C2 Credit aggregates

28 February 2017 03:00 p.m.
Reserve Bank of New Zealand
Data files
C2 (1988-current) (XLS 183 KB)
C2 quarterly (1960-1986) (XLS 24 KB)
Date ($m) (Y/Y%) ($m) (Y/Y%) ($m) (Y/Y%) ($m) (Y/Y%)
Previous years:
Jan 2015 363,974 5.2 351,150 4.2 354,906 5.4 342,082 4.5
Jan 2016 390,588 7.3 374,678 6.7 382,815 7.9 366,906 7.3
Feb 2016 394,651 8.0 379,022 7.3 384,604 8.1 368,974 7.4
Mar 2016 399,115 8.3 382,464 7.4 388,111 8.2 371,461 7.3
Apr 2016 404,667 9.2 385,728 7.5 393,263 9.4 374,324 7.7
May 2016 402,107 8.6 384,427 7.5 394,438 8.8 376,758 7.7
Jun 2016 402,476 7.6 386,853 7.4 393,878 7.4 378,256 7.2
Jul 2016 407,387 7.9 390,762 7.7 395,914 7.3 379,289 7.2
Aug 2016 405,556 7.2 390,069 7.1 397,803 7.3 382,315 7.2
Sep 2016 408,554 6.8 394,295 7.6 399,437 7.0 385,178 7.8
Oct 2016 414,356 7.8 398,634 8.1 404,611 7.5 388,888 7.8
Nov 2016 416,399 7.0 400,231 6.8 405,832 7.2 389,665 7.1
Dec 2016 420,517 7.2 403,118 7.0 408,555 7.3 391,156 7.2
Jan 2017 420,624 7.7 403,102 7.6 410,620 7.3 393,098 7.1

The Data: Coverage, Periodicity, and Timeliness

Coverage characteristics

Credit aggregates are Private Sector Credit (PSC), Resident Private Sector Credit (PSC(R)), PSC and PSC(R) excluding repurchase agreements, Domestic Credit (DC) and Resident Domestic Credit (DC(R)).

The monetary and credit aggregates start in March 1998.

The credit aggregates cover the Reserve Bank, registered banks and non-bank financial institutions. See the list of M3 institutions included in the monetary and credit 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 credit aggregates are defined as M3 institutions (listed in the background notes).


Domestic credit (DC) is the broadest lending aggregate, consisting of claims (lending) of M3 institutions on central government, and of M3 institutions and the Reserve Bank on the private sector.


The resident domestic credit DC(R) aggregate includes New Zealand dollar claims on New Zealand residents only.


Private sector credit (PSC) is the sum of the Reserve Bank and M3 institutions' New Zealand dollar claims on the private sector, excluding inter-institutional claims.


The resident private sector credit (PSC) aggregate is the same data as PSC, but for New Zealand residents only.

PSC excluding repurchase agreements

New Zealand dollar claims, excluding securities purchased under agreements to resell.

Credit PSC(R) excluding repurchase agreements

New Zealand dollar claims on New Zealand residents, excluding securities purchased under agreements to resell.

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.