to the total stock of banknotes and coins in circulation. The Swedish definition of banknotes and coins in circulation also includes commemorative coins. In December 2007 the nominal value of commemorative coins was SEK 655 million. M1 M1 is equal to the sum of M0 and demand deposits in MFI and RGK by the Swedish public. Demand deposits are defined as overnight loans and deposits in transaction accounts. M2 M2 is equal to the sum of M1 and deposits, subject to certain terms, in Swedish MFI and RGK by the Swedish public. These term deposits comprise deposits redeemable at a notice of up to and to 3 months or deposits with a term to maturity of up to and to 2 years. M3 M3 is equal to the sum of M2 and interest-bearing securities, with a term to maturity of up to and to 2 years, issued by Swedish MFIs and held by the Swedish public. One practical problem with the calculation of M3 is that interestbearing securities can be resold on secondary markets. It is hence impossible for the issuers of interest-bearing securities to know how much of their debt burden is held by the Swedish public. In order to complete the calculation of M3 without having to seek information from the bearer sector, interest-bearing securities issued by MFIs in SEK is used as an approximation. Swedish MFIs holdings of these securities are excluded. Definition of the old money supply measurements Since financial analysis often requires long time series and the new money supply measurements can only be calculated in a satisfactory manner as of and from January 1998 onward, the publication of M0 and M3, according to previous definitions, continues based on monthly data as of and from 1961 onward. Splicing of the time series for new and old money supply measurements has not been carried out in this publication. The issuer sector: The Riksbank and banks (as well as Treasury bills issued by National Debt Office (RGK)) Neutral sector: Housing finance institutions, other monetary credit market enterprises, monetary mutual funds, monetary securities companies and fund commissioners, other monetary financial institutions (of which none exist today), social security funds, non-monetary securities companies, insurance corporations and pension fund institutions The bearer sector (the general public): sectors, that is, the central government other than RGK, municipalities and county councils, non-monetary mutual funds, financial service enterprises, non-profit organisations of financial enterprises, investment corporations, non-monetary credit market enterprises, other financial institutions, households including household non-profit organisations (HIC) and the non-financial business sector

16 Table of differences between new and old money market measurements, Table of differences between new and old money supply measurements, by sector by instrument Instrument Old New New money supply measurements Old money supply measurements Banknotes and coins M0 M0 Money issuing sector MFI Overnight loans M3 M1 The Central Bank The Central Bank Transaction accounts M3 M1 Banks (incl foreign branches located in Sweden) Banks (including foreign branches located in Sweden and Deposits with agreed upon terms to maturity of up to 2 years M3 M2 Housing credit institutions as well as treasury bills issued by National Debt Office (RGK) Deposits with agreed upon terms to maturity of over 2 years M3 monetary credit market companies Deposits with noice periods up to 3 months M3 M2 Monetary mutual funds Deposits with noice periods of more than 3 months M3 Monetary securities companies and fund commissioners Repo rates M3 M3 other monetary finacial institutions (of which none exist today) Shares in money market funds and money market instruments M3 National Debt Office's (RGK) liabilities of a monetary nature Certificates M3 M3 securities with terms to maturity of up to 2 years M3 The new money supply is calculated exclusive of foreign branches The former money supply was calculated including Public savings M3+ but including transactions with own foreign branches foreign braches Treasury bills M3+ Neutral sector Central government excluding National Debt Office's (RGK) Housing credit institutions liabilities of a monetary nature monetary credit market companies Monetary mutual funds Monetary securities companies and fund commissioners other monetary finacial institutions (of which none exist today) Social security funds Non-monetary securities companies and insurance corporations and pension funds Money holding sector / Local government Central government excluding National Debt Office (RGK) Non-bank public Non-monetary mutual funds Local government Financial auxiliaries Non-monetary mutual funds Non-profit institutions serving financial corporations Financial auxiliaries Investment companies Non-profit institutions serving financial corporations Non-monetary credit market companies Investment companies financial institutions Non-monetary credit market companies Non-financial corporations financial institutions Households including NPISH Non-financial corporations Social security funds Households including NPISH Non-monetary securities companies and insurance corporations and pension funds

17 2.3 Money supply M0, M1, M2 and M3 Month ending stock, SEK millions Notes and coins Notes and coins in circulation held by Swedish MFIs M0 of which financial intermediaries and financial auxiliaries Non-financial corporations Local government and Social securities fund Households excl. NPISH Non-profit institutionsserving households (a) (b) (c)=(a)-(b) (d) (e)=(c)+(d) SEK SEK SEK TOT SEK For. cur. TOT TOT TOT TOT TOT TOT Jul Aug Sep Oct Nov Dec Jan Continue money supply M0, M1, M2 and M3 Deposits with certain conditions in MFI and government sector, from Swedish non-bank public On demand-deposits in MFI and governmnent sector, from Swedish non-bank public of which financial intermediaries Non-financial corporations Local government and Social securities fund Households excl. NPISH Non-profit institutionsserving households M2 Repurchase agreements M1 Money market Debt securities fund shares issued 2 years by MFIs, held by Swedish non-bank public (k) = (f) (g)=(e)+(f) (h) (i) (j) (g)+(h)+(i)+(j) TOT SEK For. cur. TOT TOT TOT TOT TOT TOT TOT TOT TOT TOT Jul Aug Sep Oct Nov Dec Jan M3

18 2.4 Money supply M0, M1, M2 and M3 12-month percentage change 12-month percentage change 12-month percentage change in 3 month moving average M0 M1 M2 M3 M0 M1 M2 M3 Jul -1,2 4,6 11,2 16,8-1,3 4,7 9,9 16,1 Aug -1,3 2,8 9,2 13,0-1,1 3,6 9,3 14,7 Sep -0,9 2,9 9,3 8,5-1,1 3,4 9,9 12,8 Oct 0,9 1,9 9,5 5,5-0,4 2,5 9,3 9,0 Nov 0,5 3,0 11,0 4,7 0,2 2,6 9,9 6,2 Dec -1,0 5,4 13,5 8,2 0,1 3,4 11,3 6,1 Jan -0,4 5,0 12,5 5,7-0,3 4,4 12,3 6,2

19 2.5 Former definition of Money supply, M0 och M3 Month ending stock, SEK millions Money Money supply Bank deposits from Swedish non-bank public Bank- supply M0 Total Households Non-financial corporate sector certificat M3 TOT SEK For. cur. SEK For. cur. SEK For. cur. SEK For. cur. SEK TOT Jul Aug Sep Oct Nov Dec Jan

20 2.6 Appendix for part 2 Money supply December In December 2003 a reporting institution reclassificated parts of deposits. Deposits with certain conditions was transfered to on-demand deposits.

21 3. BALANCE SHEETS 3.1 Diagram balance sheets MSEK MFIs' assets by instrument MSEK MFIs' liabilities by instrument Dec Sep 2005 Dec Sep 2006 Dec Sep 2007 Dec Sep Dec 0 Dec 2005 Sep Dec 2006 Sep Dec Sep 2007 Dec Sep Dec Lending Securities other then shares Shares and other equities Derivatives assets Deposits Securities etc issued Derivatives liabilities Equity

22 3.1 Diagram balance sheets The reference sectors share of MFIs' lending to Swe. non-mfi MFIs' lending, 12-month change in per cent 100% 20% 90% 80% 15% 70% 60% 10% 50% 40% 5% 30% 20% 0% 10% 2000-Jan 2001-Jan 2002-Jan 2003-Jan 2004-Jan 2005-Jan 2006-Jan 2007-Jan -Jan -Jan Banks Housing credit institutions Finance companies MFI 0% -5% Dec Sep Dec Sep Dec Sep Dec Sep Dec Sep Dec Swe. non-mfi Households Non-financial corporations 0

23 3.2 Method balance sheets The balance sheets presented are mainly established according to the laws and directions that regulate accounting for monetary financial institutions in general. The central bank of Sweden has the possibility to assign exceptions from applicable accounting regulations when establishing statistical reporting.valid exceptions are specified in the central bank of Sweden s directions and general advice (RBFS 2003:2) regarding reporting of financial market statistics. The values presented always refer to aggregated level per reference sector, and institutions excluded from monthly reports are accounted for in the months situated t in between, with the book values of the most recent reporting period. From December 2001 and onwards, lending is accounted for in gross values, i.e. including reservations for uncertain loans, earlier periods are accounted for in net values. The accounted values for lending include financial leasing but exclude operational leasing. So called real repurchasing agreements are included in both deposits and lending.

24 3.3 MFIs' balance sheet January 31, MFIs' assets, SEK millions 1-month change 12-month change Position SEK Foreign currency Lending Non-MFI Swedish non-mfi financial intermediaries and fin auxiliaries Non-financial corporate sector Public sector Households incl NPISH Foreign non-mfi EU-countries Rest of the world MFI Swedish MFI Banks Housing credit institutions monetary credit market companies MFI Foreign MFI EU-countries Rest of the world Securities other than shares Shares and other equities Derivatives assets TOTAL ASSETS Swedish kronor Euro and EMU currencies EU currencies foreign currencies

25 3.3.2 MFIs' liabilities and equity, SEK millions 1-month change 12-month change Position SEK Foreign currency Deposits Non-MFI Swedish non-mfi financial intermediaries and fin auxiliaries Non-financial corporate sector Public sector Households incl NPISH Foreign non-mfi EU-countries Rest of the world MFI Swedish MFI Banks Housing credit institutions monetary credit market companies MFI Foreign MFI EU-countries Rest of the world Securities etc issued Certificates Bonds Debenture loans securities issued Derivatives liabilities Equity TOTAL LIABILITIES Swedish kronor Euro and EMU currencies EU currencies foreign currencies

26 3.4 Banks' balance sheet January 31, Banks' assets, SEK millions 1-month change 12-month change Position SEK Foreign currency Lending Non-MFI Swedish non-mfi financial intermediaries and fin auxiliaries Non-financial corporate sector Public sector Households incl NPISH Foreign non-mfi EU-countries Rest of the world MFI Swedish MFI Banks Housing credit institutions monetary credit market companies MFI Foreign MFI EU-countries Rest of the world Securities other than shares Shares and other equities Derivatives assets TOTAL ASSETS Swedish kronor Euro and EMU currencies EU currencies foreign currencies

27 3.4.2 Banks' liabilities and equity, SEK millions 1-month change 12-month change Position SEK Foreign currency Deposits Non-MFI Swedish non-mfi financial intermediaries and fin auxiliaries Non-financial corporate sector Public sector Households incl NPISH Foreign non-mfi EU-countries Rest of the world MFI Swedish MFI Banks Housing credit institutions monetary credit market companies MFI Foreign MFI EU-countries Rest of the world Securities etc issued Certificates Bonds Debenture loans securities issued Derivatives liabilities Equity TOTAL LIABILITIES Swedish kronor Euro and EMU currencies EU currencies foreign currencies

28 3.5 Housing credit institutions' balance sheet January 31, Housing credit institutions' assets, SEK millions Housing credit institutions' liabilities and equity, SEK millions 1-month change 12-month change Position Lending Deposits Non-MFI Non-MFI Swedish non-mfi Swedish non-mfi financial intermediaries and fin auxiliaries Foreign non-mfi Non-financial corporate sector MFI Public sector Swedish MFI Households incl NPISH Foreign MFI Foreign non-mfi EU-countries EU-countries Rest of the world Rest of the world Securities etc issued MFI Certificates Swedish MFI Bonds Foreign MFI Debenture loans EU-countries securities issued Rest of the world Derivatives Securities other than shares liabilities Shares and other equities Equity Derivatives TOTAL LIABILITIES assets Swedish kronor TOTAL ASSETS Foreign currency Swedish kronor Euro and EMU currencies Foreign currency EU currencies Euro and EMU currencies foreign currencies EU currencies foreign currencies month change 12-month change Position

29 3.6 Finance companies' balance sheet January 31, Finance companies' assets, SEK millions Finance companies' liabilities and equity, SEK millions 1-month change 12-month change Position 1-month change Lending Deposits Non-MFI Non-MFI Swedish non-mfi Swedish non-mfi financial intermediaries and fin auxiliaries Foreign non-mfi Non-financial corporate sector MFI Public sector Swedish MFI Households incl NPISH Foreign MFI Foreign non-mfi EU-countries EU-countries Rest of the world Rest of the world Securities etc issued MFI Certificates Swedish MFI Bonds Foreign MFI Debenture loans EU-countries securities issued Rest of the world Derivatives Securities other than shares liabilities Shares and other equities Equity Derivatives TOTAL LIABILITIES assets Swedish kronor TOTAL ASSETS Foreign currency Swedish kronor Euro and EMU currencies Foreign currency EU currencies Euro and EMU currencies foreign currencies EU currencies foreign currencies month change Position