Money stock

 

MONEY STOCK
Table 6
Kr. billion
Banknotes and coins1
Deposits on demand
Time deposits with an original maturity < 2 years
Deposits at notice with an original maturity < 3 months
Repurchase agreements
Bonds, etc. issued with an original maturity < 2 years
Moneystock M3
Year-on-year increase in money stock per cent
1995
30.1
260.8
107.6
14.0
2.1
4.3
418.9
3.2
1996
31.1
291.7
114.9
16.2
3.5
7.0
464.4
10.8
1997
32.6
310.9
122.4
15.1
2.5
17.3
500.9
7.9
1998
33.9
333.2
119.0
14.9
1.9
17.4
520.2
3.9
1999
36.1
341.8
128.3
12.9
4.3
11.6
535.0
2.8
2000
37.4
349.2
101.7
6.9
3.3
8.6
507.1
-5.2
2001
39.2
375.6
102.7
9.9
4.0
15.0
546.4
7.7
2002
39.0
399.1
102.7
18.5
6.6
45.2
611.2
11.8
2003
41.0
428.2
112.2
19.2
2.7
77.3
680.6
11.4
2004
43.7
492.8
119.2
21.0
2.0
20.2
699.0
2.7
2005
47.3
596.3
114.1
18.4
14.2
8.2
798.5
14.2
2004  Jan
40.1
440.4
141.1
19.1
4.4
114.1
759.1
15.6
           Feb
40.0
437.8
137.7
19.0
4.1
119.8
758.3
13.9
           Mar
39.9
437.0
141.1
19.2
3.5
120.7
761.4
18.6
           Apr
41.6
463.7
145.2
20.2
8.7
123.2
802.6
15.3
           May
41.7
471.8
144.6
20.1
9.1
117.0
804.3
14.3
           Jun
41.7
458.7
133.2
19.9
10.1
102.0
765.6
12.9
           Jul
42.3
471.7
154.9
20.3
9.0
103.1
801.3
13.5
           Aug
41.7
477.3
151.4
19.6
7.2
98.8
796.0
14.2
           Sep
41.9
464.6
144.1
19.8
6.3
97.4
774.1
14.3
           Oct
42.3
486.5
143.6
20.4
4.7
88.7
786.3
9.4
           Nov
42.6
496.9
144.7
22.3
4.5
76.4
787.5
9.5
           Dec
43.7
492.8
119.2
21.0
2.0
20.2
699.0
2.7
2005  Jan
43.2
502.0
135.1
21.3
4.9
6.7
713.1
-6.1
           Feb
43.0
500.4
134.8
21.3
6.3
0.5
706.5
-6.8
           Mar
43.1
508.1
128.3
18.3
2.8
2.4
703.0
-7.7
           Apr
44.4
550.1
133.4
18.8
6.0
2.0
754.8
-6.0
           May
44.2
552.4
123.5
19.0
4.9
1.7
745.7
-7.3
           Jun
44.9
561.9
138.5
18.0
11.5
3.6
778.4
1.7
           Jul
45.1
581.8
152.2
18.3
5.2
1.6
804.3
0.4
           Aug
44.7
581.8
146.7
18.8
3.7
3.9
799.6
0.5
           Sep
45.5
576.6
138.9
19.0
3.4
0.1
783.7
1.2
           Oct
45.4
584.2
142.4
18.5
3.8
0.6
795.0
1.1
           Nov
46.1
597.1
129.3
20.3
4.2
2.1
799.2
1.5
           Dec
47.3
596.3
114.1
18.4
14.2
8.2
798.5
14.2
Note: End of period. The money stock is calculated in accordance with the ECB's definition of harmonised monetary aggregates for the EU: M1, M2 and M3. This includes residents' short-term deposits with MFIs in kroner and foreign currencies. Special deposit schemes are included in the money stock (M2 og M3) to the extent that they are within the short-term band. Bonds issued with an original maturity of up to and including 2 years, money market papers and shares issued by MFIs are included in M3. The money stock is calculated on the basis of the consolidated balance sheet of the MFI sector and represents the MFI sector's liquid liabilities via-à-vis the money-holding sectors – i.e. citizens and companies, but excluding the central government and non-residents, who are regarded as money-neutral in this connection. The M1 monetary aggregate is calculated as the sum of "Banknotes and coins" and "Deposits on demand", and the M2 monetry aggregate is calculated as the sum of M1, "Time deposits with an original maturity < 2 years" and "Deposits at notice with an original maturity < 3 months". The MFI sector comprises Danish Monetary Financial Institutions, i.e. banks and mortgage-credit institutes, other credit institutions, money market funds and Danmarks Nationalbank.

1 Banknotes and coins in circulation, excluding MFI holdings.

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