Money Stock
| Money stock |
Table 5
|
|||||||
| Kr. billion |
Bank-
notes and coins1 |
Demand
deposits |
Time
deposits with a maturity < 2 years |
Deposits
with a period of notice < 3 months |
Repur-
chase agree- ments |
Bonds,
etc. issued with original maturity < 2 years |
Money
stock M3 |
Year-on-
year increase in money stock, per cent |
| 1993 |
25.2
|
268.9
|
113.5
|
17.7
|
0.0
|
4.0
|
429.4
|
…
|
| 1994 |
28.5
|
251.5
|
109.7
|
14.7
|
2.2
|
4.7
|
411.2
|
-4.2
|
| 1995 |
30.1
|
260.8
|
111.5
|
14.0
|
2.1
|
4.3
|
422.8
|
2.8
|
| 1996 |
31.1
|
291.7
|
117.9
|
16.2
|
3.5
|
7.0
|
467.4
|
10.5
|
| 1997 |
32.6
|
310.9
|
126.1
|
15.1
|
2.5
|
17.3
|
504.5
|
8.0
|
| 1998 |
33.9
|
333.2
|
121.9
|
14.9
|
1.9
|
17.4
|
523.2
|
3.7
|
| 1999 |
36.1
|
341.8
|
111.0
|
12.9
|
4.3
|
17.0
|
523.2
|
0.0
|
| 2000 |
37.4
|
348.6
|
101.6
|
6.9
|
3.3
|
8.7
|
506.4
|
-3.2
|
| 2001 |
39.2
|
375.6
|
102.7
|
9.9
|
4.0
|
15.0
|
546.4
|
7.9
|
| 2002 |
39.0
|
392.1
|
105.0
|
15.8
|
7.1
|
45.8
|
604.7
|
10.7
|
| 2003 |
41.0
|
428.1
|
112.2
|
19.2
|
2.7
|
87.6
|
690.8
|
14.2
|
| 2002 Jan |
38.1
|
379.6
|
114.8
|
14.3
|
2.9
|
8.7
|
558.4
|
3.9
|
| Feb |
37.8
|
375.8
|
110.8
|
14.3
|
3.9
|
11.3
|
554.0
|
2.1
|
| Mar |
38.6
|
368.5
|
105.0
|
14.5
|
4.6
|
15.0
|
546.2
|
1.2
|
| Apr |
38.5
|
394.4
|
114.9
|
14.3
|
3.9
|
15.7
|
581.8
|
3.1
|
| May |
39.0
|
395.3
|
105.9
|
14.6
|
7.8
|
11.8
|
574.4
|
3.2
|
| Jun |
39.0
|
381.5
|
108.7
|
15.2
|
8.6
|
11.8
|
564.9
|
2.1
|
| Jul |
38.3
|
400.7
|
115.8
|
15.9
|
5.0
|
13.2
|
588.9
|
3.9
|
| Aug |
38.6
|
403.3
|
111.3
|
17.0
|
2.3
|
16.4
|
588.9
|
1.7
|
| Sep |
37.9
|
401.0
|
114.9
|
16.5
|
2.4
|
18.4
|
591.1
|
2.4
|
| Oct |
37.9
|
402.7
|
124.7
|
14.4
|
3.9
|
20.9
|
604.6
|
2.9
|
| Nov |
39.0
|
406.7
|
110.8
|
15.0
|
8.0
|
25.1
|
604.6
|
4.6
|
| Dec |
39.0
|
392.1
|
105.0
|
15.8
|
7.1
|
45.8
|
604.7
|
10.7
|
| 2003 Jan |
38.5
|
410.3
|
129.7
|
18.4
|
5.2
|
55.0
|
656.9
|
17.7
|
| Feb |
38.4
|
411.5
|
126.3
|
19.1
|
4.0
|
71.3
|
670.5
|
21.1
|
| Mar |
37.9
|
402.4
|
116.0
|
18.6
|
1.6
|
70.0
|
646.5
|
18.5
|
| Apr |
39.0
|
425.5
|
132.8
|
19.0
|
2.8
|
82.7
|
701.9
|
20.7
|
| May |
39.8
|
436.2
|
126.6
|
19.6
|
2.8
|
88.3
|
713.3
|
24.3
|
| Jun |
39.5
|
424.9
|
115.1
|
19.5
|
3.3
|
85.6
|
687.9
|
21.9
|
| Jul |
39.4
|
439.6
|
129.9
|
19.8
|
2.8
|
84.8
|
716.4
|
21.6
|
| Aug |
39.4
|
434.5
|
127.0
|
19.9
|
3.0
|
83.7
|
707.5
|
20.1
|
| Sep |
38.8
|
422.4
|
125.4
|
19.3
|
2.6
|
78.8
|
687.2
|
16.3
|
| Oct |
39.8
|
440.4
|
133.1
|
19.3
|
3.9
|
92.8
|
729.2
|
20.6
|
| Nov |
40.2
|
441.5
|
126.8
|
19.6
|
3.3
|
98.5
|
729.8
|
20.7
|
| Dec |
41.0
|
428.1
|
112.2
|
19.2
|
2.7
|
87.6
|
690.8
|
14.2
|
| Note: 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 and M3) to the extent that they are within the short-term band. Bonds issued with 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 determined on the basis of the consolidated balance sheet of the MFI sector and represents the MFI sector's liquid liabilities vis-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 "Demand deposits", and the M2 monetary aggregate is calculated as the sum of M1, "Time deposits with a maturity < 2 years" and "Deposits with a period of notice < 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. |
||||||||