Financial Conditions (January 2015)
Monetary Aggregates For the month of January 2015, the monthly growth rates of the monetary aggregates M1B and M2, measured on a daily average basis, were 0.96% and 0.99%, respectively, both lower than those of last month. The annual growth rate of M1B decreased to 5.03%, mainly owing to a higher base in the previous year when the Chinese New Year holidays fell in January, whereas the annual growth rate of M2 increased to 5.86%, mainly because of net foreign capital inflows.
Direct and Indirect Finance At the end of January, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.58%, higher than that at the end of the previous month. Meanwhile, the annual growth rate decreased from 5.20% at the end of the previous month to 4.55%, mainly owing to slower growth in bank claims on the government and the private sector. 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 3.50%, lower than the 4.13% registered at the end of the previous month.

Notes:
1. The next Financial Conditions (February 2015) is scheduled for release at 16:20 on March 25, 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 .