英国金融稳定报告 1 the provision of financial services

Section1TheprovisionoffinancialservicestotheUKeconomy131TheprovisionoffinancialservicestotheUKeconomyTheBankhasframedthepurposesofitsfinancialstabilityroleintermsofcontributingtothemaintenanceofcriticalservicesthatthefinancialsystemperformsinthewidereconomy:(1)providingthemainmechanismforpayingforgoods,servicesandfinancialassets;intermediatingbetweensaversandborrowersbychannellingsavingsintoinvestmentthroughbankcredit,debtandequityinstruments;andhelpingtoinsureagainstanddisperseriskacrossthesystem.Thefinancialcrisisimpairedsomeofthesefunctions,particularlycreditintermediationservices.Thissectionreviewsperformanceoverthepastsixmonths.1.1Payment,settlementandtransactionservicesBanktransactionserviceshavebeensustained…Banks,andinparticularbankdeposits,areakeysourceoftransactionsservicestohouseholds,corporatesandinvestmentmanagers.Duringthefinancialcrisis,therewasasharpslowdowningrowthinsightdepositsheldatUKbanks(Chart1.1),whichmayhavepartlyreflectedconcernsaboutUKbanks’viability.Morerecently,depositgrowthhasrecovered.WhileholdingsofcashhaverisenrelativetoGDP,thetrendintransactionsmoneyvelocity—measuredasnominalGDPdividedbytransactionsbalances—hasremainedrelativelystableinrecentyears,especiallywhencomparedwiththefinancialliberalisationofthe1980s(Chart1.2).(2)Astablefinancialsystemisabletosustainthesupplyofkeyservicestotheeconomyeveninthefaceofmaterialshocks.Thissectionreviewstheperformanceofthefinancialsystemindeliveringthesecoreservicesoverthepastsixmonths.SubsequentsectionsofthisReportassessthreatstostabilityintheperiodaheadandpolicyactionsneededtosustainstabilityinthefuture.Overthepastsixmonths,theprovisionoftransactionsservicesbybanksandthekeypaymentsandsettlementsystemshasremainedresilient.Availabilityofcredittolargercompanieshasimprovedsincethecrisis.Butcreditconditionsforbothsmallerfirmsandsomehouseholdsremaintight.Mostcapitalmarketshaveimprovedsignificantlysincethecrisis,thoughrecentconcernsaboutsovereignriskhaveexposedsomefragilities.Securitisationmarketsarenottransferringrisk,thoughinsurancemarketsarefunctioningnormally.(1)BankofEnglandAnnualReport2010.(2)TransactionsbalancesaremeasuredusingtheDivisiaindexformoney,whichweightsthegrowthrateofeachoftheM4componentassetsaccordingtotheextenttowhichtheyprovidetransactionservices.Chart1.1SightdepositswithUKbanks(a)10505101520200607080910Privatenon-financialcorporations(PNFCs)Households(b)Percent–+Source:BankofEngland.(a)Twelve-monthgrowthrates.(b)Includesindividuals,unincorporatedbusinessesandnon-profitinstitutionsservinghouseholds.Chart1.2Velocityoftransactionsandsavingsmoney(a)5010015020019777981838587899193959799200103050709NotesandcoinTransactions(c)Savings(b)Indices:1990=100Sources:BankofEnglandandONS.(a)VelocityisnominalGDPdividedbymoney.(b)SavingsisM4excludingintermediateOFCsminusnotesandcoin.IntermediateOFCsare:mortgageandhousingcreditcorporations;non-bankcreditgrantors;bankholdingcompanies;andthosecarryingoutotheractivitiesauxiliarytofinancialintermediation.(c)Seefootnote(2)onthispage.14FinancialStabilityReportJune2010Banksareofferingrelativelyfavourabletermsontransactionaccountsastheyseektoattractdeposits.ThespreadbetweeninterestratesonsightdepositsandLibornarrowedmarkedlyfromOctober2008toSeptember2009andhasremainedsteadysincethen(Chart1.3).Theavailabilityofcurrentaccountswithoverdraftfacilitiesissimilartobeforethecrisis,althoughfeweraccountsnowpayinterest(Chart1.4).…andpaymentandsettlementserviceshavebeenresilient.Theprovisionoftransactionsservicesbybanksisalsoreliantonthesmoothfunctioningofcriticalpaymentsystems.IntheUnitedKingdomtheseincludeCHAPS,CLSandCREST,andBacsandtheFasterPaymentsService(FPS)retailsystems.During2010,thesepaymentsystemshavecontinuedtoexhibithighlevelsofoperationalavailability(Table1.A).InMay,CLS—whicheliminatesprincipalriskinitssettlementofmemberbanks’foreignexchangetransactions—handledspikesofovertwiceaveragevolumes,reflectinghigherforeignexchangemarketvolatilityassociatedwiththerecentsovereigndebtconcerns.Banksuseovernightsterlingmoneymarkets,aswellasreservesattheBankofEngland,tomanageday-to-dayfluctuationsincustomers’transactionsneeds.RecentstrainsinsomeEuropeansovereigndebtmarketshavetestedmoneymarketsbuthavenotresultedinovernightmarketsbecomingdisorderly.OvernightmarketinterestrateshaveremainedclosetoBankRate.Banks’reservesaccountbalanceshaverisensharplysinceearly2009asoneresultoftheBank’sprogrammeofassetpurchases,toaround£150billion(Chart1.5).Inconsequence,asideeffectoftheBank’smonetaryinterventionsisthatbankshavealargerbufferagainstintradaypaymentsshocksandtheprobabilityofadisruptiontopaymentflowsiscorrespondinglylower.1.2IntermediationservicesThefinancialsystemchannelssurplusfundsfromfirmsandhouseholdstothosethatwanttoborrow.Savingscanbeheldasbankorbuildingsocietydepositsorcanflowintootherfinancialinstitutions,suchaspensionandmutualfunds.Lendingisprovidedbybanksorfinancecanberaiseddirectlythroughdebtandequitycapitalmarkets.Savingshaveflowedtobanksandnon-banks…SavingsdepositsaccountforaboutafifthofUKbanks’debt.(1)Being