Money, credit & financial statistics – Special Notes and other changes
| M3 SSR survey | | Registered bank SSR survey | | Non-bank financial institution (NBFI) SSR | | M3 Money and credit aggregate series C1-C4 | | Sector analysis C5-C8 | | M3 Funding and claims – repurchases and interest spread C9-C10 | | Credit card statistics | | Managed funds survey | | Household Deposits |
M3 SSR survey
Dissemination discontinued
December 2004
Dissemination of the 'Aggregate M3 Standard Statistical Return (SSR) has been discontinued, with the latest aggregate M3 SSR available as at the end of November 2004. Publication has been discontinued for statistical and confidentiality reasons. There is no effect on the money and credit aggregate series, which continues in tables C1 - C4.
SSR Part D
April 2004
Revisions to industry classifications, from backdated information, have been implemented this month, from June 1998 onwards.
Registered bank SSR survey
Series break
May 2006
The March 2006 aggregate registered bank SSR tables exclude a respondent reclassified to the managed funds survey.
The series break is tabulated below;
|
Series breaks |
Assets |
Table C5 |
Table C6 |
|||
|
Break date |
Disseminated |
Liabilities |
Agriculture |
Business |
Housing |
Consumer |
|
February-06 |
March-06 |
0 |
- |
- |
-290.9 |
- |
Household deposits at registered banks
March 2005
Market monitoring of monthly household deposit data, prior to December 2004, was possible from either the ‘M3 aggregate SSR’ (in Part D) or table C8. Publication of updated data ceased as at November 2004. From December 2004, a new registered bank aggregate SSR has been disseminated on the web site.
To assist with monitoring household deposit growth, registered bank household deposit data and growth rates from December 1999 to November 2004 are provided in the table below. Registered bank household deposit data from December 2004 may be found each month in Part D of the registered bank SSR.
New survey introduced
December 2004
A new monthly aggregate registered bank SSR includes all banks registered in New Zealand. The format, data definitions and collection procedures are the same as for the M3 SSR, with the first available data for December 2004.
Aggregate M3 SSR publication discontinued
December 2004
Dissemination of the 'Aggregate M3 Standard Statistical Return (SSR)' has been discontinued, with the latest aggregate M3 SSR available as at the end of November 2004. Publication has been discontinued for statistical and confidentiality reasons
Non-bank financial institution (NBFI) SSR
Series break
4 May 2006
The March 2006 aggregate NBFI SSR tables include new respondents, for assets and liabilities. Earlier data have also been amended.
The series breaks are tabulated below.
Series break
31 January 2006
With the release of the aggregate NBFI SSR tables for the quarter ended December 2005, new respondents were introduced.
In consequence, there is a series break of $780 million for both assets and liabilities at December 2005.
Series break
December 2005
Revised changes in coverage, as at December 2005 caused a series of $156.2 million for agriculture lending and $5.6 million for business lending in table C5.
Series break
June 2005
Revised changes in coverage, as at December 2004, have caused a series break of $199.5 million for NBFI business lending in table C5.
Series break
May 2005
Changes in coverage, as at December 2004, have caused a series break of $88.5 million for NBFI business lending in table C5.
Announcement of new aggregate statistics - NBFI SSR
December 2004
A new quarterly aggregate NBFI SSR in the same format as for registered banks (but lesser data coverage) and with data from December 2004, includes the two NBFIs that contribute to the money and credit aggregates (i.e., that are ‘M3 institutions’) along with approximately 40 others.
NBFI definition
- The Bank surveys NBFIs with total assets of $100 million or more at the consolidated group level.
- Total assets for the purposes of inclusion in the NBFI survey include securitised loans administered and/or originated by the reporting entity.
- The class of NBFIs in the Bank’s survey are financial institutions whose principal business is credit provision and borrowing money from the public and/or other sources.
- Finance companies, building societies and other general financiers, with co-operative as well as proprietary structures, are the main institutional groups in the survey.
- From December 2004 onwards, the NBFI survey does not include group investment funds, unit trusts and various fund managers, friendly societies and life insurance-related intermediaries. This class of NBFI is included in the Bank’s quarterly and annual managed funds survey.
In the historical data, limited loan volumes from a few institutions from the NBFI group excluded from December 2004 (point 5 above) are included. Through amalgamation and attrition these values were immaterial by December 2004, but retention of these sources in the historical record provides a more coherent data series. The net change in housing growth from November 2004 to December 2004 is understated by $60 million as a result of the exclusion of NBFIs listed in point 5 above. There are no other series breaks.
Respondent coverage
For statistical and confidentiality reasons, institutions included in the NBFI survey are not identified by the Bank. The asset size and ‘consolidated group’ criteria for collection should allow robust market share assessment.
M3 Money and credit aggregate series C1-C4
C1 Monetary aggregates
Currency in circulation
10 August 2007
In May 2005, the Reserve Bank of New Zealand agreed to book on its balance sheet the liability for coins issued by The Treasury prior to July 1989. 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 the new silver 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.
"Currency in circulation" in Table C1 and C3 from August 2006 to June 2007 has been revised to fully capture these changes.
Money and credit aggregates series break.
May 2006
In February 2006, a respondent to the money and credit aggregate survey acquired assets previously not included in the series. The additional credit represents less than 0.3 per cent of resident private sector credit and is around a quarter of the net increase in PSC(R) for the month of February 2006. Total liabilities of M3 institutions increased approximately 0.2 per cent.
This change is not considered material. The money and credit aggregates reflect this series break without any adjustment.
Data for M1 has been revised
December 2003
From July 2000, following the receipt of backdated information. The change is due to the incorrect classification of new cheque product data as ‘Other call’. The impact of the revision is to increase the level of M1, offset by a reduction in the ‘Other call’ products in M2. The reallocation has no impact on the level of M2.
Addition of M3 and resident M3 series excluding repos
May 2002
The change to this table is the addition of M3 and resident M3 series excluding repos (M3 and M3R excl repos). The series has been presented separately in C6 but more logically belongs here. There is a break in the ex-repo series between May and June 1997. Prior to that date ex-repo data were not provided. The break is smaller than for non-resident data, and the extent of it can be gauged by reference to table C9, which provides repo data.
C2 Credit aggregates
Presentation change and new series
May 2002
Domestic credit, which is claims of M3 institutions on central government and the private sector, is presented first in the new table, simply reversing the order of presentation now used. ‘Ex-repo’ series for private sector credit, both including and excluding non-residents, are a new feature of the table, again as for M3, simply bringing these series from C6 to a more useful location. We have labelled PSC(R) excluding repos as ‘credit’, the same ‘jargon-free’ word used by the Reserve Bank of Australia for its equivalent series. Of the several aggregate credit series central banks routinely calculate, we think this one is the best ‘starting point’ for thinking about credit in a macro-economic context in New Zealand.
We have added another series to C2, a ‘securitisation adjustment’. This is a net ‘running total’ of levels differences introduced to the credit series by securitisation of residential mortgages since March 1998. Removing and adding mortgage portfolios, as has occurred among the M3 institutions surveyed for the credit aggregates, creates series breaks. We use these monthly levels adjustments to calculate the growth rate of credit and have chosen to make the method transparent and the means available to others who may wish to compute rates of change of credit on alternative bases. It is important that users realise that the levels in the securitisation adjustment series cannot be added to credit to obtain ‘total credit’. They are simply a device to enable the calculation of ‘like-for-like’ rates of change of credit, notwithstanding the existence of series breaks (whether or not caused by securitisation).
An important element of the private sector credit series is the fact that it has been compiled so that it represents around 95% of all private sector credit revealed in annual census surveys conducted by the Bank (partly for the purpose of monitoring this coverage). The same coverage of funding is achieved, and accordingly, to the extent it is possible, the credit and monetary series exhibit a minimum of bias introduced by the changing composition of the funding and lending market for deposit-taking financial institutions.
C3 Monetary and credit aggregates components
Currency in circulation
10 August 2007
In May 2005, the Reserve Bank of New Zealand agreed to book on its balance sheet the liability for coins issued by The Treasury prior to July 1989. 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 the new silver 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.
"Currency in circulation" in Table C1 and C3 from August 2006 to June 2007 has been revised to fully capture these changes.
Data revision from July 2000
December 2003
Data for M1 has been revised from July 2000, following the receipt of backdated information. The change is due to the incorrect classification of new cheque product data as ‘Other call’. The impact of the revision is to increase the level of M1, offset by a reduction in the ‘Other call’ products in M2. The reallocation has no impact on the level of M2.
Addition of ‘ex-repo’ series
May 2002
The purpose of this table is to reveal the logic of the money and credit constructs in C1 and C2. For completeness we have added the four ‘ex-repo’ series. A new feature of these tables for the Excel historical series only is introduced here: data series that had previously read horizontally are now presented in columns, to standardise formats for users.
C4 Balance sheets: M3 institutions
New data released - Total non-resident funding and claims
May 2002
Changes to this table are the addition of two new ‘memo item’ columns that total non-resident funding and claims. The foreign and domestic currency components of these items remain available but it is no longer necessary separately to compute the totals by residency.
C0 Monthly monetary aggregate
Discontinuation of the Weekly M1, M3 and PSC survey
April 2001
The Reserve Bank has discontinued the collection of data from M3 institutions for the purpose of constructing weekly monetary and credit aggregates (M1, M3 and PSC). The last set of published weekly data relates to 28 March 2001. Weekly aggregate data have been published by the bank since 1991. The objective of these aggregate series has been to provide information on money and credit on a timelier basis than was possible with the core monthly series, and for analytical purposes with data at a higher frequency than monthly.
The Bank’s monthly monetary and credit aggregate series are more comprehensive, providing M1, M3, M3R (resident M3), PSC, PSCR, including and excluding repos. It has been concluded that reporting costs for the Bank and respondents for the weekly series outweigh any analytical benefits available. This decision is in line with that taken by the Reserve Bank of Australia, which ceased collection of weekly data in June 2000.
The historical weekly series will remain available on the Bank’s website.
Sector analysis C5-C8
C5 Sectoral resident ex-repo credit aggregates
The data surveys were extended in scope from December 2004.
December 2004
All registered bank agriculture, business and household sector credit is now included in them, along with more comprehensive coverage of non-bank financial institutions (NBFIs) on the same sector basis. These data were backdated monthly, retaining the integrity of the previous series and linking it on a ‘like for like’ basis. The business sector credit series begins in June 1998: the agriculture and total household claims series commence as before at December 1990.
Sector credit for households and business is distinguished by registered bank and NBFI institutional group from June 1998.
New C5 table
May 2002
This table replaces the ‘old’ C5, ‘New Zealand dollar and foreign currency funding and claims outstanding: M3 institutions’. The series from the former C5 are available in C4 (currency distinction) and C3 and C9 (inter-institutional claims).
Credit in New Zealand can be divided most easily and reliably into three main sectors: households, agriculture and business. For some time we have been able to provide a monthly series of household claims from 1990, comprising mainly household claims of banks (M3 institutions), supplemented by the household claims of several smaller institutions. This series provides monthly coverage of around 95% of the total household claims obtained from an annual census survey of lending institutions, and from estimates of non-institutional lending sources. The series has previously been presented as C10.
Lending to agriculture (almost entirely farmers, but with a very minor ‘agriculture services’ component) is one of the ‘industry sector’ breakdowns obtained from the SSR and presented, with other industry sectors, in the former table C9. From June 1998 the series has been better measured than it was earlier in the decade, and recent work suggests that it comprises around 95% of all lending to agriculture, excluding family loans. Earlier in the decade there were a number of breaks in the agriculture claims series and some data quality issues.
Work has been undertaken to restate monthly data in earlier years, and to compile a more comprehensive series for farm lending, including the claims of smaller lenders no longer included in the backdated credit series since June 1998. As a result, C5 now presents a monthly agriculture lending series on the same compilation principle as the household claims series. Prior to June 1998, the agriculture series is different from that previously published in C9, but from June 1998 it is the same as that published in (the former) table C9 (now C7). From December 1990 to May 1998 inclusive the major component of the C5 agriculture series are from institutions included in the M3 institution credit series. However, the C5 series, having been revised and including other institutions’ data, is not be the same as that which can be found in data originally published in C9 (the discrepancy is never more than 4%).
With the establishment of consistent agriculture and household claims data series as monthly components of credit (PSCR ex-repo), the residual becomes business (including finance) credit. The most volatile of the three sectors, business credit is often compiled by means of a residual method by central banks. C5 introduces two new business credit series. The first is a long-run ‘business including ex-repo finance’ from 1990 to date: there is a break in this series between May and June 1997, just as there is for the PSCR ex-repo series. From June 1998, C5 separates the finance sector from the ‘business’ aggregate, to show both ex-repo series. From 1998, improved measurement practices have enabled the ‘finance’ component of business credit to be better identified. ‘Finance’ includes the insurance category. It is probable that there remain some problems of consistency among the finance and business series from month to month, but the financial industry and the bank are working continuously to improve data reliability.
C6 Total household claims
The data surveys were extended in scope from December 2004.
December 2004
All registered bank household sector credit is now included in them, along with more comprehensive coverage of non-bank financial institutions (NBFIs) on the same sector basis. These data were backdated monthly, retaining the integrity of the previous series and linking it on a ‘like for like’ basis. The household claims series commence at December 1990.
Table C6 now distinguish sector credit for households by registered bank and NBFI institutional group from June 1998.
Addition of four new respondents
September 2004
The September 2004 Household claims data release incorporates fully-backdated household borrowing data from four new respondents in the ‘non-M3’ category. These are Australian Mortgage Securities (NZ) Limited, Interstar Securities NZ, Kookmin Bank and St George Bank New Zealand Limited. This increase in survey coverage has brought table C6 housing loan coverage to 98 per cent by value of the housing total recorded in a full annual survey, and to 95 per cent coverage for all household loans.
Change of table name and content
May 2002
The former C6, ‘Securities repurchase agreements: M3 institutions’ becomes C9, with modifications.
The former C10, Household claims is re-presented here, with the addition of the computation of net monthly changes in the series, annual percentage change calculations, and seasonally adjusted levels and monthly percentages changes for the total household claims series.
C7 Sectoral analysis of outstanding New Zealand dollar claims: M3 institutions / Registered Banks
Revised respondent grouping
June 2008
Table C7 provides a sector breakdown of registered bank lending in New Zealand dollars (NZD). The sectoral split is based on the ANZSIC classification as produced by Statistics New Zealand, including households and the non-resident sector. Prior to November 2004, a sectoral breakdown of lending by M3 institutions was published monthly. This historical data can be found with other discontinued tables.
Change of table name and content
May 2002
The existing C7, ‘Interest rates of New Zealand dollar funding and claims’ becomes C10.
This table is the former C9, simply renumbered. The historical Excel workbook presents the data in three separate tabs broken into sections that reflect the original data composition and definitions at the time it was collected.
Revisions to sectoral analysis tables
June 1998
These tables classify New Zealand dollar funding and claims by industrial, household and non-resident sectors. The Australia and New Zealand Standard Industry Classification (ANZSIC) coding system is used for industry sectors. Financial institutions use the ANZSIC code appropriate to their depositors and borrowers to allocate funding and claims shown in these tables. The ANZSIC code describes the principal activity of customers.
During 1996 and 1997 several major M3 institutions, and many smaller ones, completed information system projects that improved their technical capacity to code customers. Also, major efforts have been made to allocate codes to customer records. As a result, it has been necessary to accept several discontinuities in these tables, with backdating often not possible in 1996. Series disruption has been minimised by backdating 1997 claims and funding revisions to December 1996. These series breaks are explained below.
From June 1998, foreign currency funding and claims were no longer collected by ANZSIC code. This has created a further discontinuity in these tables. At the same time, improvements to data recording by several institutions affected several industry sectors, notably the reported level of household claims; a category also affected in a very minor way by the removal of foreign currency loans. Discontinuities caused by reclassification are regretted but are implemented in order to provide more accurate data.
Discontinuities in the table from December 1995
June 1998
There are discontinuities in the table, most evident in the December quarter 1996. Implicit annual growth rates of sectors in table C7 therefore need to be treated with caution between December 1995 and December 1997. Rates of growth for total household sector claims however are relatively unaffected, subject to the note below. The total for gross claims is not affected.
Allocation of total household claims between the ‘Household - housing’ and ‘Household - other’ series has altered prior to December 1996, and again between May and June 1998. Furthermore, from March 1998, securitisation of residential mortgages has had an impact on the household sector. All the household claims breaks in table C7 are overcome in C5 and C6.
Household claims:
June 1998
The most easily accessible and frequently published household claims series in New Zealand until June 1998 was the ‘household’ segment of table C7, which categorises gross lending by industrial sector, and includes the household sector as well. The introduction of a reduced survey for the purposes of compiling monetary and credit aggregates from June 1998 reduced the coverage of household lending, which has significance for monetary policy. Therefore a new survey designed to collect household claims data was introduced. The new ‘Household Claims’ series published here in tables C5 and C6 incorporates the household claims data from table C7. For data from December 1990 to May 1998, it incorporates revisions not made to C7, and breaks in the data series arising from institutional reclassification. From June 1998, C7 data as published is complemented by similar data from a group of household lenders not included in the monetary aggregates, and household claims managed under securitisation and capital market funding programmes.
The coverage of household claims has been increased by the new series, but it is not comprehensive. For example, it does not include loans to households from credit unions, life insurance companies, smaller financial institutions formerly included in table C7 that are now not in the household claims series (less than $400 million), and direct lending, such as that through solicitors’ nominee companies. It is estimated that close to 95% of institutional household claims, (not including student loans), is captured by this series. June Bulletins for the years 2000 to 2003 have carried an article reviewing household financial assets and liabilities (among other credit series). Comprehensive household loan data on an annual basis since 1979 is available in an Excel workbook.
The series ‘Household Claims’ will be revised from time to time as a result of reporting improvements at respondent institutions, institutional changes such as mergers, and the introduction of new respondents. Where possible, data will be backdated. Where backdated figures are not available, the series will be ‘spliced’ to retain a data series that can be used to illustrate longer-term trends in household lending. Significant efforts are made to monitor data month by month so that the net monthly movement in the series may be of use to financial markets. The distinction between ‘housing’ and ‘other’ cannot be made for data prior to June 1998 on a monthly basis. However, there is a quarterly average series for table C6.
Prior to June 1998
April 1994
All sectoral analyses contain foreign currency funding/claims. See table below. All series: break in April 1994. See explanatory table below.
Series breaks in table C7 and Aggregate Summary CCSSR part D2 |
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June 1990 to March 1994 |
April 1994 to May 1998 |
June 1998 onwards |
|
Sectoral analysis of combined NZ dollar and foreign currency claims |
NZ dollar claims only |
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|
1 Agriculture, Hunting, Forestry & Fishing |
1 Agriculture |
D2.1 Agriculture |
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|
2 Forestry |
D2.2 Forestry |
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|
3 Fishing |
D2.3 Fishing |
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2 Mining |
4 Mining |
D2.4 Mining |
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3 Manufacturing |
5 Food manufacturing |
D2.5 Food manufacturing |
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6 Textiles and clothing manufacturing |
D2.6 Textiles and clothing manufacturing |
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7 Wood and paper manufacturing |
D2.7 Wood and paper manufacturing |
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8 Other manufacturing |
D2.8 Other manufacturing |
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4 Electricity, Gas and Water |
9 Electricity, Gas and Water |
D2.9 Electricity, Gas and Water |
|
5 Building and Construction |
10 Building and Construction |
D2.10 Building and Construction |
|
6 Wholesale and Retail Trade & Restaurants & Hotels |
11 Wholesale trade |
D2.11 Wholesale trade |
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12 Retail trade |
D2.12 Retail trade |
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13 Accommodation and restaurants |
D2.13 Accommodation and restaurants |
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7 Transport, Storage & Communication |
14 Transport and storage |
D2.14 Transport and storage |
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15 Communications |
D2.15 Communications |
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8 Financing, Insurance & Real Estate |
16 Finance - excluding M3 claims |
D2.16 Finance - excluding M3 claims |
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18 Insurance |
D2.17 Finance - claims on other M3 |
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19 Property and business services |
D2.18 Insurance |
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D2.19 Property and business services |
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10 Government administration |
20 Government administration |
D2.20 Government administration |
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9 Community, Social & Personal Services |
21 Education |
D2.21 Education |
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22 Health and community services |
D2.22 Health and community services |
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23 Culture and recreation |
D2.23 Culture and recreation |
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24 Personal services |
D2.24 Personal services |
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11 Household - housing |
25 Household – housing |
D2.25 Household - housing |
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12 Household - other |
26 Household – other |
D2.26 Household - other |
|
|
27 Household – total |
D2.27 Household - total |
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13 Non-residents |
28 Non-residents |
D2.28 Non-residents |
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14 Unallocated |
29 Unallocated |
D2.29 Unallocated |
|
15 Total Claims |
30 Total Claims |
D2.30 Total Claims |
C8 Sectoral analysis of New Zealand dollar funding: M3 institutions / Registered Banks
Revised respondent grouping
June 2008
Table C8 provides a breakdown of registered bank funding in NZD, by sector. The sectoral split is based on the ANZSIC classification as produced by Statistics New Zealand, including households and the non-resident sector. Prior to November 2004, a sectoral breakdown of funding by M3 institutions was published monthly. This historical data can be found with other discontinued tables.
Revision of data
February 2005
On 25 February 2005 the level of household deposits in discontinued Table C8 was revised upwards from December 2000 onwards.
Discontinued as at the end of November 2004
December 2004
This table, extracted from the M3 SSR, was discontinued as at the end of November 2004. Equivalent data is available in Part D of the new aggregate registered bank SSR.
Discontinuities in the Household funding series for March 1995
June 1998
Substantial revisions were made to Household funding data in this table during calendar 1995 and 1996, resulting in several discontinuities in this series. There are discontinuities in the Household funding series for March 1995, and at various dates in 1996. For ease of comparison across time, the rate of growth of household funding in calendar years 1995 and 1996 is estimated to have been 9 percent in both years. Note that the revision to the survey population in 1998 resulted in $1.8 billion of household funding being removed from the survey at June 1998.
Prior to June 1998
April 1994
All sectoral analyses contain foreign currency funding/claims. See table below. All series: break in April 1994. See explanatory table below.
Series breaks in Table C8 and Aggregate Summary CCSSR part D1 |
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from June 1990 to March 1994 |
From April 1994 to May 1998 |
June 1998 onwards |
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Sectoral analysis of combined NZ dollar and foreign currency funding |
NZ dollar funding only |
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1 Agriculture, Hunting, Forestry & Fishing |
1 Agriculture |
D1.1 Agriculture |
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2 Forestry |
D1.2 Forestry |
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3 Fishing |
D1.3 Fishing |
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2 Mining |
4 Mining |
D1.4 Mining |
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3 Manufacturing |
5 Food manufacturing |
D1.5 Food manufacturing |
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6 Textiles and clothing manufacturing |
D1.6 Textiles and clothing manufacturing |
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7 Wood and paper manufacturing |
D1.7 Wood and paper manufacturing |
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8 Other manufacturing |
D1.8 Other manufacturing |
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4 Electricity, Gas and Water |
9 Electricity, Gas and Water |
D1.9 Electricity, Gas and Water |
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5 Building and Construction |
10 Building and Construction |
D1.10 Building and Construction |
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6 Wholesale and Retail Trade & Restaurants & Hotels |
11 Wholesale trade |
D1.11 Wholesale trade |
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12 Retail trade |
D1.12 Retail trade |
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13 Accommodation and restaurants |
D1.13 Accommodation and restaurants |
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7 Transport, Storage & Communication |
14 Transport and storage |
D1.14 Transport and storage |
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15 Communications |
D1.15 Communications |
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8 Financing, Insurance, Real Estate & Business Services |
16 Finance |
D1.16 Finance |
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17 Insurance |
D1.18 Insurance |
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18 Property and business services |
D1.19 Property and business services |
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10 Government administration and defence |
19 Government administration and defence |
D1.20 Government administration and defence |
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9 Community, Social & Personal Services |
20 Education |
D1.21 Education |
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21 Health and community services |
D1.22 Health and community services |
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22 Culture and recreation |
D1.23 Culture and recreation |
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23 Personal services |
D1.24 Personal services |
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11 Households |
24 Households |
D1.27 Households |
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12 Non-residents |
25 Non-residents |
D1.28 Non-residents |
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13 Unallocated |
26 Unallocated |
D1.29 Unallocated |
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14 Total Funding |
27 Total Funding |
D1.30 Total Funding |
M3 Funding and claims – repurchases and interest spread C9-C10
C9 Securities repurchase agreements: M3 institutions
Revised respondent grouping
June 2008
Table C9 previously included only M3 institutions. As of June 2008, the survey respondent group is all registered banks. Historical data is available from December 2004 onward. Previously published data on repurchase agreements of the M3 grouping are still available in the historical MS Excel file supplemental to the C9 table.
Change of table name and content
May 2002
This table is the former C6 and retains the repo and reverse repo series data.
C10 Interest rates of New Zealand dollar funding and claims: M3 institutions
Revised respondent grouping
June 2008
Table C10 previously included only M3 institutions. As of June 2008, the survey respondent group is all registered banks. Historical data is available from December 2004 onward. Previously published data on interest rates of the M3 grouping are still available in the historical MS Excel file supplemental to the C10 table.
Change of table name and content
May 2002
This table is the former C7, without change.
The new series descriptions and background notes for the new formats are accessible by a ‘button’ at the head of each ‘C’ table.
Change of periodicity
June 1998
The weighted average interest rates of NZ dollar funding and claims of M3 institutions are on a monthly basis from June 1998.
Credit card statistics
New credit card survey data
March 2001
Revised and additional data from the new credit card survey have been disseminated since March 2001, backdated to July 2000. New data series are available for C12 ‘Balances outstanding, limits and interest rates’. For C13 ‘Amounts outstanding’ (billings), the presentation of existing data series has been improved to provide more useful information. In both cases, minor revisions to past data have been made.
'Table C12 retains the long-run ‘total advances outstanding’ and total credit limit series, for which historical data is available from the website from 1981. The long-run series previously labelled ‘weighted average interest rate’ reported the interest rates of the ‘classic’ most commonly available card, weighted by total outstandings of each issuer. This series has been recalculated as a simple average. Until August 2000, there is very little change to results obtained using the weighted average, but from this point two new classic card issuers’ rates are introduced (AMEX and TSB Bank), which accounts for the break in the new simple average series at that point. All of this data has a reference date of the end of the month. From and including October 2001, The Warehouse data have been included in the survey, affecting all but one of the C12 data categories to an extent.
New data in C12 includes deposit balances held in credit card accounts at month end. In addition, for personal cards only, on a daily average basis the monthly total advances outstanding is split between interest-bearing and non-interest-bearing balances. This was formerly estimated at month end, on all balances (business and personal). As part of this change, a weighted average interest rate on interest-bearing balances has been calculated using approximation techniques explained in the series description. The effective rate of interest on all personal balances is also provided. By way of comparison, the December 2000 ‘weighted average interest rate’ for classic cards only was 19.2% - weighted by all cards on issue the interest rate is 18.1%. The extent of this difference is no longer as marked when measured against the new simple average series because the two new classic card issuers’ card rates introduced to the new historical simple average series are lower than the average of the five card rates used under the former methodology.
'Table C13, formerly titled ‘Monthly billings’, provides the three existing series in two different formats. Minor revisions have been made to the data, which is available in the historical format from 1981 for billings on domestic cards, and from December 1993 for billings overseas on domestic cards and in New Zealand on cards issued overseas. The former total billings series is now ‘amounts financed on cards issued in New Zealand’, arrived at by combining domestic card billings in New Zealand and overseas: this is the series that began in 1981. A new total is computed for amounts financed on cards used in New Zealand, by adding billings in New Zealand on domestic cards to spending on cards in New Zealand by visitors to New Zealand. From and including October 2001, there is a change in coverage, causing a series break, affecting all but one of the C13 data categories to an extent.
Note that as before, rates of growth of billings are calculated on a seasonally-adjusted basis, taking into account trading days.
Managed funds survey
Revisions, changes to table presentation and future developments
June 2008
Over the last 6 months the RBNZ has been reviewing the Quarterly Managed Fund Survey (QMFS). The review coincided with a number of changes occurring in the fund management industry including the introduction of Kiwisaver and changes to taxation regulation. These changes have provided an opportunity to enhance the QMFS, as many fund managers have invested in improved information systems. The review has produced a new QMFS questionnaire, used for the first time this quarter, to capture the new information. Survey coverage was increased by adding new respondents (from the December 2007 QMFS release).
As a result of some of the changes outlined above there have been revisions to survey data and changes have been made to the presentation of the QMFS tables. These are described in more detail below.
QMFS revisions
From December 2003 superannuation funds under management (FUM) has been revised upwards by approximately $1 billion each quarter. In addition a revision downwards has been made to unit trust and other funds under management and the level of total FUM has fallen each quarter by around $400 million. These revisions reflect the improvements in reporting that several institutions have been able to achieve. In addition it should be noted that some movement between product categories has resulted from the introduction of the taxation changes.
Changes to presentation
The introduction of the new questionnaire will result in changes being made to the QMFS tables over the next year. This quarter the following changes have been made.
- Previously separately identified series have been aggregated. Unitised life insurance products and non-unitised life insurance products have been aggregated to a single life insurance category. Similarly, employment-related superannuation and other superannuation have been aggregated a single superannuation category.
- New tables have been developed. Three new tables have been introduced (C15a, C15b and C15c). These tables provide alternative views of the data presented in table C15. For example, table C15c shows each product category as a share of total FUM.
Within the next year we expect to make the following changes.
- Separate superannuation into Kiwisaver and other superannuation (Kiwisaver FUM are included in superannuation from December 2007).
- Identification of FUM in Portfolio Investment Entities (PIEs)
Historical tables are still available and can be accessed in the table C15 excel spreadsheet. These tables do not incorporate the revisions noted above.
Managed Funds Survey; June 2007 Series Break
August 2007
Total funds under management for June 2007 include around $500m in the 'other funds' category not previously captured in the survey.
Series break
November 2005
The September 2005 Managed fund survey contains a series break. This occurs in unit trust funds under management as a result of the incorporation of property assets previously outside the survey. In the June 2005 quarter, prior to being eligible for inclusion in the September survey, the value of these assets was approximately $450 million.
Household sector funds under management
December 2004
The total of managed fund assets attributable directly to households was incorporated as a memo item, with quarterly data available from December 2003 and presents all funds under management (FUM), by product and asset category.
Not all of these funds are received directly from households. Charity, trust and business sources contribute about 10 per cent of FUM in the quarterly managed funds survey.
Life insurance and pension product FUM are all attributable to households in table C15. Non-household-sourced FUM are reported either under unit trust/group investment or `other funds' product categories.
Survey coverage increased
December 2003
The survey population for the quarterly survey increased from 17 to 28 reporting fund managers for December 2003. The additional fund managers introduced to the survey this quarter are listed in the background notes to the series.
The Bank surveys funds under management (FUM) comprehensively at December each year, using an unpublished annual survey to supplement information from the quarterly series. The comprehensive survey at December 2002 showed that the quarterly series was measuring approximately 80 per cent of FUM. Greater quarterly coverage is required, and 11 funds from more than 40 in the annual survey have been brought into the quarterly survey. This brings it close to an estimated 90 per cent of values obtained from the full December ‘census’ coverage.
Series break
There is a break in the quarterly series between the September and December 2003 quarters. The following information is provided to assist with analysis of December 2003 data.
Total FUM for the 17 ‘core’ funds grew in the year to December 2003 by five per cent. Total FUM for these funds increased more than $1 billion from the September to the December quarter 2003.
The 11 funds introduced to the quarterly survey in December have had annual growth in FUM to December 2003 of 18 per cent. They have brought $1 billion of new funds to the unit trust category, over $0.5 billion to employer superannuation and over $4.5 billion to ‘other funds’. The newly-introduced funds tend not to manage client funds using unit trust, superannuation or life insurance products, which accounts for their disproportionate representation in the ‘other funds’ category.
For the 28 funds reporting, FUM grew $3 billion in the year to December 2003, or seven per cent.
FUM include non-household financial assets
Not all funds under management are sourced from the household sector. In December 2002 over $4 billion of the FUM obtained from the quarterly and annual surveys combined were from charitable, non-profit and commercial sources. The December 2003 quarterly data alone includes over $4 billion from these sources.
The long-run household assets and liabilities series, which includes data as at December for managed fund assets of households, does not provide data on other FUM sources. There is no long-run estimate provided for non-household FUM, but in recent years it has represented 8-9 percent of total FUM. The data for December 2003 in this series will be available by May.
Data revisions
December 1999
The December 1999 release included widespread data revision to earlier quarters, from March 1999 onwards. Two main changes occurred. Firstly, and the most important, was change to product columns in Table 14, and associated assets in Table 15. The principal shift was from ‘unit trust’ and ‘other’ classifications to ‘retail superannuation’, with about $600m being added to this category. Second, a lesser amount (from about $140m to $200m over the year) was added to unit trust totals, in the overseas asset category. There were also in aggregate many minor adjustments to asset classifications, incorporating improved information from funds surveyed that became available over the year. Note that these revisions are intended as far as possible to present the four 1999 quarters on a ‘like for like’ basis, so that intra-quarter changes represent changes to business results for the fund managers listed at the end of this note.
From 1999, Table C15 classifies funds managed by asset category in New Zealand, as before, but with improved definitions of these categories, which has resulted in markedly changed results in the case of ‘cash and deposits’ and ‘short-term securities’. Also, the former survey obtained a breakdown of asset categories for overseas investments, while the total alone is now obtained by the Bank. SNZ collects information on asset categories.
Change to sample size
March 1999
The data for the Managed Funds Survey (MFS) from March 1999 onwards are drawn from a subset of the managed funds that contributed to the quarterly MFS survey that the Bank first began publishing regularly from March 1996. The revised survey represents an evolution in the collection of managed funds data. This principally reflects the fact that increasing concentration in the industry has enabled the Bank to obtain well over 90% of 1996-1998 totals from fewer than 20 fund managers, compared to the 60-odd surveyed until September 1998. From March 1999, two relatively large fund managers that were not previously in the survey were added, with the result that the total of funds under management reported from March 1999 increased slightly. Survey respondents are listed below.
The changes that occurred at the end of 1998 in the sample population of the survey, and revisions to data requirements precluded backdating. The survey data regularly published from March 1996 to September 1998 were based on an initial data set agreed with the managed funds industry in 1995. A first report of the results of the survey, for the September quarter 1995, was published in November in a Statistical Discussion Paper, S95/1. The regular quarterly series then began from March 1996. It was noted in S95/1 that, as with other new series the Bank had introduced, both the industry and the Bank would work together to improve the quality and relevance of data collected over time. The March 1999 revision represented a step forward in the process of increasing the value of information available about the managed funds industry.
Classification changes
In addition to changing the sample size for the survey, the Bank clarified data definitions in the light of experience and international standards. In particular, regard has been paid to Australian practice, as many fund managers are subsidiaries of Australian, or global, operators with significant funds under management (FUM) in Australia. The key organising principle for the survey has been to obtain FUM classified by the tax regime applied to fund products as they are presented to the fund customer. The tax regime for unit trust, life company, and superannuation products is different, and the organising principle for the data collection is to track fund growth in this context. FUM are classified as superannuation funds if they belong to a registered superannuation scheme. Group Investment Funds (GIFs) have two classes with different tax treatments, A and B under the Trustee Companies Act 1967, but confidentiality concerns again preclude publishing the distinction, and they are included with unit trust data. The ‘other funds’ column presents funds under management that have not been obtained through the other specified tax regimes.
Former column headings for products sold with a life insurance element were ‘Investment-linked’ and ‘Non-linked’ life. They were changed to ‘unitised products’ and ‘non-unitised products’ to try to improve intuitive comprehension of the underlying meaning. Unitised products include all life bond investments. This category is also intended to include a class of product, offered with a life insurance element, which provides a return that is not adjusted through the same kind of actuarial process that allocates bonuses and other annual returns to traditional whole of life and endowment policies. The latter are ‘non-unitised’.
Superannuation funds under management in the survey until September 1998 were requested under headings ‘wholesale’ and ‘retail’. Readers and many survey contributors assumed this meant ‘employer’ and ‘non-employer-related’ superannuation funds. Some contributors however reported funds received for management from a retail (non-employer-related) source as ‘wholesale’, on the basis of the commercial relationship. The distinction now obtained is whether funds being managed are originally from a registered employer scheme (irrespective of whether there is an employer contribution), or otherwise, in a registered (retail) superannuation scheme.
No data for December 1998
December 1998
It has not proved possible to publish data for December 1998.
Series break
September 1998
The main change from the survey results to September 1998 is that ‘cash and deposits’ is clearly defined as ‘deposits’, to exclude short-term securities such as registered certificates of deposit and other short-term commercial paper.
Cash and deposits are now around a third of the previous total, with short-term non-government interest-bearing securities correspondingly increased. Note however that some funds invest in ‘synthetic’ 90-day bank deposit products that are not tradable short-term securities, which to some extent accounts for the relatively high ‘cash and deposit’ ratio that continues to be reported. A related change includes a clear specification that interest-bearing securities are reported by time to run to maturity (residual maturity), not original term of issue.
The break between short- and long-term occurs at one year.
C17 – Household deposits
Household deposits with registered banks – New Zealand Dollar and foreign currency
Table C17 reports the total value of household deposits with registered banks, including those denominated in NZD and foreign currency. As NZD and foreign currency deposits are non-additive, the value reported for foreign currency is the exchange rate adjusted NZD value.
Estimation to backdate the monthly household resident foreign exchange deposit series was required from December 1998 to November 2006. It uses information from registered banks about the currency composition of these deposits in early 2007, partial series history from a major series contributor, and information on the aggregate of these deposits in June 1998. With values expressed in NZD, exchange rate fluctuations have a major impact on the evolution of the series. Broadly, net new deposits to foreign currency accounts are estimated to have been positive when the NZD has been 'high' and neutral at low points in the exchange rate cycle.
