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"Report and Accounts for the Year 1997"



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Table 12
Factors affecting the money stock

 

Reduction
of the
central
govern-
ment's
account
with the
National-
bank1)

Increase
in bank
lending2)

Bond
pur-
chases3) 4)

Increase
(-) in
long-term
savings
schemes,
etc.5)

Increase
(-) in net
deposits
from
mortgage-
credit
institutes,
etc.6)

Change
in the
external
position of
the
banks

Change in
the foreign-
exchange
reserve
etc.4) 7)

Other
factors8)

Total
change
in money
stock

Kr. billion

1988

0.4

- 4.0

17.5

- 8.2

- 2.0

22.4

- 13.5

12.7

1989

3.6

30.0

11.6

- 5.9

3.7

- 6.9

- 19.3

- 9.4

3.7

1990

3.2

31.8

- 25.6

- 5.4

3.7

9.5

22.2

- 12.6

23.0

1991

- 8.0

1.7

7.0

- 6.1

- 4.3

11.4

13.7

- 27.3

- 12.0

1992

1.5

- 6.5

- 29.1

- 4.3

6.2

50.3

- 15.5

- 7.0

- 4.4

1993

- 1.6

- 29.1

- 5.6

- 7.1

- 38.7

149.7

- 32.8

7.2

42.0

1994

0.2

- 16.4

32.0

5.1

29.2

- 84.6

20.1

- 8.1

- 22.6

1995

1.6

16.6

- 14.6

- 0.6

- 17.7

7.4

35.2

- 11.8

16.2

1996

- 1.2

19.1

- 4.2

- 7.9

- 0.1

3.5

26.6

- 6.1

29.7

1997

0.8

29.8

- 7.8

- 6.8*

- 12.0*

- 30.8*

43.5

6.2*

22.8*

1996 Jan.

5.4

- 12.9

- 9.7

0.1

18.7

10.9

12.2

4.8

29.5

Feb.

- 10.5

8.4

1.6

0.5

- 3.3

- 3.0

1.0

- 3.2

- 8.4

March

- 15.5

12.2

8.8

0.8

- 22.3

- 9.1

12.8

0.7

- 11.6

April

18.0

- 9.5

- 19.6

0.0

38.0

- 3.9

11.1

- 0.9

33.2

May

- 21.9

6.9

4.5

0.5

2.3

- 11.0

- 3.9

6.3

- 16.3

June

0.6

11.1

14.3

- 0.7

- 29.7

11.3

- 4.2

- 11.9

- 9.2

July

21.2

- 12.3

- 13.4

0.0

29.2

- 0.6

- 3.9

2.0

22.3

Aug.

- 13.4

4.9

12.4

0.2

- 2.1

- 3.3

- 4.3

4.9

- 0.7

Sept.

- 4.0

5.6

2.3

0.5

- 11.7

2.4

5.7

- 9.2

- 8.4

Oct.

23.2

- 11.8

- 3.3

- 0.2

7.7

5.6

4.7

4.5

30.4

Nov.

- 12.2

7.6

- 1.6

- 0.8

0.7

- 6.2

- 3.8

- 1.4

- 17.6

Dec.

7.9

8.9

- 0.5

- 8.8

- 27.7

10.4

- 0.9

- 2.8

- 13.7

1997 Jan.

2.6

- 7.4

- 21.5

0.3

33.1

0.7

13.2

9.5

30.5

Feb.

- 19.3

12.9

9.8

0.1

- 9.6

- 4.8

- 0.6

1.1

- 10.4

March

- 1.1

10.6

20.0

0.3

- 17.5

- 22.0

- 3.6

- 1.1

- 14.4

April

26.2

- 10.9

- 19.4

0.6

22.6

- 4.8

7.4

- 1.3

20.4

May

- 28.8

7.6

6.2

0.9

- 4.7

4.6

7.1

2.7

- 4.3

June

5.1

12.1

0.7

- 0.3

- 32.7

6.1

0.9

- 3.9

- 11.9

July

21.0

- 5.4

- 9.2

- 0.6

26.3

- 5.2

2.8

- 1.7

28.1

Aug.

- 8.8

1.0

0.6

0.3

- 7.9

3.7

- 0.3

- 4.0

- 15.3

Sept.

- 1.4

4.8

- 2.3

0.5

- 24.9

9.9

6.5

- 2.1

- 9.1

Oct.

28.6

- 11.7

- 18.1

- 0.1

32.5

- 3.9

6.6

3.2

37.1

Nov.

- 34.7

12.0

15.1

0.2

- 1.2

- 16.9

3.6

- 4.0

- 26.0

Dec.

11.4

4.1

10.4

- 9.1*

- 28.1*

1.8*

- 0.1

7.8*

- 1.7*

1) Increased by the central government's net borrowing abroad and the central government's net sales of ECU bonds, i.e. equivalent to the sum of the last three columns in Table 4.
2) Until end-1990 including lending to mortgage-credit institutes, etc.
3) The Nationalbank, the banks, the Kingdom of Denmark Mortgage Bank and Post Giro.
4) Excluding the Nationalbank's trading in ECU bonds.
5) Excluding premium-savings accounts, and with the addition of bonds with an original maturity of 2 years or more issued by banks.
6) Net deposits are calculated as debt to mortgage-credit institutes, etc., with deduction of claims.
7) Excluding exchange-rate adjustment, etc. of the foreign-exchange reserve as well as net borrowing abroad by the central government, the Kingdom of Denmark Mortgage Bank and the Danish Export Finance Corporation. Furthermore excluding the proceeds of the central government's net sales of ECU bonds.
8) Residual amounts, including inter alia increases in lending by the Kingdom of Denmark Mortgage Bank and the Danish Export Finance Corporation, increases in bank holdings of uncleared cheques and additions (-) to the banks' net capital and subordinate capital investments from residents.




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Version 1.0 May 1998 Nationalbanken.
Published by Danmarks Nationalbank May 1998, http://www.nationalbanken.dk