Financial Conditions (February 2009)
PRESS RELEASE Release Date: March 25, 2009
Financial Conditions (February 2009)
Monetary Aggregates For the month of February 2009, the monthly growth rates of the monetary aggregates M1B, and M2, were 1.88% and 0.74%, both lower than those of last month. The annual growth rates of M1B and M2, measured on a daily average basis, were 2.71% and 6.19%, respectively. Compared to the previous month, the M1B annual growth rate was higher, mainly because depositors gradually transferred their time and savings deposits to demand deposits. The M2 annual growth rate was lower, mainly due to a higher base effect because the Chinese New Year holiday fell in January this year instead of February last year, as well as slowing growth in bank credit. For the first two months of this year, the average annual growth rates of M1B and M2 were 2.25% and 6.68%, respectively.
Direct and Indirect Finance At the end of February, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of major financial institutions was –0.77%, lower than that of last month. The annual growth rate declined from 2.91% at the end of the previous month to 2.46%. The decline was mainly due to a decrease in bank claims on private sectors. 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 1.74%, lower than the 2.25% at the end of the previous month.
Notes: 1.The upcoming Financial Conditions (March 2009) is scheduled for release at 16:20 on April 24, 2009.
2.For the release schedule for the next six months, please check the CBC website at
http://www.cbc.gov.tw/ct.asp?xItem=30164&ctNode=515&mp=2