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Section 2: Structure of the financial system
Chart 2.2 Major UK banks' exposures as a share of total assets as at end-June 2007
Sources: Bank of England, FSA regulatory returns, published accounts and Bank calculations.
Maximum-Minimum range: Interquartile range:
Category Minimum Maximum Q1 Q3
UK household 5.59 82.97 11.60 65.41
UK corporates 1.42 11.46 3.26 9.71
Other UK exposures 7.51 49.56 13.31 37.59
Europe 0.00 48.17 9.20 15.31
United States 0.00 18.45 1.02 11.41
Rest of world 0.00 23.55 2.14 9.36
ssets as at end-June 2007
accounts and Bank calculations.
Aggregate position for group
18.70
6.07
35.18
17.36
11.15
11.54
Section 2: Structure of the financial system
Chart 2.3 Sterling intraday liquidity buffers
Source: Bank of England.
Maximum-Minimum range: Interquartile range:
Minimum Maximum Q1 Q3
9-Sep-05 0.52 6.45 2.52 4.21
12-Sep-05 0.53 6.41 2.51 4.18
13-Sep-05 0.53 6.45 2.48 4.16
14-Sep-05 0.55 6.52 2.48 4.11
15-Sep-05 0.55 6.55 2.47 4.08
16-Sep-05 0.56 6.63 2.45 4.09
19-Sep-05 0.55 6.66 2.23 4.09
20-Sep-05 0.55 6.69 1.97 4.13
21-Sep-05 0.54 6.71 1.98 4.15
22-Sep-05 0.54 6.68 2.03 4.14
23-Sep-05 0.54 6.62 2.06 4.18
26-Sep-05 0.56 6.57 2.08 4.15
27-Sep-05 0.57 6.57 2.13 4.20
28-Sep-05 0.58 6.63 2.16 4.16
29-Sep-05 0.60 6.69 2.15 4.18
30-Sep-05 0.60 6.80 2.18 4.17
3-Oct-05 0.62 6.90 2.21 4.19
4-Oct-05 0.65 7.05 2.22 4.23
5-Oct-05 0.64 7.17 2.25 4.27
6-Oct-05 0.65 7.25 2.24 4.34
7-Oct-05 0.66 7.22 2.22 4.39
10-Oct-05 0.68 7.11 2.07 4.42
11-Oct-05 0.69 7.09 2.06 4.47
12-Oct-05 0.70 7.06 1.80 4.48
13-Oct-05 0.71 6.98 1.81 4.49
14-Oct-05 0.73 6.88 1.52 4.52
17-Oct-05 0.75 6.86 1.54 4.51
18-Oct-05 0.77 6.83 1.54 4.55
19-Oct-05 0.76 6.82 1.54 4.56
20-Oct-05 0.78 6.85 1.56 4.62
21-Oct-05 0.77 6.89 1.54 4.64
24-Oct-05 0.77 6.85 1.51 4.65
25-Oct-05 0.77 6.79 1.74 4.69
26-Oct-05 0.76 6.73 1.73 4.76
27-Oct-05 0.77 6.68 1.74 4.78
28-Oct-05 0.77 6.61 1.75 4.80
31-Oct-05 0.77 6.53 1.73 4.78
1-Nov-05 0.75 6.42 1.77 4.79
2-Nov-05 0.74 6.41 1.82 4.84
3-Nov-05 0.74 6.43 1.78 4.93
4-Nov-05 0.76 6.46 2.00 4.98
7-Nov-05 0.74 6.50 1.99 5.06
8-Nov-05 0.74 6.53 1.94 5.11
9-Nov-05 0.73 6.61 1.92 5.22
10-Nov-05 0.72 6.70 1.93 5.32
11-Nov-05 0.71 6.70 1.89 5.38
14-Nov-05 0.70 6.63 1.89 5.36
15-Nov-05 0.71 6.51 1.91 5.39
16-Nov-05 0.74 6.36 1.96 5.38
17-Nov-05 0.73 6.10 2.04 5.39
18-Nov-05 0.71 5.99 2.11 5.34
21-Nov-05 0.68 5.92 2.20 5.31
22-Nov-05 0.69 5.96 2.21 5.29
23-Nov-05 0.67 5.94 2.25 5.36
24-Nov-05 0.66 5.94 2.24 5.41
25-Nov-05 0.66 5.90 2.25 5.46
28-Nov-05 0.66 5.85 2.22 5.51
29-Nov-05 0.63 5.79 2.23 5.52
30-Nov-05 0.65 5.69 2.21 5.55
1-Dec-05 0.65 5.60 2.19 5.53
2-Dec-05 0.66 5.62 2.44 5.56
5-Dec-05 0.67 5.66 2.43 5.51
6-Dec-05 0.66 5.63 2.22 5.40
7-Dec-05 0.67 5.65 2.25 5.25
8-Dec-05 0.67 5.64 2.27 5.17
9-Dec-05 0.67 5.67 2.29 5.11
12-Dec-05 0.69 5.75 2.32 5.09
13-Dec-05 0.68 5.75 2.28 5.18
14-Dec-05 0.71 5.72 2.23 5.13
15-Dec-05 0.72 5.66 2.23 5.18
16-Dec-05 0.69 5.59 1.97 5.25
19-Dec-05 0.71 5.56 1.98 5.25
20-Dec-05 0.73 5.50 1.98 5.28
21-Dec-05 0.73 5.47 1.97 5.28
22-Dec-05 0.72 5.39 1.96 5.34
23-Dec-05 0.75 5.43 1.97 5.41
27-Dec-05 0.76 5.64 2.11 5.50
28-Dec-05 0.75 5.68 2.06 5.52
29-Dec-05 0.72 5.76 2.01 5.58
30-Dec-05 0.74 5.90 1.92 5.56
2-Jan-06 0.76 6.07 2.03 5.64
3-Jan-06 0.77 6.08 1.95 5.69
4-Jan-06 0.75 5.98 1.94 5.73
5-Jan-06 0.76 5.89 1.92 5.74
6-Jan-06 0.76 5.79 1.91 5.73
9-Jan-06 0.75 5.79 1.95 5.68
10-Jan-06 0.75 5.85 1.95 5.67
11-Jan-06 0.76 5.95 1.96 5.65
12-Jan-06 0.76 6.09 1.98 5.63
13-Jan-06 0.75 6.18 2.01 5.61
16-Jan-06 0.74 6.06 1.75 5.39
17-Jan-06 0.73 6.10 1.77 5.42
18-Jan-06 0.72 6.17 1.79 5.45
19-Jan-06 0.72 6.23 1.84 5.44
20-Jan-06 0.71 6.27 1.89 5.48
23-Jan-06 0.73 6.31 1.90 5.49
24-Jan-06 0.71 6.38 1.91 5.46
25-Jan-06 0.72 6.36 1.96 5.44
26-Jan-06 0.69 6.42 2.00 5.46
27-Jan-06 0.69 6.46 2.02 5.45
30-Jan-06 0.69 6.57 2.04 5.50
31-Jan-06 0.67 6.76 2.04 5.47
1-Feb-06 0.64 6.88 2.04 5.47
2-Feb-06 0.65 6.93 2.05 5.46
3-Feb-06 0.66 6.91 2.06 5.49
6-Feb-06 0.63 6.77 2.11 5.42
7-Feb-06 0.64 6.67 2.12 5.35
8-Feb-06 0.60 6.70 2.16 5.33
9-Feb-06 0.63 6.70 2.16 5.30
10-Feb-06 0.61 6.70 2.18 5.30
13-Feb-06 0.62 6.69 2.02 5.28
14-Feb-06 0.60 6.78 2.06 5.18
15-Feb-06 0.60 6.88 2.07 5.13
16-Feb-06 0.59 7.06 2.08 5.12
17-Feb-06 0.60 7.17 2.07 5.10
20-Feb-06 0.61 7.24 2.05 5.09
21-Feb-06 0.61 7.27 2.10 5.10
22-Feb-06 0.62 7.24 2.11 5.08
23-Feb-06 0.62 7.17 2.11 5.10
24-Feb-06 0.61 7.12 2.09 5.11
27-Feb-06 0.62 7.21 2.11 5.30
28-Feb-06 0.62 7.22 2.10 5.22
1-Mar-06 0.64 7.26 2.07 5.20
2-Mar-06 0.63 7.35 1.99 5.14
3-Mar-06 0.64 7.43 1.91 5.12
6-Mar-06 0.61 7.45 1.88 5.07
7-Mar-06 0.62 7.46 1.84 5.00
8-Mar-06 0.62 7.41 1.80 5.01
9-Mar-06 0.64 7.35 1.79 5.00
10-Mar-06 0.63 7.27 1.77 4.96
13-Mar-06 0.65 7.18 1.80 4.91
14-Mar-06 0.65 7.10 1.80 4.91
15-Mar-06 0.65 7.05 1.79 4.86
16-Mar-06 0.66 7.03 1.83 4.84
17-Mar-06 0.66 6.93 1.83 4.79
20-Mar-06 0.68 6.93 1.78 4.78
21-Mar-06 0.67 6.81 1.64 4.77
22-Mar-06 0.67 6.66 1.71 4.75
23-Mar-06 0.66 6.53 1.69 4.72
24-Mar-06 0.68 6.40 1.70 4.70
27-Mar-06 0.65 6.28 1.68 4.68
28-Mar-06 0.68 6.17 1.65 4.72
29-Mar-06 0.69 6.09 1.62 4.74
30-Mar-06 0.69 5.94 1.59 4.70
31-Mar-06 0.70 5.87 1.61 4.65
3-Apr-06 0.69 5.69 1.66 4.51
4-Apr-06 0.68 5.63 1.67 4.54
5-Apr-06 0.69 5.64 1.68 4.58
6-Apr-06 0.71 5.64 1.67 4.54
7-Apr-06 0.73 5.67 1.68 4.53
10-Apr-06 0.73 5.75 1.70 4.49
11-Apr-06 0.73 5.81 1.70 4.51
12-Apr-06 0.72 5.81 1.71 4.49
13-Apr-06 0.75 5.81 1.71 4.47
18-Apr-06 0.76 5.82 1.70 4.43
19-Apr-06 0.79 5.90 1.68 4.42
20-Apr-06 0.79 5.93 1.67 4.42
21-Apr-06 0.79 5.86 1.68 4.40
24-Apr-06 0.80 5.76 1.65 4.48
25-Apr-06 0.77 5.67 1.64 4.53
26-Apr-06 0.78 5.57 1.61 4.61
27-Apr-06 0.80 5.42 1.60 4.72
28-Apr-06 0.81 5.29 1.61 4.79
2-May-06 0.81 5.38 1.57 4.81
3-May-06 0.81 5.27 1.60 4.85
4-May-06 0.79 5.20 1.65 4.91
5-May-06 0.79 5.17 1.65 4.92
8-May-06 0.79 5.10 1.64 4.76
9-May-06 0.79 5.20 1.67 4.78
10-May-06 0.79 5.31 1.68 4.81
11-May-06 0.81 5.43 1.69 4.86
12-May-06 0.80 5.58 1.69 4.84
15-May-06 0.81 5.70 1.71 4.87
16-May-06 0.83 5.84 1.71 4.85
17-May-06 0.80 6.00 1.70 4.81
18-May-06 0.80 6.16 1.75 4.75
19-May-06 0.85 6.20 1.73 4.74
22-May-06 0.90 6.18 1.72 4.78
23-May-06 0.90 6.19 1.76 4.84
24-May-06 0.95 6.21 1.74 4.90
25-May-06 1.00 6.25 1.76 4.94
26-May-06 1.04 6.30 1.77 4.99
29-May-06 1.03 6.40 1.93 5.03
30-May-06 1.07 6.51 1.96 5.09
31-May-06 1.09 6.63 1.95 5.14
1-Jun-06 1.12 6.70 1.98 5.17
2-Jun-06 1.17 6.78 2.00 5.18
5-Jun-06 1.22 6.95 1.99 5.26
6-Jun-06 1.26 7.12 2.02 5.29
7-Jun-06 1.33 7.31 2.07 5.36
8-Jun-06 1.39 7.31 2.34 5.31
9-Jun-06 1.43 7.40 2.35 5.38
12-Jun-06 1.44 7.46 2.37 5.50
13-Jun-06 1.47 7.27 2.40 5.60
14-Jun-06 1.50 7.43 2.36 5.71
15-Jun-06 1.55 7.63 2.35 5.80
16-Jun-06 1.58 7.78 2.36 5.89
19-Jun-06 1.62 7.96 2.27 6.04
20-Jun-06 1.66 8.00 2.25 6.09
21-Jun-06 1.71 8.00 2.25 6.05
22-Jun-06 1.72 7.95 2.27 6.08
23-Jun-06 1.75 7.77 2.32 6.10
26-Jun-06 1.75 7.60 2.36 6.14
27-Jun-06 1.78 7.46 2.41 6.18
28-Jun-06 1.83 7.32 2.42 6.29
29-Jun-06 1.86 7.26 2.31 6.39
30-Jun-06 1.82 7.18 2.28 6.47
3-Jul-06 1.78 7.07 2.30 6.46
4-Jul-06 1.76 6.93 2.25 6.40
5-Jul-06 1.72 6.78 2.24 6.37
6-Jul-06 1.72 6.64 2.18 6.36
7-Jul-06 1.69 6.47 2.19 6.27
10-Jul-06 1.72 6.23 2.06 6.18
11-Jul-06 1.70 6.18 2.03 6.00
12-Jul-06 1.71 6.13 2.08 5.72
13-Jul-06 1.73 6.11 2.11 5.50
14-Jul-06 1.70 6.08 2.11 5.36
17-Jul-06 1.68 6.00 2.13 5.23
18-Jul-06 1.69 5.98 2.10 5.14
19-Jul-06 1.67 5.93 2.07 5.04
20-Jul-06 1.65 5.96 1.83 5.11
21-Jul-06 1.65 5.81 1.84 5.05
24-Jul-06 1.65 5.71 1.80 4.90
25-Jul-06 1.64 5.64 1.82 4.78
26-Jul-06 1.68 5.54 1.83 4.62
27-Jul-06 1.70 5.48 1.80 4.45
28-Jul-06 1.69 5.39 1.81 4.36
31-Jul-06 1.66 5.32 1.84 4.28
1-Aug-06 1.66 5.35 1.87 4.20
2-Aug-06 1.65 5.35 1.92 4.18
3-Aug-06 1.67 5.25 1.91 4.21
4-Aug-06 1.70 5.20 1.91 4.16
7-Aug-06 1.70 5.14 1.85 4.17
8-Aug-06 1.70 5.11 1.82 4.18
9-Aug-06 1.69 5.04 1.90 4.10
10-Aug-06 1.73 4.99 1.92 4.07
11-Aug-06 1.75 4.92 1.95 4.11
14-Aug-06 1.73 4.86 1.95 4.08
15-Aug-06 1.75 4.86 1.98 4.03
16-Aug-06 1.76 4.88 2.03 4.00
17-Aug-06 1.76 4.79 2.07 3.93
18-Aug-06 1.76 4.72 2.07 3.89
21-Aug-06 1.76 4.67 2.06 3.91
22-Aug-06 1.83 4.60 2.09 3.82
23-Aug-06 1.84 4.57 2.08 3.79
24-Aug-06 1.82 4.49 2.09 3.79
25-Aug-06 1.82 4.45 2.09 3.84
28-Aug-06 1.79 4.51 2.32 3.83
29-Aug-06 1.72 4.38 2.40 3.71
30-Aug-06 1.74 4.41 2.51 3.74
31-Aug-06 1.74 4.42 2.57 3.79
1-Sep-06 1.75 4.49 2.65 3.78
4-Sep-06 1.77 4.49 2.79 3.77
5-Sep-06 1.76 4.46 2.90 3.73
6-Sep-06 1.71 4.49 3.01 3.75
7-Sep-06 1.66 4.47 3.11 3.74
8-Sep-06 1.75 4.46 3.13 3.79
11-Sep-06 1.77 4.48 3.24 3.85
12-Sep-06 1.80 4.43 3.34 3.92
13-Sep-06 1.76 4.46 3.43 4.03
14-Sep-06 1.79 4.54 3.53 4.22
15-Sep-06 1.78 4.60 3.66 4.44
18-Sep-06 1.79 4.70 3.81 4.58
19-Sep-06 1.78 4.88 3.93 4.55
20-Sep-06 1.77 5.18 3.93 4.58
21-Sep-06 1.71 5.41 4.08 4.62
22-Sep-06 1.74 5.64 4.16 4.60
25-Sep-06 1.79 5.85 4.23 4.58
26-Sep-06 1.80 6.06 4.31 4.70
27-Sep-06 1.79 6.21 4.42 4.70
28-Sep-06 1.79 6.39 4.57 4.75
29-Sep-06 1.77 6.50 4.68 4.87
2-Oct-06 1.74 6.59 4.76 4.95
3-Oct-06 1.71 6.65 4.85 5.00
4-Oct-06 1.65 6.74 4.92 5.10
5-Oct-06 1.63 6.83 4.99 5.22
6-Oct-06 1.60 6.93 5.01 5.27
9-Oct-06 1.61 6.98 4.91 5.30
10-Oct-06 1.62 7.12 5.00 5.40
11-Oct-06 1.55 7.14 5.04 5.38
12-Oct-06 1.52 7.17 5.11 5.51
13-Oct-06 1.48 7.19 5.17 5.46
16-Oct-06 1.45 7.20 5.17 5.43
17-Oct-06 1.43 7.17 5.15 5.47
18-Oct-06 1.55 7.17 5.11 5.46
19-Oct-06 1.66 7.13 5.11 5.47
20-Oct-06 1.60 7.10 5.16 5.43
23-Oct-06 1.60 7.04 5.07 5.41
24-Oct-06 1.58 6.90 5.02 5.35
25-Oct-06 1.69 6.76 4.95 5.30
26-Oct-06 1.70 6.63 4.87 5.25
27-Oct-06 1.72 6.54 4.81 5.20
30-Oct-06 1.70 6.51 4.83 5.21
31-Oct-06 1.76 6.53 4.89 5.23
1-Nov-06 1.82 6.44 4.87 5.26
2-Nov-06 1.88 6.35 4.82 5.18
3-Nov-06 1.83 6.25 4.86 5.03
6-Nov-06 1.82 6.12 4.86 5.01
7-Nov-06 1.88 6.07 4.75 5.00
8-Nov-06 1.91 6.07 4.64 4.95
9-Nov-06 1.91 6.07 4.46 4.92
10-Nov-06 1.94 6.12 4.35 4.91
13-Nov-06 1.96 6.20 4.24 4.91
14-Nov-06 2.00 6.22 4.19 4.94
15-Nov-06 2.13 6.20 4.13 4.90
16-Nov-06 2.20 6.19 3.99 4.86
17-Nov-06 2.23 6.11 3.96 4.88
20-Nov-06 2.23 6.09 3.89 4.89
21-Nov-06 2.24 6.15 3.89 4.77
22-Nov-06 2.35 6.18 3.84 4.66
23-Nov-06 2.37 6.15 3.78 4.55
24-Nov-06 2.39 6.12 3.77 4.48
27-Nov-06 2.43 6.14 3.77 4.44
28-Nov-06 2.48 6.21 3.73 4.35
29-Nov-06 2.39 6.33 3.72 4.33
30-Nov-06 2.31 6.44 3.74 4.22
1-Dec-06 2.32 6.60 3.78 4.15
4-Dec-06 2.34 6.69 3.75 4.20
5-Dec-06 2.31 6.76 3.81 4.27
6-Dec-06 2.22 6.82 3.78 4.33
7-Dec-06 2.18 6.82 3.69 4.38
8-Dec-06 2.19 6.84 3.60 4.39
11-Dec-06 2.21 6.62 3.67 4.37
12-Dec-06 2.17 6.61 3.57 4.37
13-Dec-06 2.12 6.57 3.47 4.43
14-Dec-06 2.11 6.55 3.40 4.42
15-Dec-06 2.14 6.52 3.38 4.37
18-Dec-06 2.16 6.55 3.35 4.30
19-Dec-06 2.12 6.49 3.34 4.22
20-Dec-06 2.07 6.40 3.34 4.16
21-Dec-06 2.06 6.32 3.23 4.16
22-Dec-06 2.05 6.19 3.16 4.12
27-Dec-06 2.05 6.00 3.06 4.18
28-Dec-06 2.01 5.91 2.97 4.25
29-Dec-06 1.92 5.92 2.94 4.35
2-Jan-07 1.87 5.93 2.93 4.50
3-Jan-07 1.87 5.94 2.87 4.66
4-Jan-07 1.91 5.85 2.77 4.75
5-Jan-07 1.93 5.76 2.74 4.74
8-Jan-07 1.83 5.67 2.70 4.72
9-Jan-07 1.84 5.65 2.64 4.81
10-Jan-07 1.86 5.65 2.56 4.86
11-Jan-07 1.85 5.63 2.47 4.84
12-Jan-07 1.84 5.58 2.42 4.82
15-Jan-07 1.81 5.36 2.37 4.82
16-Jan-07 1.85 5.20 2.46 4.80
17-Jan-07 1.87 5.00 2.47 4.75
18-Jan-07 1.89 4.85 2.55 4.71
19-Jan-07 1.92 4.72 2.67 4.62
22-Jan-07 1.92 4.61 2.66 4.55
23-Jan-07 1.89 4.57 2.71 4.55
24-Jan-07 1.91 4.55 2.70 4.41
25-Jan-07 1.90 4.64 2.56 4.50
26-Jan-07 1.91 4.45 2.57 4.41
29-Jan-07 1.91 4.36 2.57 4.26
30-Jan-07 1.89 4.36 2.54 4.07
31-Jan-07 1.95 4.34 2.50 3.90
1-Feb-07 1.96 4.28 2.49 3.73
2-Feb-07 1.91 4.34 2.47 3.73
5-Feb-07 1.94 4.31 2.43 3.76
6-Feb-07 1.96 4.33 2.43 3.75
7-Feb-07 1.97 4.29 2.39 3.77
8-Feb-07 1.97 4.12 2.61 3.87
9-Feb-07 1.94 4.03 2.72 3.94
12-Feb-07 1.93 3.99 2.74 3.97
13-Feb-07 1.92 4.10 3.03 3.74
14-Feb-07 1.91 4.02 3.03 3.56
15-Feb-07 1.92 3.97 3.01 3.47
16-Feb-07 1.93 3.92 3.02 3.45
19-Feb-07 1.94 3.79 3.06 3.41
20-Feb-07 1.98 3.80 3.08 3.33
21-Feb-07 2.04 3.79 3.07 3.20
22-Feb-07 2.08 3.85 3.08 3.17
23-Feb-07 2.07 3.80 3.04 3.19
26-Feb-07 2.06 3.80 3.02 3.17
27-Feb-07 2.01 3.80 2.95 3.14
28-Feb-07 2.04 3.77 2.89 3.13
1-Mar-07 2.02 3.74 2.80 3.14
2-Mar-07 2.07 3.70 2.71 3.19
5-Mar-07 2.04 3.77 2.88 3.12
6-Mar-07 2.06 3.73 2.80 3.10
7-Mar-07 2.05 3.71 2.66 3.16
8-Mar-07 2.05 3.70 2.64 3.14
9-Mar-07 2.08 3.64 2.65 3.17
12-Mar-07 2.07 3.61 2.64 3.20
13-Mar-07 2.09 3.59 2.66 3.18
14-Mar-07 2.08 3.66 2.69 3.18
15-Mar-07 2.13 3.65 2.70 3.20
16-Mar-07 2.19 3.70 2.71 3.13
19-Mar-07 2.16 3.72 2.70 3.11
20-Mar-07 2.22 3.74 2.68 3.07
21-Mar-07 2.28 3.75 2.67 3.09
22-Mar-07 2.33 3.70 2.50 3.20
23-Mar-07 2.35 3.66 2.51 3.18
26-Mar-07 2.31 3.79 2.53 3.15
27-Mar-07 2.23 3.70 2.33 3.32
28-Mar-07 2.18 3.73 2.39 3.40
29-Mar-07 2.20 3.76 2.39 3.39
30-Mar-07 2.23 3.79 2.40 3.41
2-Apr-07 2.16 3.87 2.40 3.38
3-Apr-07 2.21 3.87 2.35 3.38
4-Apr-07 2.27 3.89 2.27 3.42
5-Apr-07 2.25 3.84 2.29 3.37
10-Apr-07 2.23 3.84 2.32 3.36
11-Apr-07 2.24 3.78 2.34 3.35
12-Apr-07 2.24 3.73 2.36 3.38
13-Apr-07 2.20 3.75 2.39 3.36
16-Apr-07 2.20 3.72 2.44 3.37
17-Apr-07 2.17 3.74 2.40 3.34
18-Apr-07 2.13 3.65 2.23 3.41
19-Apr-07 2.16 3.64 2.23 3.45
20-Apr-07 2.18 3.62 2.21 3.61
23-Apr-07 2.20 3.73 2.22 3.61
24-Apr-07 2.08 3.89 2.15 3.61
25-Apr-07 2.09 4.09 2.19 3.66
26-Apr-07 2.13 4.26 2.15 3.71
27-Apr-07 2.10 4.38 2.14 3.69
30-Apr-07 1.99 4.51 2.15 3.68
1-May-07 1.95 4.66 2.14 3.66
2-May-07 1.99 4.76 2.15 3.62
3-May-07 1.90 4.88 2.18 3.54
4-May-07 1.83 4.95 2.16 3.55
7-May-07 1.76 5.19 2.37 3.71
8-May-07 1.73 5.38 2.25 3.72
9-May-07 1.76 5.64 2.19 3.68
10-May-07 1.72 5.80 2.19 3.61
11-May-07 1.70 5.96 2.22 3.65
14-May-07 1.68 6.02 2.25 3.67
15-May-07 1.71 6.07 2.21 3.66
16-May-07 1.74 6.14 2.24 3.65
17-May-07 1.76 6.13 2.26 3.61
18-May-07 1.76 6.17 2.23 3.68
21-May-07 1.72 6.17 2.24 3.76
22-May-07 1.78 6.24 2.20 3.75
23-May-07 1.77 6.29 2.23 3.80
24-May-07 1.74 6.31 2.24 3.85
25-May-07 1.68 6.27 2.26 3.90
28-May-07 1.65 6.31 2.52 4.01
29-May-07 1.59 6.23 2.55 4.06
30-May-07 1.56 6.21 2.57 4.09
31-May-07 1.57 6.12 2.53 4.15
1-Jun-07 1.54 6.03 2.56 4.24
4-Jun-07 1.52 5.95 2.62 4.31
5-Jun-07 1.53 5.93 2.67 4.42
6-Jun-07 1.53 5.93 2.71 4.41
7-Jun-07 1.52 5.95 2.74 4.41
8-Jun-07 1.49 5.98 2.84 4.41
11-Jun-07 1.53 5.92 2.89 4.48
12-Jun-07 1.55 5.91 2.93 4.48
13-Jun-07 1.54 5.91 3.00 4.51
14-Jun-07 1.55 5.89 3.06 4.52
15-Jun-07 1.55 5.96 3.22 4.49
18-Jun-07 1.57 5.92 3.05 4.31
19-Jun-07 1.59 5.92 3.13 4.30
20-Jun-07 1.61 5.86 3.23 4.31
21-Jun-07 1.61 5.80 3.25 4.33
22-Jun-07 1.59 5.77 3.28 4.39
25-Jun-07 1.59 5.75 3.27 4.34
26-Jun-07 1.56 5.75 3.29 4.38
27-Jun-07 1.56 5.76 3.29 4.43
28-Jun-07 1.56 5.79 3.29 4.39
29-Jun-07 1.58 5.73 3.35 4.31
2-Jul-07 1.58 5.66 3.38 4.35
3-Jul-07 1.54 5.57 3.48 4.39
4-Jul-07 1.54 5.49 3.53 4.43
5-Jul-07 1.57 5.54 3.70 4.51
6-Jul-07 1.60 5.61 3.74 4.58
9-Jul-07 1.59 5.50 3.53 4.47
10-Jul-07 1.58 5.54 3.58 4.55
11-Jul-07 1.61 5.60 3.66 4.54
12-Jul-07 1.62 5.66 3.79 4.53
13-Jul-07 1.60 5.70 3.83 4.58
16-Jul-07 1.59 5.76 3.86 4.58
17-Jul-07 1.63 5.77 3.89 4.60
18-Jul-07 1.65 5.72 3.88 4.63
19-Jul-07 1.71 5.72 3.85 4.72
20-Jul-07 1.74 5.75 3.84 4.70
23-Jul-07 1.73 5.84 3.78 4.77
24-Jul-07 1.71 5.89 3.76 4.79
25-Jul-07 1.74 5.93 3.74 4.75
26-Jul-07 1.76 5.95 3.77 4.79
27-Jul-07 1.76 5.98 3.82 4.89
30-Jul-07 1.73 5.74 3.77 4.73
31-Jul-07 1.72 5.71 3.77 4.74
1-Aug-07 1.70 5.76 3.76 4.80
2-Aug-07 1.68 5.85 3.77 4.84
3-Aug-07 1.64 5.85 3.69 4.96
6-Aug-07 1.64 5.82 3.72 5.00
7-Aug-07 1.62 5.80 3.65 5.00
8-Aug-07 1.62 5.80 3.61 5.06
9-Aug-07 1.59 5.83 3.66 5.01
10-Aug-07 1.60 5.98 3.72 5.11
13-Aug-07 1.62 6.17 3.66 5.19
14-Aug-07 1.63 6.36 3.71 5.23
15-Aug-07 1.65 6.49 3.78 5.26
16-Aug-07 1.65 6.48 3.76 5.24
17-Aug-07 1.61 6.44 3.73 5.27
20-Aug-07 1.63 6.61 3.81 5.52
21-Aug-07 1.63 6.73 3.86 5.52
22-Aug-07 1.59 6.84 3.74 5.61
23-Aug-07 1.54 7.00 3.76 5.67
24-Aug-07 1.56 7.13 3.79 5.67
27-Aug-07 1.55 7.26 3.88 5.75
28-Aug-07 1.54 7.31 3.90 5.82
29-Aug-07 1.51 7.39 3.89 5.78
30-Aug-07 1.48 7.37 3.89 5.74
31-Aug-07 1.45 7.36 3.84 5.81
3-Sep-07 1.45 7.38 3.81 5.82
4-Sep-07 1.45 7.41 3.84 5.97
5-Sep-07 1.41 7.46 3.91 6.07
6-Sep-07 1.41 7.56 3.92 6.13
7-Sep-07 1.40 7.56 3.89 6.18
10-Sep-07 1.42 7.77 3.98 6.45
11-Sep-07 1.40 7.78 4.01 6.54
12-Sep-07 1.39 7.74 4.05 6.68
13-Sep-07 1.38 7.70 4.05 6.84
14-Sep-07 1.43 7.77 4.14 7.00
17-Sep-07 1.44 7.92 4.14 7.13
18-Sep-07 1.42 8.00 4.19 7.36
19-Sep-07 1.39 8.00 4.22 7.45
20-Sep-07 1.46 7.99 4.33 7.61
21-Sep-07 1.46 7.96 4.34 7.72
24-Sep-07 1.50 7.92 4.40 7.85
25-Sep-07 1.52 8.04 4.53 8.00
26-Sep-07 1.59 8.18 4.52 8.09
27-Sep-07 1.59 8.35 4.59 8.25
28-Sep-07 1.62 8.48 4.64 8.42
1-Oct-07 1.69 8.58 4.74 8.55
2-Oct-07 1.72 8.81 4.75 8.64
3-Oct-07 1.74 9.09 4.85 8.70
4-Oct-07 1.79 9.29 4.93 8.75
5-Oct-07 1.86 9.45 4.93 8.80
8-Oct-07 1.87 9.56 4.83 8.86
9-Oct-07 1.88 9.64 4.84 8.93
10-Oct-07 1.93 9.84 4.79 8.97
11-Oct-07 1.95 9.97 4.81 9.05
12-Oct-07 2.02 10.06 4.75 9.10
15-Oct-07 2.06 10.03 4.74 9.13
Mean
3.42
3.42
3.43
3.43
3.44
3.45
3.42
3.37
3.37
3.38
3.39
3.39
3.40
3.41
3.43
3.45
3.49
3.54
3.57
3.58
3.58
3.54
3.55
3.49
3.49
3.41
3.42
3.43
3.42
3.46
3.46
3.45
3.49
3.50
3.50
3.49
3.47
3.45
3.47
3.48
3.53
3.54
3.58
3.61
3.65
3.66
3.64
3.63
3.61
3.58
3.55
3.54
3.55
3.56
3.57
3.57
3.55
3.54
3.53
3.50
3.56
3.56
3.48
3.46
3.45
3.44
3.45
3.46
3.44
3.44
3.38
3.38
3.35
3.34
3.33
3.36
3.44
3.45
3.46
3.47
3.54
3.54
3.52
3.50
3.48
3.47
3.49
3.52
3.55
3.56
3.42
3.44
3.47
3.49
3.51
3.53
3.53
3.54
3.56
3.57
3.60
3.63
3.66
3.68
3.68
3.64
3.60
3.60
3.60
3.60
3.57
3.58
3.59
3.62
3.64
3.65
3.65
3.62
3.60
3.59
3.66
3.64
3.64
3.62
3.62
3.60
3.59
3.57
3.55
3.53
3.51
3.49
3.45
3.45
3.43
3.44
3.40
3.39
3.35
3.32
3.29
3.28
3.28
3.24
3.24
3.19
3.20
3.22
3.24
3.26
3.29
3.33
3.35
3.37
3.38
3.41
3.43
3.42
3.42
3.42
3.42
3.42
3.42
3.47
3.47
3.47
3.47
3.40
3.44
3.48
3.52
3.54
3.57
3.60
3.62
3.64
3.65
3.66
3.70
3.73
3.77
3.82
3.87
3.91
3.97
4.01
4.05
4.11
4.17
4.24
4.27
4.30
4.34
4.29
4.32
4.37
4.41
4.50
4.50
4.50
4.50
4.50
4.47
4.47
4.49
4.51
4.48
4.45
4.38
4.32
4.27
4.21
4.12
4.07
4.00
3.95
3.90
3.85
3.81
3.76
3.74
3.70
3.64
3.61
3.57
3.52
3.49
3.45
3.45
3.44
3.42
3.39
3.36
3.33
3.29
3.29
3.29
3.27
3.27
3.29
3.26
3.23
3.23
3.22
3.21
3.19
3.18
3.23
3.15
3.17
3.19
3.22
3.26
3.29
3.32
3.34
3.36
3.42
3.48
3.54
3.62
3.71
3.79
3.84
3.92
3.99
4.08
4.15
4.24
4.32
4.43
4.50
4.57
4.61
4.67
4.74
4.77
4.77
4.87
4.88
4.92
4.93
4.93
4.91
4.91
4.91
4.89
4.86
4.81
4.78
4.74
4.68
4.66
4.68
4.68
4.64
4.58
4.54
4.49
4.46
4.41
4.39
4.37
4.38
4.36
4.33
4.30
4.26
4.24
4.21
4.14
4.11
4.11
4.12
4.14
4.15
4.19
4.20
4.20
4.20
4.19
4.20
4.15
4.13
4.11
4.09
4.08
4.08
4.04
4.00
3.97
3.93
3.87
3.82
3.80
3.80
3.82
3.82
3.80
3.78
3.80
3.80
3.77
3.75
3.68
3.66
3.61
3.60
3.58
3.54
3.53
3.50
3.49
3.42
3.35
3.30
3.27
3.23
3.21
3.18
3.17
3.16
3.19
3.19
3.17
3.18
3.11
3.09
3.08
3.07
3.07
3.05
3.06
3.04
3.02
2.97
2.96
2.93
2.92
2.95
2.91
2.89
2.86
2.88
2.87
2.87
2.89
2.90
2.91
2.89
2.89
2.90
2.87
2.86
2.87
2.83
2.85
2.86
2.88
2.86
2.86
2.87
2.88
2.89
2.90
2.91
2.94
2.97
2.97
2.95
2.98
2.99
3.02
3.02
3.07
3.11
3.13
3.13
3.16
3.19
3.19
3.20
3.32
3.35
3.37
3.38
3.42
3.45
3.46
3.48
3.47
3.48
3.50
3.52
3.55
3.56
3.56
3.64
3.63
3.63
3.62
3.63
3.65
3.69
3.70
3.71
3.74
3.76
3.76
3.79
3.81
3.86
3.78
3.80
3.81
3.82
3.80
3.79
3.80
3.83
3.86
3.86
3.86
3.86
3.86
3.92
3.96
3.82
3.84
3.89
3.92
3.94
3.95
3.96
3.96
4.00
4.00
4.02
4.05
4.06
4.10
4.15
4.07
4.07
4.08
4.10
4.10
4.13
4.13
4.15
4.15
4.22
4.29
4.37
4.43
4.42
4.40
4.52
4.56
4.57
4.61
4.66
4.78
4.82
4.84
4.81
4.83
4.84
4.87
4.90
4.91
4.90
4.98
5.01
5.04
5.09
5.16
5.20
5.26
5.27
5.34
5.35
5.38
5.43
5.49
5.56
5.65
5.73
5.82
5.91
5.98
6.04
6.00
6.05
6.11
6.17
6.21
6.22
Section 2: Structure of the financial system
Chart 2.4 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 -8 -17
1998 -26 -36
1999 -6 -20
2000 8 -9
2001 41 1
2002 127 77
2003 262 187
2004 367 242
2005 458 279
2006 542 290
2007 H1 564 259
Customer funding gap adjusted for wholesale funding with an
outstanding maturity of more than three months
-163
-83
-58
-20
-39
-43
Customer funding gap adjusted for wholesale funding with an
outstanding maturity of more than one year
-70
-3
35
123
132
142
Section 2: Structure of the financial system
Chart 2.7 Major UK banks' wholesale funding by maturity and securitisation end-2006
Sources: Dealogic, published accounts and Bank calculations.
Maximum-Minimum range: Interquartile range:
Category Minimum Maximum Q1 Q3 Median
Less than three months 15.20 76.31 19.29 61.71 43.74
Between three months and one year 3.30 45.60 8.54 18.26 14.50
Greater than one year 2.55 33.83 7.37 15.17 11.94
Securitisation 5.37 70.04 9.29 42.74 12.60
Section 2: Structure of the financial system
Chart 2.7 UK Corporate borrowing rates
Source: Bank of England.
Date Outstanding loans New loans
Jan-04 5.44 4.97
Feb-04 5.61 5.40
Mar-04 5.77 5.32
Apr-04 5.78 5.46
May-04 5.93 5.59
Jun-04 5.97 5.85
Jul-04 6.22 5.82
Aug-04 6.34 5.88
Sep-04 6.40 5.94
Oct-04 6.25 5.96
Nov-04 6.24 5.93
Dec-04 6.28 6.12
Jan-05 6.26 6.07
Feb-05 6.20 6.04
Mar-05 6.27 6.02
Apr-05 6.29 5.99
May-05 6.28 6.04
Jun-05 6.24 6.11
Jul-05 6.18 5.53
Aug-05 6.07 6.11
Sep-05 6.01 6.07
Oct-05 5.96 5.85
Nov-05 5.96 5.78
Dec-05 6.10 5.90
Jan-06 6.11 5.61
Feb-06 6.09 5.76
Mar-06 6.06 5.82
Apr-06 6.08 5.78
May-06 6.09 5.83
Jun-06 6.09 5.90
Jul-06 6.14 5.83
Aug-06 6.26 6.11
Sep-06 6.29 6.18
Oct-06 6.35 6.21
Nov-06 6.48 6.33
Dec-06 6.55 6.45
Jan-07 6.60 6.44
Feb-07 6.70 6.54
Mar-07 6.68 6.64
Apr-07 6.80 6.72
May-07 6.83 6.83
Jun-07 6.88 6.66
Jul-07 7.08 7.38
Aug-07 7.14 7.64
3-month Libor
3.99
4.10
4.23
4.33
4.46
4.73
4.79
4.89
4.87
4.83
4.82
4.81
4.81
4.82
4.92
4.88
4.83
4.78
4.60
4.53
4.54
4.53
4.56
4.59
4.54
4.52
4.53
4.57
4.65
4.69
4.68
4.90
4.98
5.09
5.18
5.25
5.46
5.53
5.50
5.61
5.72
5.84
5.98
6.34
Section 2: Structure of the financial system
Chart 2.8 Annual growth in major UK banks' lending to UK non-financial companies
Source: Bank of England.
Date Real estate Total
Dec-98 14.20 10.70
Mar-99 16.60 8.10
Jun-99 16.20 10.10
Sep-99 15.50 10.20
Dec-99 21.60 9.50
Mar-00 21.20 13.70
Jun-00 22.00 16.10
Sep-00 27.20 15.70
Dec-00 26.40 19.30
Mar-01 26.10 14.90
Jun-01 27.30 10.90
Sep-01 28.10 13.30
Dec-01 28.40 9.60
Mar-02 29.00 10.50
Jun-02 27.60 12.00
Sep-02 24.60 11.00
Dec-02 23.50 12.70
Mar-03 24.40 12.40
Jun-03 26.10 13.60
Sep-03 22.90 11.20
Dec-03 18.90 8.70
Mar-04 17.50 9.80
Jun-04 19.10 8.40
Sep-04 20.40 12.60
Dec-04 19.10 12.30
Mar-05 22.50 14.50
Jun-05 19.10 16.20
Sep-05 17.90 14.60
Dec-05 17.30 13.70
Mar-06 13.10 12.60
Jun-06 14.20 10.40
Sep-06 14.00 11.70
Dec-06 13.90 11.80
Mar-07 14.10 9.50
Jun-07 12.80 9.50
Section 2: Structure of the financial system
Chart 2.9 Annual growth in major UK banks' lending to UK households
Sources: Bank of England and FSA regulatory returns.
Date Mortgages Credit cards Other unsecured
Jan-99 4.39 16.31 16.65
Feb-99 4.58 16.56 16.22
Mar-99 4.81 16.57 16.09
Apr-99 6.08 17.36 15.71
May-99 6.21 17.22 14.62
Jun-99 6.30 16.61 14.77
Jul-99 6.47 17.53 14.54
Aug-99 6.68 18.10 13.96
Sep-99 7.03 16.91 13.22
Oct-99 7.14 17.22 12.46
Nov-99 7.29 16.16 13.03
Dec-99 7.40 18.02 13.39
Jan-00 7.50 17.23 13.14
Feb-00 7.60 18.57 13.50
Mar-00 8.02 19.03 12.89
Apr-00 6.94 17.27 13.07
May-00 6.88 20.78 13.12
Jun-00 7.29 21.90 12.21
Jul-00 7.16 21.32 12.35
Aug-00 7.26 20.08 12.08
Sep-00 7.07 20.10 11.20
Oct-00 7.13 20.53 12.42
Nov-00 7.13 20.53 12.04
Dec-00 5.78 18.04 13.07
Jan-01 5.88 18.38 13.77
Feb-01 5.96 18.68 12.99
Mar-01 5.69 15.15 13.33
Apr-01 5.86 16.27 13.96
May-01 6.37 14.21 14.84
Jun-01 6.52 12.79 15.91
Jul-01 6.26 12.21 16.81
Aug-01 6.72 12.09 17.01
Sep-01 7.16 12.41 17.56
Oct-01 7.34 11.62 17.72
Nov-01 7.80 12.59 17.44
Dec-01 9.37 12.98 17.50
Jan-02 9.75 13.06 17.50
Feb-02 10.06 14.28 18.65
Mar-02 10.48 16.47 18.69
Apr-02 10.78 18.46 18.46
May-02 11.35 17.77 18.21
Jun-02 11.41 21.88 17.77
Jul-02 12.37 21.68 18.79
Aug-02 12.53 22.37 18.56
Sep-02 12.87 23.04 18.79
Oct-02 13.35 23.03 18.91
Nov-02 13.69 22.80 18.08
Dec-02 14.02 22.65 18.13
Jan-03 14.28 24.07 16.97
Feb-03 14.41 23.39 15.80
Mar-03 14.55 24.04 15.73
Apr-03 14.70 22.64 15.13
May-03 14.57 22.85 14.05
Jun-03 14.80 19.98 14.41
Jul-03 15.03 20.61 12.84
Aug-03 15.01 20.14 12.82
Sep-03 15.10 24.72 13.17
Oct-03 15.17 25.01 12.11
Nov-03 15.09 23.24 13.07
Dec-03 15.08 21.69 13.00
Jan-04 15.01 21.55 13.17
Feb-04 15.12 21.42 13.36
Mar-04 15.09 22.90 13.92
Apr-04 15.15 23.11 14.06
May-04 14.89 24.20 14.33
Jun-04 14.90 23.10 14.89
Jul-04 14.60 23.89 14.08
Aug-04 14.33 24.22 14.60
Sep-04 15.75 19.40 14.07
Oct-04 15.07 18.53 14.05
Nov-04 14.50 18.67 14.38
Dec-04 14.26 18.49 14.19
Jan-05 13.74 18.91 14.56
Feb-05 13.40 18.37 14.42
Mar-05 12.95 16.34 13.81
Apr-05 12.43 14.17 13.25
May-05 12.05 13.16 13.58
Jun-05 11.21 11.66 12.58
Jul-05 10.61 9.92 12.57
Aug-05 10.39 9.53 12.24
Sep-05 8.48 9.54 11.60
Oct-05 8.43 10.30 11.89
Nov-05 8.54 7.97 10.90
Dec-05 8.51 7.65 10.36
Jan-06 8.51 7.93 10.18
Feb-06 8.29 8.00 10.26
Mar-06 8.32 6.61 8.97
Apr-06 7.74 6.92 9.03
May-06 7.95 7.73 9.20
Jun-06 8.51 7.77 8.46
Jul-06 8.81 8.07 8.86
Aug-06 9.03 6.50 8.61
Sep-06 9.02 5.62 8.15
Oct-06 9.09 4.45 8.57
Nov-06 9.30 5.99 8.39
Dec-06 9.35 6.58 7.99
Jan-07 9.41 5.99 7.53
Feb-07 9.61 5.62 6.75
Mar-07 9.84 6.37 6.62
Apr-07 10.37 3.91 6.91
May-07 10.41 1.34 6.20
Jun-07 10.38 2.01 6.13
Jul-07 10.24 1.95 5.98
Aug-07 10.13 2.43 5.01
Section 2: Structure of the financial system
Chart 2.10 Effective mortgage spread
Sources: Bank of England and Bank calculations.
Date Effective mortgage spread Herfindahl index
Jan-00 106.65 0.05
Feb-00 93.60 0.05
Mar-00 99.70 0.06
Apr-00 104.38 0.06
May-00 101.43 0.06
Jun-00 102.82 0.06
Jul-00 101.79 0.06
Aug-00 101.19 0.06
Sep-00 101.79 0.06
Oct-00 99.11 0.06
Nov-00 98.42 0.06
Dec-00 95.36 0.06
Jan-01 92.39 0.06
Feb-01 109.98 0.06
Mar-01 93.50 0.06
Apr-01 111.00 0.06
May-01 113.63 0.07
Jun-01 97.01 0.07
Jul-01 94.66 0.07
Aug-01 112.58 0.07
Sep-01 116.24 0.09
Oct-01 122.96 0.09
Nov-01 142.83 0.09
Dec-01 116.93 0.09
Jan-02 113.14 0.09
Feb-02 114.39 0.09
Mar-02 107.73 0.09
Apr-02 105.37 0.09
May-02 109.29 0.09
Jun-02 111.46 0.09
Jul-02 100.71 0.09
Aug-02 102.07 0.09
Sep-02 101.90 0.09
Oct-02 104.15 0.09
Nov-02 103.54 0.09
Dec-02 103.01 0.09
Jan-03 98.85 0.09
Feb-03 118.42 0.09
Mar-03 105.28 0.09
Apr-03 100.57 0.09
May-03 97.30 0.09
Jun-03 97.10 0.09
Jul-03 111.47 0.09
Aug-03 99.79 0.09
Sep-03 96.27 0.09
Oct-03 94.60 0.09
Nov-03 75.27 0.09
Dec-03 85.22 0.09
Jan-04 89.08 0.09
Feb-04 79.27 0.09
Mar-04 86.40 0.09
Apr-04 84.48 0.09
May-04 68.61 0.09
Jun-04 64.87 0.09
Jul-04 81.89 0.08
Aug-04 66.92 0.08
Sep-04 81.08 0.08
Oct-04 80.47 0.08
Nov-04 81.09 0.08
Dec-04 80.34 0.08
Jan-05 76.84 0.08
Feb-05 76.08 0.08
Mar-05 74.16 0.08
Apr-05 70.85 0.08
May-05 68.88 0.08
Jun-05 70.87 0.08
Jul-05 71.93 0.08
Aug-05 86.94 0.08
Sep-05 73.59 0.08
Oct-05 71.27 0.08
Nov-05 70.62 0.08
Dec-05 67.24 0.08
Jan-06 67.25 0.08
Feb-06 68.30 0.07
Mar-06 65.32 0.07
Apr-06 65.62 0.07
May-06 64.95 0.07
Jun-06 63.71 0.08
Jul-06 63.46 0.08
Aug-06 49.83 0.08
Sep-06 62.22 0.08
Oct-06 60.99 0.08
Nov-06 48.41 0.08
Dec-06 58.98 0.08
Jan-07 45.54 0.08
Feb-07 56.21 0.07
Mar-07 57.01 0.07
Apr-07 54.52 0.07
May-07 41.58 0.07
Jun-07 53.95 0.07
Jul-07 41.70 0.07
Aug-07 48.28 0.07
Section 2: Structure of the financial system
Chart 2.11 Major UK banks' annual write-off rates
Sources: Bank of England, FSA regulatory returns and Bank calculations.
Date Mortgages Credit cards Total household Corporate
Dec-98 0.10 1.34 0.33 1.07
Mar-99 0.08 1.43 0.34 0.86
Jun-99 0.08 1.55 0.35 0.74
Sep-99 0.07 1.87 0.37 0.64
Dec-99 0.06 1.80 0.40 0.55
Mar-00 0.05 1.71 0.39 0.55
Jun-00 0.05 1.62 0.39 0.45
Sep-00 0.04 1.30 0.36 0.45
Dec-00 0.04 1.28 0.34 0.44
Mar-01 0.03 1.61 0.35 0.42
Jun-01 0.03 1.92 0.34 0.43
Sep-01 0.03 2.12 0.35 0.37
Dec-01 0.02 2.34 0.35 0.34
Mar-02 0.02 2.34 0.36 0.39
Jun-02 0.02 2.20 0.36 0.39
Sep-02 0.01 2.22 0.38 0.44
Dec-02 0.01 2.38 0.39 0.46
Mar-03 0.01 3.35 0.43 0.52
Jun-03 0.01 3.67 0.45 0.61
Sep-03 0.02 3.84 0.46 0.61
Dec-03 0.02 3.99 0.46 0.67
Mar-04 0.02 3.28 0.43 0.66
Jun-04 0.01 3.14 0.44 0.61
Sep-04 0.01 3.43 0.45 0.57
Dec-04 0.00 3.37 0.46 0.60
Mar-05 0.00 3.54 0.47 0.49
Jun-05 0.00 3.79 0.51 0.50
Sep-05 0.01 4.11 0.55 0.51
Dec-05 0.01 4.52 0.69 0.49
Mar-06 0.01 5.00 0.75 0.50
Jun-06 0.02 5.56 0.77 0.47
Sep-06 0.02 5.87 0.81 0.47
Dec-06 0.03 6.34 0.77 0.40
Mar-07 0.03 6.97 0.81 0.38
Jun-07 0.03 7.50 0.88 0.36
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
4.18 4.18
4.44 4.44
Section 2: Structure of the financial system
Chart 2.12 Major UK banks' 'large exposures' by type of counterparty
Sources: FSA regulatory returns and Bank calculations.
Date European LCFIs Major UK Banks
2004 Q3 10.25 35.88
2004 Q4 13.42 57.72
2005 Q1 15.67 62.36
2005 Q2 18.05 47.85
2005 Q3 21.72 60.39
2005 Q4 27.38 51.08
2006 Q1 43.34 57.65
2006 Q2 43.02 46.64
2006 Q3 40.19 50.32
2006 Q4 31.78 40.78
2007 Q1 37.45 46.08
2007 Q2 47.36 40.41
Non-financial corporations Other banks Non-bank financial corporations
2.04 10.94 28.96
0.96 14.70 24.45
13.96 13.50 36.70
6.85 10.13 27.09
9.06 9.91 37.83
4.50 12.50 44.58
22.04 30.43 53.58
15.84 21.81 38.46
16.47 21.76 31.90
9.00 11.74 25.11
17.22 13.64 42.76
15.97 14.87 35.91
US commercial banks US securities houses
11.86 4.11
11.59 1.57
13.08 3.60
16.55 9.33
18.81 10.79
28.33 13.18
33.74 20.66
29.49 14.81
30.57 11.16
24.38 8.62
37.19 20.87
35.86 27.47
Section 2: Structure of the financial system
Chart 2.14 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 0.00 2852.66 1591.05 9148.22
2001 2188.03 9975.52 8737.88 4666.28
2002 5178.99 10813.53 8086.57 17389.81
2003 4560.87 13794.08 16657.44 37757.53
2004 6321.17 20394.07 11836.40 84553.59
2005 13579.42 28021.82 23096.12 117540.48
2006 27570.50 47348.08 33458.27 117840.35
2007 Q1 4491.45 8380.09 8518.20 27523.59
2007 Q2 6503.08 3311.70 7340.76 19956.81
2007 Q3 1186.89 2257.01 59.51 3027.04
Section 2: Structure of the financial system
Chart 2.15 LCFIs' Value-at-Risk
Sources: Bank of England, published accounts and Bank calculations.
Date Interest rate Equity Other Diversification Total VaR
2004 Q1 2.75 1.21 0.86 -1.75 3.07
2004 Q2 2.93 1.14 0.85 -1.78 3.14
2004 Q3 2.63 1.06 0.93 -1.75 2.87
2004 Q4 2.58 1.04 0.94 -1.72 2.84
2005 Q1 2.92 1.19 0.98 -1.91 3.18
2005 Q2 3.02 1.23 0.96 -1.97 3.23
2005 Q3 2.71 1.39 1.04 -2.13 3.02
2005 Q4 2.72 1.39 1.05 -2.15 3.02
2006 Q1 2.71 1.66 1.27 -2.36 3.29
2006 Q2 2.93 1.80 1.45 -2.60 3.58
2006 Q3 3.07 1.71 1.38 -2.66 3.49
2006 Q4 2.94 1.97 1.34 -2.68 3.57
2007 Q1 2.92 2.30 1.50 -2.73 3.98
2007 Q2 3.25 2.63 1.65 -3.05 4.48
Section 2: Structure of the financial system
Chart 2.18 Monthly return on hedge fund strategies
Sources: CSFB/Tremont, Bloomberg and Bank calculations.
Maximum-Minimum range: Interquartile range:
Category Minimum Maximum Q1 Q3
S&P 500 No permission No permission No permission No permission
Convertible arbitrage -4.68 3.57 0.23 1.42
Dedicated short bias -8.69 22.71 -2.99 2.89
Emerging markets -23.03 16.42 -1.24 2.91
Equity market neutral -1.15 3.26 0.28 1.29
Event driven -11.77 3.68 0.34 1.88
Fixed income arbitrage -6.96 2.05 0.23 1.13
Global macro -11.55 10.60 -0.06 2.32
Long/short equity -11.43 13.01 -0.69 2.34
Managed futures -9.35 9.95 -1.66 2.84
Multi-strategy -4.76 3.61 0.23 1.62
Distressed -12.45 4.10 0.30 2.05
Event driven multi-strategy -11.52 4.66 0.12 1.86
August 2007
No permission
-1.08
-1.14
-2.37
-0.39
-1.88
-0.87
-0.62
-1.38
-4.61
-1.40
-1.73
-2.03
Section 2: Structure of the financial system
Box 3: The impact of unanticipated balance sheet expansion
Chart A Major UK banks' participation as lead arrangers in global leveraged lending
Sources: Dealogic and Bank calculations.
Date LBO-related loans Other leveraged loans
1997 1230.34 4060.31
1998 2579.76 10852.74
1999 1430.04 17243.79
2000 7598.83 16439.89
2001 8775.27 10238.10
2002 6815.06 14145.56
2003 23076.91 21302.10
2004 38662.70 20141.55
2005 62377.01 37331.64
2006 80014.08 41273.07
Section 2: Structure of the financial system
Box 3: The impact of unanticipated balance sheet expansion
Chart B Major UK banks' issuance of residential mortgage-backed securities and growth in mortgage lendin
Sources: Bank of England, FSA regulatory returns, Dealogic and Bank calculations.
Date Annual growth in mortgage lending to UK households Issuance of RMBS
1999 7.29 5897.45
2000 7.13 17355.38
2001 7.80 18094.45
2002 13.69 22533.67
2003 15.09 42073.37
2004 14.50 67402.18
2005 8.54 101984.61
2006 9.30 203240.73
rowth in mortgage lending
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