Financial Conditions (May 2007)
PRESS RELEASE Released Date: June 25, 2007
Financial Conditions (May 2007)
Monetary Aggregates For the month of May 2007, the annual growth rates of the monetary aggregates M1A, M1B, and M2, measured on a daily average basis, were 6.93%, 6.65%, and 4.74%, respectively. All of these growth rates were lower than those recorded in the previous month. This was mainly due to a decelerating bank credit growth. The seasonally-adjusted annual growth rates of M1A, M1B, and M2 were 6.92%, 6.63%, and 4.70%, respectively. For the first five months of the year, the average annual growth rates of M1A, M1B, and M2 were 7.96%, 6.98%, and 5.36%, respectively.
Direct and Indirect Finance At the end of May, the annual growth rate of total outstanding loans and investments (measured on a cost basis) of major financial institutions fell from 4.09% at the end of the previous month to 3.29%. This was mainly due to a decrease in bank loans to government agencies and a smaller increase in bank claims on private sector compared to the corresponding month of last year. The seasonally-adjusted growth rate of bank loans and investments was 3.30%. If (1) loans and investments extended by life insurance companies and investment and trust companies, (2) non-accrual loans reclassified and bad loans written-off by major financial institutions, and (3) funds raised directly from capital markets were all taken into account, and the change in the fair value of banks' portfolio investments was excluded, the total outstanding amount of funds raised by non-financial sectors showed an annual growth rate of 4.06%, lower than the 4.09% at the end of the previous month.
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Notes: 1.The upcoming Financial Conditions (June 2007) is scheduled for release at 16:20 on July 25, 2007.
2.For the release schedule for the next six months, please check the CBC website at http://www.cbc.gov.tw/EngHome/ESSDS/calacal.htm.