Supporting information:
Historical data (Excel spreadsheet)Background notes: money and credit aggregates (tables C1 – C4) and other key financial sector data (tables C5 – C10)
The Data: Coverage, Periodicity, and Timeliness |
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Coverage characteristics |
Data are published as end of month figures in millions of New Zealand dollars. For the money and credit aggregates data cover the Reserve Bank (where relevant in tables C1 to C3), and registered banks and other financial institutions. The list of financial institutions defined as M3 institutions contributing data to tables C1 – C4 is found below. The surveyed data for all tables are as at the last business day of the month. The principal time series for the money and credit aggregates begin at March 1988. Statistics wholly derived from the monthly M3 survey include monetary aggregates (table C1), credit aggregates (table C2) and a breakdown of their components (table C3). The aggregated balance sheets of M3 institutions are shown in table C4. Tables C5 and C6 show various indicators of sectoral credit and lending to agriculture, business and households. Tables C7 and C8 (sector uses and sources of funds for M3 institutions) up to November 2004 are extracts from the M3 SSR, which is no longer disseminated. In due course tables C7 and C8 will replicate the corresponding data from the registered bank SSR. Table C9 shows the volume of repurchase agreements held by M3 institutions. C10 provides an indication of M3 institutions weighted average NZ dollar cost of funding and claims. Monetary aggregates are Currency, M1, M2, M3, M3(R), and M3 and M3(R) excluding repurchase agreements. 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)). Growth in credit (PSC(R) ex-repo), adjusted for series breaks caused by securitisation, is shown in table C2. 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. |
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Periodicity |
Monthly |
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Timeliness |
Released on or before the last business day of the month after the end of the reference month. |
Access by the public |
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Advance release calendar |
The “Advance Release Calendar” on the website is updated if necessary each Friday. This is a long-term plan of scheduled releases. |
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Simultaneous release to all interested parties |
The full set of ten tables derived from the SSR, C1 to C10, is published on the Bank’s website. All releases are made as close to 3pm as possible. The data are released on or before the last business day of the month following the reporting period
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Integrity |
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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 Reserve Bank of New Zealand publishes only aggregated data. Individual institutional data remain confidential subject to the Bank’s legal obligations. |
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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 are in bold font in the latest release. Revisions are generally published when tables are updated and released and are marked in bold. Should revisions need to be made more promptly, a note is posted on the Internet website under “Revisions to Tables”. An article on the most recent review of the monetary aggregates appeared in the June 1999 Bulletin, pages 5-23. (PDF 117KB) |
Quality |
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Dissemination of documentation on methodology and sources used in preparing statistics |
There is a list of M3 Institutions. In addition, all registered banks and NBLIs with total assets over $100m contribute to tables C5 and C6. Data from the ledger accounts of the Reserve Bank of New Zealand are used in tables C1 to C3. An Excel template (1,458 KB) is completed by all respondents contributing to tables C1 – C10. The data required from NBLIs is less comprehensive than collected from registered banks. The template incorporates an “Administration procedures” tab that specifies completion directions and a “Help” facility with data definitions for survey respondents. 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. From April 2002 the format of the C1 to C10 tables has been revised. |
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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). The former M3 SSR structure is replicated in the registered bank SSR, published monthly and is an aggregated version of the survey form that is completed by all registered banks. Disclosure statements published by the M3 Institutions offer additional checks for reasonableness. Links to registered bank websites can be found in the NZ Banks section of this site. |
Additional notes
Sectoral analysis tables C7 and C8 for M3 institutions (discontinued November 2004)
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. The tables are extracts drawn directly from the separately published M3 aggregate SSR and since dissemination of the SSR ceased from November 2004 are no longer updated from this source.
These data remain available on the website for research purposes in the section ‘discontinued tables’. With the introduction of a separate registered bank SSR in December 2004, data comparable to the M3 C7 and C8 tables has become available in ‘Part D’ of the aggregate SSR. These tables will be repopulated with registered bank data only late in 2005.
Notes on discontinued C7 and C8 data tables
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.
There are discontinuities in table C7, 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 ‘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.
Substantial revisions were made to table C8, Household funding, 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.
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 (62 KB).
Household claims, Table C6
Series objectives
The Household Claims series has the following objectives:
· to provide long-run monthly trend series for housing and consumer loans by institutional group; and
· to deliver a comprehensive and robust measure of net monthly household loan growth.
Household claims by institutional group
Table C6 was re-structured from December 2004 to show household loan data from banks and non-bank lending institutions (NBLIs) separately on a consistent basis since June 1998. All registered bank household credit (including that from finance company subsidiaries) is included as well as that from NBLIs with total assets over $100m (refer Table C6 background notes). Securitised loans administered by reporting institutions are included in these tables in the relevant group. Prior to December 2004 the NBLI housing and consumer data series include minor loan amounts from managed fund/life insurance sources, in order to meet coverage objectives.
Technical Notes
Housing and consumer loan categories in the series were a source of relatively frequent reclassification until 1998 and for this reason no monthly distinction can be made in the household claims series before June 1998. While clearly credit card debt and hire purchase loans, for example, are consumer credit, there are other term and overdraft/revolving credit loans that may be allocated in either category depending on an institution's definition of a loan 'for housing'. Quarterly average statistics for housing and consumer loans are available in table C6 from 1990.
For statistical returns, the Reserve Bank requests reporting institutions to classify loans secured by way of residential security according to the purpose of the loan where it is able to do so. Accordingly, the values of residential mortgage loans recorded by General Disclosure Statements (based on security), for example, may exceed those in statistical returns requesting housing purpose, as such loans may be for business or consumer purposes. Most respondents cannot readily distinguish loan purpose from residential security values however and housing loan values by and large reflect loan values secured by residential mortgage.
The household claims series in particular does not include the following:
· loans from lenders with total assets of less than $100m (less than $1b at December 2008);
· solicitors' nominee residential mortgages (estimated at less than $100m at December 2008);
· housing loans directly held by various group investment, pension and other like funds and made by Housing New Zealand Corporation (in total less than $1.5b at December 2008);
· student loans.
Data for these categories are recorded annually and published in aggregate in the “Household financial assets and liabilities” table, available on the website (see Statistics/money, credit and financial data). At December 2008, an estimated 99 per cent of all housing and more than 90 per cent of all consumer loan values are included in table C6.
List of M3 institutions included in published monetary aggregates
- Reserve Bank of New Zealand
- M3 institutions
- ANZ National Bank 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
- GE Finance and Insurance
- 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
Mapping Registered Bank and NBLI aggregates to the Credit data in tables C5 and C6
The time series for sector credit, in tables C5 and C6, are produced from data reported in the monthly registered bank aggregates and the quarterly non-bank lending institution aggregates. The following table identifies the source data used to calculate sector credit totals in C5 and C6.
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Series |
Source Data |
Notes |
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C5 |
Agriculture |
Registered Bank SSR Line Item D2.1 - Agriculture |
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NBLI SSR Line Item: D2.1 - Agriculture |
Published quarterly. Inter-quarter months are imputed using data provided by a subset of responding institutions. |
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Business |
Registered Bank SSR |
Registered bank and non-bank financial institution lending to the business sector are also published separately, in the historical data (excel spreadsheet) file attached to C5. Non-bank business lending is published quarterly. Inter-quarter months are imputed using data provided by a subset of responding institutions |
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NBLI SSR Line item D2.19 – Property and business services Line item D2.29 – All other business |
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Total Household Claims |
Summation of Housing and Consumer lending. |
Refer to C6 Housing and Consumer lending |
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C6 |
Registered Bank Housing |
Registered Bank SSR Line item D2.25 - Housing Line item E8.10 – Housing (specified loans off balance sheet) |
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Registered Bank Consumer |
Registered Bank SSR Line item D2.26 - Consumer |
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Non-bank Housing |
NBLI SSR Line item D2.25 - Housing Line item E8.10 – Housing (securitised assets administered) |
Published quarterly. Inter-quarter months are imputed using data provided by a subset of responding institutions |
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Non-bank Consumer |
NBLI SSR Line item D2.26 - Consumer Line item CC1.12 – Consumer (securitised assets administered) |
Published quarterly. Inter-quarter months are imputed using data provided by a subset of responding institutions |
