Financial Conditions (December 2008)
PRESS RELEASE Release Date: January 22, 2009
Financial Conditions (December 2008)
Monetary Aggregates For the month of December 2008, the annual growth rates of the monetary aggregates M1A, M1B, and M2, measured on a daily average basis, were 1.04%, -2.16%, and 6.45%, 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 net capital inflow and the lower base of last year. After adjusting for the merger of Asia Trust and Investment Corporation and Standard Chartered Bank (Taiwan) Ltd., the M2 growth rate was still 6.45%. For the twelve months of this year, the average annual growth rates of M1A, M1B, and M2 were 0.97%, -2.94%, and 2.67%, respectively.
Direct and Indirect Finance At the end of December, the annual growth rate of total outstanding loans and investments (measured on a cost basis) of major financial institutions declined from 4.21% at the end of the previous month to 3.42%. The decline was mainly due to a decrease in bank claims on private sectors. After adjusting for the merger of Asia Trust and Investment Corporation and Standard Chartered Bank (Taiwan) Ltd., the annual growth rate became 3.37%. 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 2.76%, lower than the 3.14% at the end of the previous month.
Notes: 1.The upcoming Financial Conditions (January 2009) is scheduled for release at 16:20 on February 25, 2009.
2.For the release schedule for the next six months, please check the CBC website at http://www.cbc.gov.tw/EngHome/default.asp.