C1 Monetary aggregates

28 February 2017 03:00 p.m.
Reserve Bank of New Zealand
Data files
C1 (1988-current) (XLS 225 KB)
C1 quarterly (1934-1989) (XLS 52 KB)
Notes & coin held by the public M1 M2 M3 M3(R)
Date ($m) (Y/Y%) ($m) (Y/Y%) ($m) (Y/Y%) ($m) (Y/Y%) ($m) (Y/Y%)
Previous years:
Jan 2015 4,628 7.6 39,509 4.3 131,616 11.4 283,745 6.2 249,750 6.1
Jan 2016 5,026 8.6 43,842 11.0 148,585 12.9 305,370 7.6 270,756 8.4
Feb 2016 4,993 6.6 44,135 10.6 149,763 13.3 308,619 7.3 274,428 8.6
Mar 2016 5,050 8.5 46,929 10.7 153,852 13.6 312,606 7.8 278,224 8.8
Apr 2016 4,992 8.4 47,192 12.3 155,766 14.5 315,150 7.8 280,320 8.8
May 2016 4,940 6.7 45,925 9.7 152,569 11.4 313,589 7.3 278,880 8.6
Jun 2016 4,968 7.2 46,614 11.3 152,508 7.8 313,758 5.9 279,746 7.8
Jul 2016 4,974 5.1 47,496 12.2 153,456 8.3 316,906 6.3 283,162 8.1
Aug 2016 4,954 5.2 46,530 9.7 150,999 6.0 314,535 5.3 281,292 7.5
Sep 2016 4,971 3.1 46,881 7.8 149,620 2.7 313,698 4.8 280,720 6.2
Oct 2016 5,025 2.6 48,543 14.2 151,332 4.0 319,424 7.1 286,211 8.2
Nov 2016 5,188 5.5 48,946 8.8 153,140 2.2 322,011 5.9 288,389 6.7
Dec 2016 5,372 4.8 50,527 9.6 153,357 2.1 325,467 6.4 290,971 6.7
Jan 2017 5,274 4.9 48,584 10.8 150,882 1.5 324,913 6.4 289,747 7.0

The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

Monetary aggregates are Currency, M1, M2, M3, M3(R), and M3 and M3(R) excluding repurchase agreements. The monetary and credit aggregates start in March 1998.

The monetary aggregates cover the Reserve Bank, registered banks and non-bank financial institutions. See the list of M3 institutions included in the monetary aggregates

Data are published as end of month figures in millions of New Zealand dollars.

Balance sheet figures reported by the surveyed financial institutions conform to generally accepted accounting practice in New Zealand. In particular, values may be at book or ‘marked to market' according to appropriate practice for the instruments involved.

The resident/non-resident distinction in these tables is based on the geographical location of respondents and counterpart transactions. To facilitate statistical reporting however, the New Zealand income tax rules on residency are accepted as an approximation.




Released on or before the last business day of the month after the end of the reference month.

Access by the public

Statistics release calendar

The Statistics Release Calendar is updated and released on the last business day of the month. This is a long-term plan of scheduled releases.


Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses

Data are collected under Section 36 of The Reserve Bank of New Zealand Act 1989 (The Act).

The Reserve Bank of New Zealand publishes only aggregated data. Individual institutional data is confidential.

Provision of information about revisions and advance notice of major changes in methodology

Provisional data are italicised. Data are deemed provisional when a series is under review. New data, or revised data, are in bold font. Revisions are generally published when the table is next due to be updated and released. Should revisions need to be made more promptly, a note is posted on the website as a ‘special note'.

Any major changes in methodology are posted on the website as a special note.


Dissemination of documentation on methodology and sources used in preparing statistics

Changes to the way monetary and credit aggregates have been compiled since 30 June 1998 are explained in Financial Statistics, June 1998 Vol 1, No 2.

Dissemination of statistics that support statistical cross-check and provide assurance of reasonableness

For an alternative breakdown of the money and credit aggregates see the "Aggregated M3 Standard Statistical Return" (SSR) as it was disseminated until November 2004 (the structure has not changed, but the SSR is no longer provided).

In May 2005, the liability for coins issued by The Treasury prior to July 1989 was transferred to the Reserve Bank of New Zealand balance sheet. Prior to May 2005, coins issued by The Treasury represent the difference between the value of "Currency in circulation" recorded in the monetary tables C1 and C3 and that shown in table F1 (Reserve Bank of New Zealand Liabilities).

With the introduction of new coins in mid 2006, all old cupronickel ("silver") coin issued but not returned to the Bank were demonetised in the Reserve Bank's accounts from November 2006.

The liability for demonetised currency which has not been returned to the Bank has been removed from the liability for "Currency in circulation". It remains on the Reserve Bank's balance sheet and is included in "Other liabilities".

Refer to the contingent liabilities note in the Bank's latest annual report for details of the Bank's accounting policies for "Currency in circulation" together with details of its contingent liabilities.

List of M3 institutions included in published monetary and credit aggregates

  • Reserve Bank of New Zealand
  • M3 institutions
    • Australia and New Zealand Banking Group Limited
    • ANZ Investment Services (New Zealand) Limited (Bonus Bonds Unit Trust)
    • ASB Bank Limited
    • Bank of New Zealand
    • Citibank N.A, New Zealand Branch
    • Deutsche Bank AG, New Zealand (no longer included in M3 from 1 August 2016)
    • GE Finance and Insurance (no longer included in M3 from 1 September 2015)
    • The Hong Kong and Shanghai Banking Corporation Limited, New Zealand branch
    • Kiwibank Limited
    • Rabobank New Zealand Limited and Rabobank Nederland, New Zealand branch
    • Southland Building Society
    • TSB Bank Limited
    • Westpac Banking Corporation, New Zealand branch and Westpac New Zealand Limited

Updated October 2015

Unless otherwise specified, data are in New Zealand dollars

M3 institutions

Financial institutions that are surveyed by the Reserve Bank in compiling the monetary aggregates are defined as M3 institutions (listed in the background notes).

Notes and coin held by the public

Notes and coin on issue minus currency held by M3 institutions.


Includes notes and coin held by the public plus chequeable deposits, minus inter-institutional chequeable deposits, and minus central government deposits, all in New Zealand dollars.


Consists of M1 plus all non-M1 call funding (call funding includes overnight money and funding on terms that can of right be broken without break penalties) less inter-institutional non-M1 call funding. (See "Transaction EFTPOS (excl. cheque)").


The broadest monetary aggregate. Represents all New Zealand dollar funding of M3 institutions. Consists of notes & coin held by the public plus NZ dollar funding minus inter-M3 institutional claims and minus government deposits.


Resident M3 aggregate. Represents New Zealand dollar funding from New Zealand residents only.

M3 excluding repurchase agreements

New Zealand dollar funding of M3 institutions excluding securities sold under agreements to repurchase.

M3(R) excluding repurchase agreements

New Zealand dollar funding from New Zealand residents excluding securities sold under agreements to repurchase.

The Reserve Bank has been working with registered banks since mid-2015 to develop a new registered bank balance sheet collection that will replace the existing Standard Statistical Return (SSR).

In March 2017 the SSR will be retired and the publication of the following tables will be discontinued:


Interest rates on funding and claims


Monetary aggregates


Credit aggregates


Monetary and credit aggregate components


Balance sheet of M3 institutions


Sector credit


Household credit


Household deposits


Banks: Balance Sheet ($m)


Banks: Funding by sector ($m)


Banks: Claims by sector ($m)


Banks: Mortgage lending ($m)

In the first week of April 2017 we will publish data from the new balance sheet collection for the first time. Our first publication is aimed at replacing key data currently published from the SSR. Later in 2017 we plan to publish other more detailed data collected from the new balance sheet collection.

More in depth information on the new balance sheet data can be viewed on our statistics news and updates page www.rbnz.govt.nz/statistics

If you have any questions, please contact us at stats-info@rbnz.govt.nz.

28 February 2017

Symbols and conventions

0 Value rounded to zero
- Zero or not applicable
.. Not available
bold Revised/new
italics Provisional

General notes

  • Individual figures may not sum to the totals due to rounding
  • Percentage changes are calculated on unrounded numbers
  • You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.