Supporting information:
Historical data (Excel spreadsheet)Series description – Monetary and financial statistics
Unless otherwise specified, data are in New Zealand dollars
Currency in circulation (tables C1, C3)
Notes and coin on issue from the Reserve Bank.
Notes and coin held by the public (tables C1, C3)
Notes and coin on issue minus currency held by M3 institutions.
M1 (tables C1, C3)
Includes notes and coin held by the public plus chequeable deposits, minus inter-institutional chequeable deposits, and minus central government deposits.
M2 (tables C1, C3)
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) minus inter-institutional non-M1 call funding. (See “Transaction EFTPOS (excl. cheque)”).
M3 (tables C1, C3)
M3 is the broadest monetary aggregate. It represents all New Zealand dollar funding of M3 institutions and any Reserve Bank repos with non-M3 institutions. M3 consists of notes & coin held by the public plus NZ dollar funding minus inter-M3 institutional claims and minus central government deposits.
M3(R) (tables C1, C3)
This aggregate is the same as M3, less funding from non-residents.
M3 excluding repurchase agreements (table C1, C3)
New Zealand dollar funding excluding securities sold under agreements to repurchase (‘repos’).
M3(R) excluding repurchase agreements (table C1, C3)
New Zealand dollar funding from New Zealand residents excluding securities sold under agreements to repurchase (‘repos’).
DC (tables C2, C3)
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.
DC(R) (tables C2, C3)
The resident domestic credit DC(R) aggregate includes New Zealand dollar claims on New Zealand residents only.
PSC (tables C2, C3)
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.
PSC(R) (tables C2, C3)
The resident private sector credit (PSC) aggregate is the same data as PSC, but for New Zealand residents only.
PSC excluding repurchase agreements: (tables C2, C3)
New Zealand dollar claims, excluding securities purchased under agreements to resell.
PSC(R) excluding repurchase agreements: ‘Credit’ (tables C2, C3)
New Zealand dollar claims on New Zealand residents, excluding securities purchased under agreements to resell.
Securitisation adjustment (table C2)
The securitisation adjustment is a net ‘running total’ of levels differences introduced to the resident private sector credit PSC(R) ex-repo series through securitisation since March 1998. This table explains the derivation of the rate of growth of credit. It is not a total that can be added to any other aggregate but is a construct that accounts for series breaks’ influence on the growth rate of credit.
Credit growth (table C2)
This is the rate of growth of PSC(R) ex-repo, adjusted for series breaks by the securitisation adjustment. Adding this to credit gives a total that is the basis for computation of credit growth.
New Zealand dollar funding (table C4)
All deposit liabilities denominated in New Zealand dollars. New Zealand dollar funding includes funds received from the Reserve Bank. It excludes contingent liabilities arising from bill acceptances made on behalf of clients, as well as bills the reporting institutions have issued but have subsequently bought back and are not re-issued.
Foreign currency valuation rule (table C4)
Foreign currency funding and claims items are normally converted into New Zealand dollars at the “mid-rates”, or similar rate used by the respondent, applying at the end of the month.
New Zealand dollar and foreign currency claims (table C4)
Lending by financial institutions. Claims include bill acceptances on balance sheet, repos and other agreements that are similar to collateralised loans.
M3 institutions (tables C3, C4)
Financial institutions that are surveyed by the Reserve Bank in compiling the monetary aggregates are defined as M3 institutions.
Funding (tables C3, C4)
Deposit liabilities of financial institutions.
Claims (tables C3, C4)
Lending, either by loan or purchase of securities, by financial institutions.
Transaction balances (cheque) (tables C3)
All balances of accounts on which customers may operate a chequebook, should they elect to do so.
Inter-institutional (tables C3, C4)
Transactions between surveyed M3 institutions.
Government deposits (table C3)
Deposits from government departments and other central government agencies directly funded from the government account.
Transaction EFTPOS (excl. cheque) (table C3)
Deposits accessible by EFTPOS but not cheques are to a degree as liquid as those accessible by cheque. However, banks set spending limits for EFTPOS withdrawals. As a result, these deposits are not a universal means of payment. Most spending using EFTPOS is from chequeable deposits, Transaction balances (cheque). The M1 definition therefore incorporates most deposit balances widely used as a means of payment. A large proportion of non-M1, M2 balances is accessible by EFTPOS and is recorded here.
Capital and reserves (table C4)
Paid-in capital, retained earnings, reserves and provisions, and any other items commonly disclosed as equity under New Zealand financial reporting practices.
Other liabilities (table C4)
The major component of this category is the gross value of derivative instruments, including foreign exchange hedges.
New Zealand government bonds and Treasury bills (table C4)
Risk-free securities issued by the Crown to cover underlying differences between fiscal revenues and expenditures. Index-linked bonds are included.
Claims on the Reserve Bank (table C4)
Claims by settlement institutions on the Reserve Bank.
Foreign currency fixed assets and equity investment (table C4)
Offshore asset values in branch offices and ownership of subsidiaries.
Other assets (table C4)
The major component of this category is the gross value of derivative instruments, including foreign exchange hedges.
Associates (table C4)
Companies or organisations and individuals associated with each other are: any two entities which have substantially the same shareholders or are under the control of the same persons; any company which holds 20 percent or more of the paid up capital of another company (the associate). A subsidiary is an associate, as is a parent company.
Business (table C5)
Credit from registered banks and nonbank lending institutions (NBLIs) to the resident business sector. The series is derived by deducting agriculture, finance and insurance, general government, household and non-resident sector loans from total NZD claims. The background notes provide more information on this series.
Finance excl repos (table C5)
Credit from M3 institutions to the rest of the resident finance industry and to the insurance sector as defined by ANZSIC industry classification (subdivisions Insurance and Services to the Insurance sector). This series excludes repos, and begins at June 1998. All resident repos are with the finance sector in table C7. The series was discontinued from November 2004.
Business ex-repo (table C5)
This series deducts the ex-repo finance sector from ‘business (including ex-repo finance)’, to provide a resident business ex-repo series. This series was discontinued from November 2004.
Agriculture (table C5)
This series comprises lending to farmers from registered banks and nonbank lending institutions (NBLIs). The distinction between these institutional sources can be isolated only from June 1998.
Total household claims (table C5 and C6)
Includes loans to households for housing and consumer purposes by registered banks and nonbank lending institutions (NBLIs), as well as securitised lending.
Household claims – housing (table C6)
Includes all residential mortgage loans to personal customers (housing) unless they are explicitly recorded as consumer loans. ‘Lifestyle property’ loans on ‘farmlets’ are classified by banks as housing or farming using the same principles applied to determine the BIS ‘risk weight’ for capital adequacy purposes. The background notes provide more information on this series. Includes’ securitised mortgages.
Household claims – consumer (table C6)
This category includes loans, whether or not secured by mortgage, which have been separately identified as being for personal customers, but are not housing – e.g. boat or car purchase, travel etc and all credit card lending. Includes securitised consumer loans.
Industrial activity of enterprise (tables C7, C8)
Funding and claims are classified by principal activity of the enterprise providing or receiving the finance. The enterprise is regarded as the smallest identified unit having a separate legal existence. The guidelines in the SSR template contain at the end a list of Government Departments and a list of state owned enterprises (SOEs), with the two digit ANZSIC code for the Part D sectoral classifications in which they belong.
Securities repurchase agreements (reverse repos and repos) (table C9)
The definition used includes only those categories that involve separate sale and purchase agreements, commonly but not necessarily under an ISDA Master Agreement. Ordinary stock lending, and similar transactions for a fee, are not shown here. Only transactions which alter balance sheet totals under generally accepted accounting practice are published.
Interest rates of NZ dollar funding and claims (table C10)
For NZD funding and claims (private and public sector) a weighted cost of funding and claims is obtained from each respondent and aggregate weighted costs of funding and claims are computed. The difference between these two figures is the ‘spread’.
