Monetary Aggregates For the month of December 2014, the monthly growth rates of the monetary aggregates M1B and M2, measured on a daily average basis, were 1.52% and 1.19%, respectively, both higher than those of last month. The annual growth rate of M1B decreased to 6.90%, mainly owing to net foreign capital outflows, whereas the annual growth rate of M2 increased to 5.85%, mainly because of a higher growth in bank loans and investments. For the year of 2014, the average annual growth rates of M1B and M2 were 7.96% and 5.66%, respectively.
Direct and Indirect Finance At the end of December, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.50%, higher than that at the end of the previous month. Meanwhile, the annual growth rate increased from 4.78% at the end of the previous month to 5.17%, mainly owing to a higher growth in bank claims on the government. If (1) loans and investments extended by life insurance companies, (2) non-accrual loans reclassified and bad loans written off by monetary 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 would show an annual growth rate of 4.12%, higher than the 3.99% registered at the end of the previous month.

Notes:
1. The next Financial Conditions (January 2015) is scheduled for release at 16:20 on March 2, 2015.
2. For the release schedule for the coming months, please check the CBC website at http://www.cbc.gov.tw/ct.asp?xItem=30164&ctNode=515&mp=2 .