Depository corporations: Money and credit aggregates (C50)

This data gives information on New Zealand's monetary and credit aggregates derived from our consolidated balance sheet and the consolidated balance sheets of registered banks in New Zealand. This can be used to track the supply of money in the economy as well as the level of credit.
Previous years: Monthly:
Aug 2019 Aug 2020 Apr 2021 May 2021 Jun 2021 Jul 2021 Aug 2021
Broad money ($m)
Broad money (A+B) 317,126 354,806 368,720 364,349 366,418 373,053 369,963
A. Narrow money (M1) 72,722 103,539 122,071 121,024 122,452 127,301 125,516
A1. Currency held by the public 6,174 7,253 7,573 7,588 7,601 7,642 7,704
A2. Transaction deposits 66,548 96,285 114,497 113,436 114,852 119,659 117,812
B. Other components of broad money 244,404 251,268 246,650 243,325 243,966 245,752 244,446
B1. Savings deposits 77,750 96,885 113,735 113,066 114,283 115,070 115,076
B2. Term deposits 166,654 154,383 132,915 130,259 129,683 130,682 129,370
Domestic credit ($m)
Domestic credit (C+D) 480,498 525,828 544,681 544,395 548,036 552,867 549,381
C. Net credit to central government 7,689 37,635 40,943 36,587 36,955 38,479 34,715
C1. Credit to central government 23,229 74,971 97,113 89,204 90,547 90,753 89,158
C2. Less: Liabilities to central government 15,540 37,337 56,170 52,618 53,593 52,274 54,443
D. Private sector credit 472,809 488,193 503,738 507,808 511,081 514,388 514,665
D1. Loans 456,217 471,476 490,301 494,936 498,463 501,304 501,982
D2. Debt securities 6,682 7,176 6,513 6,325 6,233 7,036 7,234
D9. Other 9,910 9,541 6,924 6,547 6,385 6,048 5,450
Net credit to non-residents ($m)
Net credit to non-residents (E1-E2) -92,633 -90,113 -97,837 -101,750 -104,553 -103,752 -104,917
E1. Credit to non-residents 84,328 75,058 61,980 63,318 63,564 60,664 54,908
E2. Less: Liabilities to non-residents 176,961 165,171 159,818 165,068 168,118 164,416 159,826
Equity ($m)
Equity -46,528 -49,870 -53,981 -54,396 -54,081 -52,256 -52,437
Net other assets ($m)
Net other assets (F1-F2) -24,211 -31,039 -24,142 -23,900 -22,983 -23,806 -22,064
F1. Other assets 10,707 17,879 12,989 12,759 11,968 12,409 11,310
F2. Less: Other liabilities 34,918 48,918 37,131 36,659 34,952 36,214 33,374

The data: coverage, periodicity, and timeliness

Coverage characteristics

Components of broad money and the counterparts of broad money for Depository corporations.

Depository corporations comprise:

  • Reserve Bank of New Zealand
  • Registered banks

Data is sourced from the Reserve Bank Balance Sheet and the Reserve Bank’s Bank Balance Sheet Survey.

Most data starts in 31/12/2016 when the Bank Balance Sheet Survey replaced the Standard Statistical Return (SSR). However, some data has been backdated to provide long-run consistent data. The back series has been estimated using data from the SSR.

Periodicity and timeliness

Data is published on the last working day of the month.

Access by the public

Data release

Data is released on the Reserve Bank’s Statistics section.

Statistics release calendar

The Statistics Release Calendar provides a long-term plan of scheduled releases. It is updated and released on the first working day of the month.

View the Statistics Release Calendar

Integrity

Dissemination of terms and conditions under which official statistics are produced, including confidentiality of individual responses

Data is collected under Section 36 of The Reserve Bank of New Zealand Act 1989 (The Act).

Read the Reserve Bank of New Zealand Act 1989.

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. This applies to the summary table only and not excel files. Revisions are generally published when the table is next due to be updated and released. Should revisions need to be made more promptly, a special note is posted on the website. Any major changes in methodology will be posted as a special note.

Quality

Dissemination of documentation on methodology and sources used in preparing statistics

The money and credit aggregates are compiled in line with the Monetary and Financial Statistics Manual and Compilation Guide (IMF 2016).

Depository corporations

Reserve Bank of New Zealand

The Reserve Bank of New Zealand is New Zealand’s central bank.

Registered banks

Consolidated banking group of banks operating in New Zealand and registered by the Reserve Bank of New Zealand.

Components of broad money

Broad money

Broad money is the sum of all liquid financial instruments held by money-holding sectors that are widely accepted in an economy as a medium of exchange, plus those that can be converted into a medium of exchange at short notice at, or close to, their full nominal value.

Narrow money (M1)

M1 is the narrowest money aggregate and comprises:

  • Currency held by the public
  • Transaction deposits

Currency held by the public

Currency issued by the Reserve Bank of New Zealand less any currency held by registered banks. Also known as notes and coins in the hands of the public.

Transaction deposits

Deposit balances where the purpose of the account is primarily for making transactions or "every day" banking by customers. Balances are on call.

Other components of broad money

Other components of broad money comprises:

  • Savings deposits
  • Term deposits
  • Other

Savings deposits

Deposit balances where the purpose of the account is primarily for saving. For some balances disincentives may apply if used for transaction purposes i.e. a “penalty” may apply such as loss of bonus interest. Balances are on call.

Term deposits

Customer time or term deposits with a maturity of greater than 1 day.

Other

Other components of broad money include:

  • Short-term debt securities
  • Money-market funds

Counterparts of broad money

Domestic credit

Domestic credit comprises:

  • Net credit to central government
  • Credit to other sectors (private sector credit)

Net credit to central government

Net credit to central government is calculated as Credit to central government less Liabilities to central government.

Credit to central government

Claims on central government by the Reserve Bank of New Zealand and registered banks including:

  • Debt securities
  • Loans and repos
  • Other claims

Liabilities to central government

Liabilities to central government from the Reserve Bank of New Zealand and registered banks including:

  • Deposits
  • Other liabilities

Private sector credit

Private sector credit (also known as claims on other sectors) comprises:

  • Debt securities
  • Loans and repos
  • Other claims

Loans

Loans and repos by the Reserve Bank of New Zealand and registered banks to the private sector:

  • Other financial corporations
  • Non-financial corporations
  • Local government
  • Households and NPISHs

Debt securities

Debt securities issued by the Reserve Bank of New Zealand and registered banks to the private sector:

  • Other financial corporations
  • Non-financial corporations
  • Local government
  • Households and NPISHs

Other private sector claims

Other claims (deposits, derivatives, equity, trade credit) by the Reserve Bank of New Zealand and registered banks on the private sector:

  • Other financial corporations
  • Non-financial corporations
  • Local government
  • Households and NPISHs

Net credit to non-resident

Net credit to non-resident is calculated as Credit to non-residents less Liabilities to non-residents.

Credit to non-resident

Claims on non-residents by the Reserve Bank of New Zealand and registered banks including:

  • Debt securities
  • Loans and repos
  • Other claims

Liabilities to non-residents

Liabilities to non-residents from the Reserve Bank of New Zealand and registered banks including:

  • Deposits
  • Other liabilities

Equity

Funds contributed by the owners, reserves and retained earnings of the Reserve Bank of New Zealand and registered banks.

Note that equity is negative as it is presented on the asset-side in the counterparts of broad money.

Net other assets

Net other assets is calculated as Other assets less Other liabilities.

Other assets

All other assets not included elsewhere.

Other liabilities

All other liabilities not included elsewhere.

Symbols and conventions for summary table

0 Zero or value rounded to zero
- Not applicable
.. Not available
bold Revised/new
italics Provisional
light red background Historical

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.