Financial Conditions (April 2015)

Monetary Aggregates For the month of April 2015, the monthly growth rates of the monetary aggregates M1B and M2, measured on a daily average basis, were -0.11% and 0.27%, respectively. Compared to the previous month, the M1B monthly growth rate was higher, while the M2 monthly growth rate was lower. The annual growth rates of M1B and M2 decreased to 5.85% and 6.53%, respectively, mainly owing to slower growth in bank loans and investments. For the first four months of this year, the average annual growth rates of M1B and M2 were 5.72% and 6.37%, respectively.
Direct and Indirect Finance At the end of April, the monthly growth rate of total outstanding loans and investments (measured on a cost basis) of monetary financial institutions was 0.27%, higher than that at the end of the previous month. Meanwhile, the annual growth rate decreased from 5.14% at the end of the previous month to 4.71%, mainly because of 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 3.35%, lower than the 3.76% registered at the end of the previous month.

Notes:
1. The next Financial Conditions (April 2015) is scheduled for release at 16:20 on June 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 .