Monetary aggregates, December 2015

The twelve-month growth in the households’ monetary aggregate M3 was lower than the growth in households’ gross domestic debt, which was 6.2 per cent to end-December according to the credit indicator C2.

The money supply growth for non-financial corporations was 0.5 per cent to end-December, while the growth for municipal government was 18.1 per cent. Other financial corporations accounted for the remaining share of the money supply. The twelve-month growth in the other financial sectors’ monetary aggregate M3 was -7.9 per cent to end-December. 

More than half of the money supply in households

The monetary aggregate M3 was NOK 1 935 billion at the end of December, up from NOK 1 921 billion the previous month. The households’ share constitutes for more than half of the total monetary aggregate M3. At end-December the growth in money supply for households amounted to NOK 1 125 billion, up from NOK 1 103 billion at end-November. 

The money supply for non-financial corporations was NOK 602 billion at end-December, unchanged from end-November. The money supply for municipal government and other financial corporations amounted to NOK 76 billion and NOK 131 billion respectively.

Steady composition of money supply

The composition of the money supply remains steady. Transaction deposits accounted for 89.1 per cent of the total money supply, while other deposits accounted for 7.9 per cent at the end of December. Notes and coins accounted for 2.5 per cent, while repurchase agreements, debt securities and bonds in total accounted for 0.4 per cent of the money supply at end-December.