Supporting information:

C3 Monetary and credit aggregates (NZ$ million)


	*Previous Years:*		*Monthly:*
	Dec 2009	Dec 2010	Aug 2011	Sep 2011	Oct 2011	Nov 2011	Dec 2011
Notes and coin held by the public
1. Currency in circulation	4,560	4,605	4,189	4,312	4,374	4,361	4,892
2. Less currency held by M3 institutions	981	886	604	630	697	620	955
Notes and coin held by the public (1-2)	3,579	3,719	3,585	3,682	3,677	3,741	3,938

M1
3. Transaction balances (cheque)	22,485	23,205	22,488	23,133	23,341	24,203	24,867
4. Less inter-institutional transaction balances (cheque)	0	9	0	140	59	5	3
5. Less Government transaction deposits	134	150	95	114	98	94	98
M1 (Notes & coin +3-4-5)	25,930	26,765	25,978	26,560	26,860	27,844	28,705

M2
6. Transaction EFTPOS (excl.cheque)	11,776	11,526	11,848	12,106	12,510	12,781	12,810
7. Total other call funding	40,085	36,766	43,692	42,380	42,445	44,059	43,758
8. Less inter-institutional EFTPOS (excl.cheque)	-	-	-	-	-	-	-
9. Less other call inter-institutional funding	423	257	36	27	13	279	199
M2 (M1+6+7-8-9)	77,369	74,800	81,481	81,019	81,803	84,407	85,074

M3 Broad money
10. NZD funding	230,281	235,439	242,679	243,941	245,665	247,969	247,131
11. Less NZD inter-institutional claims	15,620	13,437	16,976	17,099	15,628	14,966	11,977
12. Less Government deposits	360	757	672	596	587	666	645
M3 (Notes & coin +10-11-12)	217,880	224,964	228,617	229,928	233,127	236,079	238,446
13. Less NZD funding from non-residents	36,475	36,471	35,886	36,769	37,720	37,590	37,317
M3R (M3-13)	181,405	188,493	192,730	193,160	195,407	198,489	201,129
M3 excluding repos	216,402	224,837	226,873	229,103	232,146	235,303	237,603
M3R excluding repos	180,007	188,506	191,100	192,485	194,620	197,778	200,508

Private Sector Credit
1. NZD claims (all surveyed institutions)	317,116	316,494	321,721	321,841	323,736	324,893	319,747
2. Less NZD inter-institutional claims	15,620	13,437	16,976	17,099	15,628	14,966	11,977
PSC (1-2)	301,496	303,057	304,745	304,742	308,108	309,928	307,769
3. Less NZD claims on non-residents	9,387	7,711	7,298	7,327	7,754	8,044	6,196
PSCR (PSC-3)	292,109	295,346	297,448	297,415	300,354	301,884	301,574
PSC excluding repos	300,612	301,651	301,904	301,935	303,807	305,254	303,995
PSCR excluding repos	291,579	294,818	295,821	295,963	297,250	298,803	298,649

Domestic Credit
4. Claims on Govt by M3 institutions	10,395	13,751	14,618	16,239	15,786	17,235	16,689
5. Claims on Govt by Reserve Bank	-2,066	-2,012	-9,197	-9,379	-8,770	-6,256	-3,309
DC (PSC+4+5)	309,825	314,796	310,167	311,602	315,125	320,907	321,149
DCR (PSCR+4+5)	300,438	307,085	302,869	304,275	307,371	312,863	314,954

Memo
1. Net foreign currency assets of M3 institutions	-85,738	-82,636	-74,811	-82,574	-80,185	-82,930	-76,355
2. Net foreign currency assets of the Reserve Bank	13,738	14,846	16,774	19,960	21,015	19,291	16,650
Net foreign currency assets NFCA (1+2)	-72,000	-67,790	-58,037	-62,614	-59,170	-63,639	-59,705
1. Capital & Reserves of M3 institutions	-23,864	-25,444	-26,841	-27,147	-27,417	-28,096	-28,521
2. Balance sheet items n.e.c. net	3,918	3,401	3,328	8,087	4,589	6,907	5,522
Residual items (1+2)	-19,946	-22,042	-23,513	-19,060	-22,828	-21,189	-22,998
M3 (DC+NFCA+Residual)	217,880	224,964	228,617	229,928	233,127	236,079	238,446


Last updated 31 January 2012
Source: Reserve Bank of New Zealand