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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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