Financial Conditions (September 2008)
PRESS RELEASE Release Date: October 24, 2008
Financial Conditions (September 2008)
Monetary Aggregates For the month of September 2008, the annual growth rates of the monetary aggregates M1A, M1B, and M2, measured on a daily average basis, were -0.59%, -4.89%, and 2.74%, respectively. Compared to the previous month, the M1A growth rate was lower but M1B and M2 growth rates were higher. This was mainly due to the continuous growth of bank loans and investments and the lower base of last year. After adjusting for the merger of China United Trust and Investment Corporation and Cathay United Bank, the M2 growth rate was 2.65%. For the first nine months of this year, the average annual growth rates of M1A, M1B, and M2 were 0.87%, -2.83%, and 1.85%, respectively.
Direct and Indirect Finance At the end of September, the annual growth rate of total outstanding loans and investments (measured on a cost basis) of major financial institutions rose from 3.53% at the end of the previous month to 4.02%. The rise was mainly due to the upswing of bank claims on government enterprises and the private sector. After adjusting for the merger of China United Trust and Investment Corporation and Cathay United Bank, the annual growth rate became 3.84%. 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, the total outstanding amount of funds raised by non-financial sectors showed an annual growth rate of 3.37%, higher than the 3.21% at the end of the previous month.
Notes: 1.The upcoming Financial Conditions (October 2008) is scheduled for release at 16:20 on November 25, 2008.
2.For the release schedule for the next six months, please check the CBC website at http://www.cbc.gov.tw/EngHome/default.asp.