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					Section 2: Structure of the UK financial system

Chart 2.2 Major UK banks' exposures as a share of total assets at end-2006
Sources: Bank of England, FSA regulatory returns, published accounts and Bank calculations.
                    Maximum-Minimum range: Interquartile range:
Category            Minimum      Maximum           Q1       Q3      Aggregate position for group
UK household           6.3          82.8          12.8     65.3                20.1
UK corporates          1.8          12.1           3.6     10.7                 6.5
Other UK exposures     8.0          47.5          12.1     35.1                32.5
Europe                 0.0          48.8           7.2     14.4                17.2
United States          0.0          20.9           0.7     12.3                11.9
Rest of world          0.0          24.9           2.6      9.8                11.8
Section 2: Structure of the UK financial system

Chart 2.3 Major UK banks' aggregate trading income
Sources: Bank of England, published accounts and Bank calculations.
Date      As a multiple of Value-at-Risk As a percentage of operating income
    1997                                                 4.0
    1998                                                 3.1
    1999                                                 4.8
    2000               17.0                              6.0
    2001               14.4                              7.1
    2002               13.2                              6.2
    2003               16.6                              6.7
    2004               19.5                              6.1
    2005               25.6                              6.8
    2006               31.0                              8.8
Section 2: Structure of the UK financial system

Chart 2.4 Major UK banks' particpation as lead arrangers in global syndicated lending
Sources: Dealogic and Bank calculations
Date       LBO-related loans         Other leveraged loans   Other syndicated loans
  1997            1230                        5689                   79474
  1998            2580                       12332                   70307
  1999            1430                       23782                   99826
  2000            7599                       23891                  152911
  2001            8775                       12054                  137969
  2002            6815                       15032                  147115
  2003           23077                       25171                  173522
  2004           38710                       21641                  252340
  2005           62377                       41142                  326594
  2006           80307                       42529                  345345
Section 2: Structure of the UK financial system

Chart 2.5 Annual growth rate of major UK banks' lending to UK non-financial companies
Source: Bank of England
Date               Real estate          Total
      1998 Q3           9                 8
      1998 Q4          14                11
      1999 Q1          17                 8
      1999 Q2          16                10
      1999 Q3          16                10
      1999 Q4          22                10
      2000 Q1          21                14
      2000 Q2          22                16
      2000 Q3          27                16
      2000 Q4          26                19
      2001 Q1          26                15
      2001 Q2          27                11
      2001 Q3          28                13
      2001 Q4          28                10
      2002 Q1          29                11
      2002 Q2          28                12
      2002 Q3          25                11
      2002 Q4          24                13
      2003 Q1          24                12
      2003 Q2          26                14
      2003 Q3          23                11
      2003 Q4          19                 9
      2004 Q1          18                10
      2004 Q2          19                 8
      2004 Q3          20                13
      2004 Q4          19                12
      2005 Q1          23                15
      2005 Q2          19                16
      2005 Q3          18                15
      2005 Q4          17                14
      2006 Q1          13                13
      2006 Q2          14                10
      2006 Q3          14                12
      2006 Q4          14                12
Section 2: Structure of the UK financial system

Chart 2.6 Major UK banks' annual write-off rates
Source: Bank of England, FSA regulatory returns and Bank calculations.
Date               Mortgages           Credit cards      Total household   Corporate
      1998 Q4         0.10                  1.34               0.33          1.07
      1999 Q1         0.08                  1.43               0.34          0.86
      1999 Q2         0.08                  1.55               0.35          0.74
      1999 Q3         0.07                  1.87               0.37          0.64
      1999 Q4         0.06                  1.80               0.40          0.55
      2000 Q1         0.05                  1.71               0.39          0.55
      2000 Q2         0.05                  1.62               0.39          0.45
      2000 Q3         0.04                  1.30               0.36          0.45
      2000 Q4         0.04                  1.28               0.34          0.44
      2001 Q1         0.03                  1.61               0.35          0.42
      2001 Q2         0.03                  1.92               0.34          0.43
      2001 Q3         0.03                  2.12               0.35          0.37
      2001 Q4         0.02                  2.34               0.35          0.34
      2002 Q1         0.02                  2.34               0.36          0.39
      2002 Q2         0.02                  2.20               0.36          0.39
      2002 Q3         0.01                  2.22               0.38          0.44
      2002 Q4         0.01                  2.38               0.39          0.46
      2003 Q1         0.01                  3.35               0.43          0.52
      2003 Q2         0.01                  3.67               0.45          0.61
      2003 Q3         0.02                  3.84               0.46          0.61
      2003 Q4         0.02                  3.99               0.46          0.67
      2004 Q1         0.02                  3.28               0.43          0.66
      2004 Q2         0.01                  3.14               0.44          0.61
      2004 Q3         0.01                  3.43               0.45          0.57
      2004 Q4         0.00                  3.37               0.46          0.60
      2005 Q1         0.00                  3.54               0.47          0.49
      2005 Q2         0.00                  3.79               0.51          0.50
      2005 Q3         0.01                  4.11               0.55          0.51
      2005 Q4         0.01                  4.52               0.70          0.49
      2006 Q1         0.01                  5.00               0.75          0.50
      2006 Q2         0.02                  5.56               0.78          0.47
      2006 Q3         0.02                  5.87               0.81          0.47
      2006 Q4         0.03                  6.34               0.77          0.40
Other unsecured   Other unsecured - excluding a one-off write off of £0.7 billion.
      1.77
      1.88
      1.96
      2.05
      2.41
      2.42
      2.44
      2.42
      2.27
      2.26
      2.14
      2.11
      2.03
      2.11
      2.19
      2.28
      2.34
      2.30
      2.34
      2.39
      2.38
      2.39
      2.58
      2.54
      2.66                                     2.66
      2.63                                     2.63
      2.80                                     2.80
      2.98                                     2.98
      4.17                                     3.24
      4.50                                     3.57
      4.52                                     3.60
      4.75                                     3.84
      4.22                                     4.22
Section 2: Structure of the UK financial system

Chart 2.7 Annual growth in major UK banks' lending to UK households
Sources: Bank of England and FSA regulatory returns.
Date            Mortgage lending Credit Card lending Other unsecured
         Jan-99        4.4                16.3             16.6
        Feb-99         4.6                16.6             16.2
       Mar-99          4.8                16.6             16.1
        Apr-99         6.1                17.4             15.7
       May-99          6.2                17.2             14.6
        Jun-99         6.3                16.6             14.8
         Jul-99        6.5                17.5             14.5
       Aug-99          6.7                18.1             14.0
        Sep-99         7.0                16.9             13.2
        Oct-99         7.1                17.2             12.5
       Nov-99          7.3                16.2             13.0
        Dec-99         7.4                18.0             13.4
         Jan-00        7.5                17.2             13.1
        Feb-00         7.6                18.6             13.5
       Mar-00          8.0                19.0             12.9
        Apr-00         6.9                17.3             13.1
       May-00          6.9                20.8             13.1
        Jun-00         7.3                21.9             12.2
         Jul-00        7.2                21.3             12.4
       Aug-00          7.3                20.1             12.1
        Sep-00         7.1                20.1             11.2
        Oct-00         7.1                20.5             12.4
       Nov-00          7.1                20.5             12.0
        Dec-00         5.8                18.0             13.1
         Jan-01        5.9                18.4             13.8
        Feb-01         6.0                18.7             13.0
       Mar-01          5.7                15.1             13.3
        Apr-01         5.9                16.3             14.0
       May-01          6.4                14.2             14.8
        Jun-01         6.5                12.8             15.9
         Jul-01        6.3                12.2             16.8
       Aug-01          6.7                12.1             17.0
        Sep-01         7.2                12.4             17.6
        Oct-01         7.3                11.6             17.7
       Nov-01          7.8                12.6             17.4
        Dec-01         9.4                13.0             17.5
         Jan-02        9.8                13.1             17.5
Feb-02    10.1   14.3   18.7
Mar-02    10.5   16.5   18.7
Apr-02    10.8   18.5   18.5
May-02    11.3   17.8   18.2
Jun-02    11.4   21.9   17.8
 Jul-02   12.4   21.7   18.8
Aug-02    12.5   22.4   18.6
Sep-02    12.9   23.0   18.8
Oct-02    13.4   23.0   18.9
Nov-02    13.7   22.8   18.1
Dec-02    14.0   22.6   18.1
 Jan-03   14.3   24.1   17.0
Feb-03    14.4   23.4   15.8
Mar-03    14.5   24.0   15.7
Apr-03    14.7   22.6   15.1
May-03    14.6   22.9   14.1
Jun-03    14.8   20.0   14.4
 Jul-03   15.0   20.6   12.8
Aug-03    15.0   20.1   12.8
Sep-03    15.1   24.7   13.2
Oct-03    15.2   25.0   12.1
Nov-03    15.1   23.2   13.1
Dec-03    15.1   21.7   13.0
 Jan-04   15.0   21.5   13.2
Feb-04    15.1   21.4   13.4
Mar-04    15.1   22.9   13.9
Apr-04    15.1   23.1   14.1
May-04    14.9   24.2   14.3
Jun-04    14.9   23.1   14.9
 Jul-04   14.6   23.9   14.1
Aug-04    14.3   24.2   14.6
Sep-04    15.7   19.4   14.1
Oct-04    15.1   18.5   14.0
Nov-04    14.5   18.7   14.4
Dec-04    14.3   18.5   14.2
 Jan-05   13.7   18.9   14.6
Feb-05    13.4   18.4   14.4
Mar-05    12.9   16.3   13.8
Apr-05    12.4   14.2   13.3
May-05    12.1   13.2   13.6
Jun-05    11.2   11.7   12.6
 Jul-05   10.6    9.9   12.6
Aug-05    10.4    9.5   12.2
Sep-05     8.5    9.5   11.6
Oct-05     8.4   10.3   11.9
Nov-05     8.5    8.0   10.9
Dec-05     8.5    7.7   10.4
 Jan-06    8.5    7.9   10.2
Feb-06     8.3    8.0   10.3
Mar-06     8.3    6.6    9.0
Apr-06     7.7    6.9    9.0
May-06     7.9    7.7    9.2
Jun-06     8.5    7.8    8.5
 Jul-06    8.8    8.1    8.9
Aug-06     9.0    6.5    8.6
Sep-06     9.0    5.6    8.2
Oct-06     9.1    4.5    8.6
Nov-06     9.3    6.0    8.4
Dec-06     9.4    6.6    8.0
 Jan-07    9.4    5.9    7.7
Feb-07     9.6    5.4    7.1
Section 2: Structure of the UK financial system

Chart 2.8 Major UK banks' customer funding gap
Sources: Dealogic, published accounts and Bank calculations.
                                       Customer funding gap adjusted for securitised debt
Date           Customer funding gap                        (estimate)
          1997          -6042                                -17069
          1998         -22387                                -35620
          1999          -2765                                -19651
          2000          14077                                 -9000
          2001          53534                                  1204
          2002         144069                                 76735
          2003         283464                                186552
          2004         366564                                223097
          2005         458045                                240701
          2006         532859                                208413
Customer funding gap adjusted for wholesale funding with an
      outstanding maturity of more than three months




                         -162942
                          -82509
                          -57749
                          -19659
                          -38847
                          -52605
Customer funding gap adjusted for wholesale funding with
     an outstanding maturity of more than one year




                        -70374
                         -3029
                         34693
                        122879
                        131551
                        132827
Section 2: Structure of the UK financial system

Chart 2.8 Major UK banks customer funding gap
Sources: FSA regulatory returns and Bank calculations.
     Date         European LCFI                        Major UK Banks
      2004 Q3           10.2                                35.9
      2004 Q4           13.4                                57.7
      2005 Q1           15.7                                62.4
      2005 Q2           18.1                                47.8
      2005 Q3           21.7                                60.4
      2005 Q4           27.4                                51.1
      2006 Q1           43.3                                57.7
      2006 Q2           43.0                                46.6
      2006 Q3           40.2                                50.3
      2006 Q4           33.0                                42.1
Non-financial corporations Other banks Non-bank financial corporations US commercial banks
           2.0                10.9                  29.0                     11.9
           1.0                14.7                  24.4                     11.6
          14.0                13.5                  36.7                     13.1
           6.9                10.1                  27.1                     16.6
           9.1                 9.9                  37.8                     18.8
           4.5                12.5                  46.7                     28.3
          22.0                30.4                  53.6                     33.7
          15.8                21.8                  38.5                     29.5
          16.5                24.7                  29.0                     30.6
           9.0                15.2                  22.7                     25.1
US securities houses
        4.1
        1.6
        3.6
        9.3
       10.8
       13.2
       20.7
       14.8
       11.2
        8.9
Section 2: Structure of the UK financial system

Chart 2.10 Incidence of common 'large exposure' counterparts during 2006 Q4
Sources: FSA regulatory returns and Bank calculations.
Number of exposures Major UK banks Non-UK LCFIs Other banks
                     2          1                 0         4
                     3          0                 3         1
                     4          1                 4         3
                     5          1                 2         2
                     6          2                 2         1
                     7          1                 2         0
                     8          1                 0         0
                     9          0                 0         0
                    10          0                 0         0
Section 2: Structure of the UK financial system

Chart 2.11 Revenue and profit growth at LCFIs' corporate and investment banking units at end-2006
Sources: Published accounts and Bank calculations.
Category          UK LCFIs      US commercial banks US securities houses European LCFIs
    Revenues          22                 15                 32                 23
      Profits         25                  4                 48                 46
king units at end-2006
Section 2: Structure of the UK financial system

Chart 2.12 LCFIs' total assets
Sources: SEC filings, published accounts and Bank calculations.
Date        Cash and deposits           Loans             Secured assets   Trading assets
      2000         663315              3133286               1572921          1999234
      2001         638680              3075508               1786281          2186992
      2002         608700              3362150               2064636          2538495
      2003         648132              3861131               2637437          3340497
      2004         762992              4558990               3294408          4288251
      2005         806779              5024035               3741308          5586789
      2006        1025956              6100816               4477247          7028756
 Other
2174810
2388887
2406057
2768910
3225105
3220725
3851012
Section 2: Structure of the UK financial system

Chart 2.13 LBO lending by LCFIs
Sources: Dealogic and Bank calculations.
Date                      UK LCFIs          US securities houses US commercial banks
                2000         100                    100                 100
                2001         133                    112                  47
                2002          95                     89                  62
                2003         253                    102                  58
                2004         506                    292                 196
                2005         851                    594                 316
                2006        1008                   1022                 658
European LCFIs
     100
      92
      99
     157
     328
     572
     843
Section 2: Structure of the UK financial system

Chart 2.14 LCFIs' Value-at-Risk
Sources: Bank of England, published accounts and Bank calculations.
Date       Interest rate Equity       Other    Diversification Total VaR
 2004 Q1        2.8        1.2         0.9          -1.8          3.1
 2004 Q2        2.9        1.1         0.9          -1.8          3.1
 2004 Q3        2.6        1.1         0.9          -1.7          2.9
 2004 Q4        2.6        1.0         0.9          -1.7          2.8
 2005 Q1        2.9        1.2         1.0          -1.9          3.2
 2005 Q2        3.0        1.2         1.0          -2.0          3.2
 2005 Q3        2.7        1.4         1.0          -2.1          3.0
 2005 Q4        2.7        1.4         1.1          -2.1          3.0
 2006 Q1        2.7        1.7         1.3          -2.4          3.3
 2006 Q2        2.9        1.8         1.5          -2.6          3.6
 2006 Q3        3.1        1.7         1.4          -2.7          3.5
 2006 Q4        2.9        2.0         1.3          -2.6          3.6
Section 2: Structure of the UK financial system

Chart 2.16 LCFIs' issuance of RMBS backed by sub-prime lending
Sources: Dealogic and Bank calculations.
Date      UK LCFIs      European LCFIs US commercial banks US securities houses
  2000         0              2853             1591                9148
  2001       2188             9976             8738                4666
  2002       5293            10814             8087               17390
  2003       4561            13794            16657               37758
  2004       6321            20394            11979               84554
  2005      13579            28022            23096              117540
  2006      27571            45586            33458              115927
Section 2: Structure of the UK financial system

Chart 2.17 Investor shares of US and European leveraged loan markets
Sources: Standard & Poor's Leverage Commentary and Data, and Bank calculations.
Date       Institutional investors US and European banks
     1999             47                   3718
     2000             44                   3954
     2001             45                   3965
     2002             35                   5179
     2003             33                   5564
     2004             32                   5526
     2005             31                   5818
     2006            21.9                 6767.8
Section 2: Structure of the UK financial system

Chart 2.18 Outstanding global amounts of credit protection by institution
Sources: BBA and Bank calculations.
Date         Banks     Hedge funds Pension funds Corporates Insurers Mutual funds
    2000      161           -18         -18           27        -143        -9
    2002      351          137          -20           39        -527       -20
    2004      653           50          -50           50        -653       -50
    2006     3031          -808        -404          202       -2223      -202
Section 2: Structure of the UK financial system

Chart 2.19 Net capital flows into hedge funds
Source: Lipper (a Reuters company).
Date            Long/short equity Event driven Global macro Fixed income Emerging markets
     1997 Q1           2.0            1.3           0.7          0.7           1.4
     1997 Q2           1.0            0.6          -0.9          1.3           0.7
     1997 Q3           1.3            1.2           1.9          0.8           0.8
     1997 Q4           1.3            1.9           0.3          0.4           -0.2
     1998 Q1           1.4            2.6           0.4          1.2           0.4
     1998 Q2           1.9            1.7           0.3          1.1           -0.1
     1998 Q3           0.5            0.9           0.2         -0.3           -1.3
     1998 Q4          -0.7           -1.1          -2.0         -1.3           -0.9
     1999 Q1           1.9           -0.9          -3.1         -0.7           -0.3
     1999 Q2           2.6            0.1          -1.2          0.1           -0.2
     1999 Q3           2.5            0.7          -1.8          0.1           -0.1
     1999 Q4           3.2           -0.1          -1.7         -0.3           -0.2
     2000 Q1           5.9            1.1          -1.6         -0.2           -0.5
     2000 Q2           1.4           -0.6          -5.6         -0.1           -0.3
     2000 Q3           3.5            1.6          -1.4          0.0           -0.1
     2000 Q4           1.8            1.5          -1.0         -0.5           -0.2
     2001 Q1           3.0            1.4           0.3          0.0           -0.1
     2001 Q2           2.5            2.5          -1.2          0.5           0.2
     2001 Q3           0.5            2.3           0.5          0.3           0.2
     2001 Q4           1.9            2.1           0.4          1.3           0.2
     2002 Q1          -0.4            2.0           0.5          0.7           0.4
     2002 Q2           1.5            0.5           0.0          0.4           0.3
     2002 Q3           2.1            1.7           0.2          1.1           0.3
     2002 Q4          -2.8           -0.7          -0.1          0.8           0.2
     2003 Q1          -0.7           -2.1           1.7          3.4           0.6
     2003 Q2           1.3            1.1           2.5          1.7           0.5
     2003 Q3           6.0            5.6           3.1          2.1           1.2
     2003 Q4           6.2            5.9           3.3          3.2           1.7
     2004 Q1           8.2            6.9           5.5          3.0           1.5
     2004 Q2          13.5            7.7           6.3          2.8           1.8
     2004 Q3           6.9            4.6           4.2          2.8           1.0
     2004 Q4           4.5            6.6           0.8          0.5           2.3
     2005 Q1           1.9            8.2           2.3          4.3           2.7
     2005 Q2           1.9            3.9           0.4          1.8           1.6
     2005 Q3           5.8            4.2          -1.1          0.9           3.1
     2005 Q4           1.5            0.5           1.2         -3.5           0.6
     2006 Q1          12.3            2.4           2.9          0.5           4.4
2006 Q2   11.4   4.3    5.4   4.4    3.5
2006 Q3    4.2   6.1    1.6   0.7    2.5
2006 Q4    3.3   7.9   -2.3   -1.3   2.5
Equity market neutral Convertible arbitrage Managed futures Multi-Strategy Short seller
        0.3                   0.3                 0.0            0.0           0.0
        0.3                   0.4                 0.2            0.0           0.0
        0.3                   0.4                 0.2            0.0           0.0
        0.4                   0.9                 0.0            0.0           0.0
        0.4                   0.8                 0.1            0.1           0.0
        0.9                   0.4                 0.1            0.1           0.0
        0.4                   0.0                 0.2            0.0           0.1
        0.1                   0.0                 0.1            -0.1          0.0
        0.5                   0.1                 0.3            0.0           0.0
        0.7                   0.0                 0.3            0.0           0.0
        -0.1                  0.1                 0.1            -0.1          0.0
        0.7                   0.1                -0.1            0.0           0.1
        0.8                   0.2                 0.1            0.0           0.2
        0.6                   0.0                -0.2            0.0          -0.1
        0.5                   0.6                -0.3            -0.1         -0.1
        0.4                   0.9                -0.2            0.1           0.0
        0.9                   1.0                 0.0            0.2           0.1
        1.2                   2.4                 0.3            0.1           0.0
        0.6                   2.1                 0.3            0.0           0.0
        0.6                   1.6                 0.7            0.1          -0.1
        0.4                   1.7                 0.4            0.1          -0.1
        0.2                   0.9                 0.3            0.5           0.0
        0.1                   0.5                 0.3            0.4           0.1
        1.3                   0.1                 0.7            0.0          -0.1
        0.0                   1.6                 2.1            0.4          -0.1
        0.5                   2.7                 2.3            1.3          -0.1
        0.6                   2.0                 2.3            1.6           0.0
        -0.2                  3.3                 1.5            1.9           0.0
        1.6                   4.2                 3.9            3.3           0.1
        1.4                   2.4                 3.1            4.2           0.2
        0.5                   -0.1                1.5            3.7           0.1
        -0.6                  -1.7                1.0            2.9           0.1
        0.2                   -1.8                0.1            6.5           0.1
        -0.7                  -2.9               -1.0            6.3           0.1
        -0.8                  -1.6               -0.1            2.2           0.0
        -1.9                  -2.1               -0.1            -0.5          0.0
        0.4                   -1.0                1.7            3.9           0.0
2.3   0.8    2.3   3.8   0.1
3.2   2.2    1.7   4.3   0.0
1.0   1.7   -0.6   1.3   0.1
Section 2: Structure of the UK financial system

Chart 2.20 CREST system availability for settlement
Source: CRESTCo.
Date
              Jan-04     100.0
             Feb-04       99.8
             Mar-04      100.0
             Apr-04      100.0
            May-04        99.7
             Jun-04      100.0
              Jul-04      99.2
             Aug-04       99.9
             Sep-04      100.0
             Oct-04       99.7
             Nov-04      100.0
             Dec-04      100.0
              Jan-05      99.4
             Feb-05      100.0
             Mar-05       98.8
             Apr-05      100.0
            May-05       100.0
             Jun-05      100.0
                July      99.7
             Aug-05      100.0
             Sep-05      100.0
             Oct-05      100.0
             Nov-05       99.8
             Dec-05      100.0
              Jan-06     100.0
             Feb-06      100.0
             Mar-06      100.0
             Apr-06       99.8
            May-06       100.0
             Jun-06       99.7
                July     100.0
             Aug-06       98.7
             Sep-06       98.3
             Oct-06       96.7
             Nov-06       98.5
             Dec-06       99.8
                Jan.      98.0
 Feb-07    99.6
   Mar.   100.0
2006 Q4     3.3
Section 2: Structure of the UK financial system
Box 5: Hedge funds and financial stability
Chart A Hedge fund returns versus returns on selected assets
Sources: Bloomberg, CSFB/ Tremont, Goldman Sachs, JP Morgan & Co., Standard & Poor's, Thomson Datastream
Date             Hedge funds             US equities      Emerging markets bonds
   Dec-97       No permissions         No permissions        No permissions
    Jan-98
    Feb-98
   Mar-98
    Apr-98
   May-98
    Jun-98
     Jul-98
   Aug-98
    Sep-98
    Oct-98
   Nov-98
   Dec-98
    Jan-99
    Feb-99
   Mar-99
    Apr-99
   May-99
    Jun-99
     Jul-99
   Aug-99
    Sep-99
    Oct-99
   Nov-99
   Dec-99
    Jan-00
    Feb-00
   Mar-00
    Apr-00
   May-00
    Jun-00
     Jul-00
   Aug-00
    Sep-00
    Oct-00
   Nov-00
   Dec-00
 Jan-01
Feb-01
Mar-01
Apr-01
May-01
Jun-01
 Jul-01
Aug-01
Sep-01
Oct-01
Nov-01
Dec-01
 Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
 Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02
 Jan-03
Feb-03
Mar-03
Apr-03
May-03
Jun-03
 Jul-03
Aug-03
Sep-03
Oct-03
Nov-03
Dec-03
 Jan-04
Feb-04
Mar-04
Apr-04
May-04
Jun-04
 Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
 Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
 Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
 Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
 Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
 Jan-07
Feb-07
Mar-07
ndard & Poor's, Thomson Datastream and Bank calculations.
                Commodities
                   100.8
                   100.0
                    94.7
                    95.7
                    94.1
                    90.8
                    89.1
                    82.4
                    78.6
                    88.2
                    85.2
                    76.6
                    76.3
                    77.6
                    75.1
                    88.3
                    92.4
                    87.4
                    93.7
                    97.1
                   104.2
                   109.6
                   104.1
                   108.8
                   111.6
                   118.4
                   124.0
                   118.7
                   116.6
                   128.1
                   135.3
                   122.4
                   140.3
                   136.3
                   135.8
                   147.1
                   141.7
130.1
127.3
122.2
128.6
124.8
116.3
115.9
116.5
104.3
100.8
 97.3
 97.1
 95.3
101.3
115.5
117.1
111.5
116.4
116.8
123.5
130.7
124.8
124.9
134.9
145.5
159.9
133.3
123.7
135.0
133.8
133.8
139.1
133.5
136.9
141.1
149.5
149.3
159.9
161.9
166.1
173.0
164.3
176.4
169.6
193.8
203.9
196.5
178.2
190.2
204.2
220.1
203.0
203.7
217.9
230.7
266.9
269.5
242.7
238.7
247.7
260.5
238.6
253.9
272.5
272.3
278.1
285.9
267.3
245.6
246.3
266.1
248.9
245.2
257.4
268.6
Section 2: Structure of the UK financial system
Box 5 Hedge funds and financial stability
Chart B Number of hedge funds and assets under management
Source: Hennessee Group LLC.
Date                        Number of hedge funds     Assets under management
                 Jan-93                         1100                            50
                 Jan-94                         1640                            99
                 Jan-95                         2080                            76
                 Jan-96                         2800                            97
                 Jan-97                         3000                           130
                 Jan-98                         3200                           210
                 Jan-99                         3500                           221
                 Jan-00                         4000                           324
                 Jan-01                         4800                           408
                 Jan-02                         5500                           564
                 Jan-03                         5700                           592
                 Jan-04                         7000                           795
                 Jan-05                         8050                          1009
                 Jan-06                         8900                          1223
                 Jan-07                         9800                          1442
Section 2: Structure of the UK financial system
Box 5: Hedge funds and financial stability
Chart C Source of hedge fund capital by share of assets under management
Source: Hennessee Group LLC.
Date            Individuals Fund of funds Pension funds Endowments and foundations   Other
           1997     61           14             5                   9                 11
           1998     54           18            10                   8                 10
           1999     53           20            12                   7                  8
           2000     54           17            14                   7                  8
           2001     48           20            15                   8                  9
           2002     42           27            15                   7                  9
           2003     44           24            15                   8                  9
           2004     44           24            15                   8                  9
           2005     44           30            12                   7                  7
           2006     40           23            11                   8                 18

				
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