Financial Conditions (November 2009)
PRESS RELEASE Release Date: December 24, 2009
Financial Conditions (November 2009)
Monetary Aggregates For the month of November 2009, the monthly growth rates of the monetary aggregates M1B and M2, measured on a daily average basis, were 1.73% and 0.39%, both lower than those of last month. The annual growth rate of M1B rose to 28.62% mainly due to the steady transfer of funds from time and savings deposits to demand deposits. The M2 annual growth rate declined to 6.59% due to a higher base effect. For the first eleven months of this year, the average annual growth rates of M1B and M2 were 15.31% and 7.32%, respectively.
Direct and Indirect Finance At the end of November, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of major financial institutions was 0.51%, higher than that of the previous month. Meanwhile, the annual growth rate increased from -1.08% at the end of the previous month to -0.64%. The increase was mainly due to a drop in the rate of decline of bank claims on the private sector. 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 the non-financial sector showed an annual growth rate of 0.93%, higher than the 0.55% at the end of the previous month.
Notes: 1. The upcoming Financial Conditions (December 2009) is scheduled for release at 16:20 on January 25, 2010.
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 .