СТАТИСТИКА 1 / Банк Англии / 2009-12 / Final NC

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Bank of England

Statistical Release

NOT FOR PUBLICATION UNTIL 09:30 ON 11 JANUARY 2010

Narrow money (notes & coin) and reserve balances

December 2009

Seasonally adjusted, on average, notes and coin outstanding in December changed little from November. The twelvemonth growth rate fell to 5.9%, from 6.7% in November.

Table A: Notes & coin and reserve balances (a)

Seasonally adjusted

	Average	Notes & coin (b)				Average	Reserve balances (c)
	amount		Growth rates			amount		Growth rates
	outstanding	Change	Per cent			outstanding	Change	Per cent
	£ millions(d)	£ millions	1m	12m		£ millions	£ millions	1m	12m
LPM	AVAB	AVAG	VQUT	VQUU		BL22	BL23	BL24	BL27
2009 Sep	54 973	303	0.6	8.6	137 382		-5 550	-3.9	278.4
Oct	55 100	127	0.2	7.6	143 626		6 244	4.5	196.9
Nov	55 175	125	0.2	6.7	148 830		5 205	3.6	226.2
Dec	55 126	72	0.1	5.9	145 830		-3 000	-2.0	238.4

(a) Data in bold italics are where the current estimate of the change differs by more than 0.2 per cent of the underlying level or the growth rate (or amount outstanding) differs by 0.2 percentage points (per cent) or more from the most recent published estimate. Further details on revisions are available separately.

(b)An adjusted version of notes and coin is available. See Notes to Editors 2.

(c)This series has not been seasonally adjusted.

(d)See Notes to Editors 1.

Chart 1: Growth rates of notes and coin

Per cent

14

12

10

8

6

4

2

0

Dec	Feb Apr Jun Aug Oct			Dec Feb Apr Jun Aug Oct Dec
2007	2008			2009
			3 month annualised			12 month

Chart 2: Growth rate of notes and coin long run

Per cent

14

12

10

8

6

4

2

0

Dec	Dec	Dec	Dec	Dec	Dec	Dec	Dec	Dec	Dec	Dec
1989	1991	1993	1995	1997	1999	2001	2003	2005	2007	2009

12 month

www.bankofengland.co.uk/statistics/fnc/current

Next release: 8 February 2010

Notes to Editors

1From November 2009 notes and coin in circulation represents all holdings outside the Bank of England (including those in banks’ and building societies’ tills), but excluding backing assets for commercial banknote issue in Scotland and Northern Ireland. For details, see the October 2009 article in Monetary & Financial Statistics at www.bankofengland.co.uk/statistics/ms/articles/art1oct09.pdf. Further information on notes and coin, reserve balances and calculations of growth rates can be found in Bank of England Monetary and Financial Statistics, or via the following links:

www.bankofengland.co.uk/mfsd/iadb/notesiadb/nc.htm www.bankofengland.co.uk/mfsd/iadb/notesiadb/growth_rates.htm

2An adjusted version of notes and coin is also available on the Bank’s Statistical Interactive Database, see note 3. This series excludes Bank estimates of the effects of specific non-seasonal events on the level of notes and coin in circulation. To date, the series has been adjusted for the effects of: the £1 note write-off in 1998; the funding of the winter fuel payments; the turn of the millennium; the fuel dispute of 2000; and the threatened strike action affecting note distributors in 2003.

The relevant codes are:

LPMB8H4	(Amounts outstanding)
LPMB8H5	(Changes)
LPMB7H5	(1 month growth rate)
LPMB7H7	(3 month annualised growth rate)
LPMB7H9	(6 month annualised growth rate)
LPMB8H3	(12 month growth rate)

3The Statistical Interactive Database provides long runs of statistical data with comprehensive search options and the ability to download in a variety of formats at www.bankofengland.co.uk/mfsd/iadb. The series codes are listed in Table A in this release.

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