By Paul Temperton
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Extra info for A Guide to UK Monetary Policy
These measures include all the components of £M3 apart from those sterling time deposits held by the UK private sector with an original maturity of over two years. Such deposits are not regarded as particularly liquid, being more likely to be related to long term savings balances. PSL 1 adds to the modified measure of £M3 the size of the 'bill leal<' and the level of UK private sector holdings of Treasury bills, local authority deposits and certificates of tax deposits (CTDs). PSL2 adds to PSL 1 most building society deposits and National Savings.
The problems identified above were particularly acute during the periods in which the 'corset' was applied to the banking sector. This scheme, which imposed penalties on banks for expanding their interest bearing eligible liabilities faster than a certain rate, encouraged the 'bill leak' and (especially once exchange controls had been removed) the channelling of business through subsidiaries of UK banks (not included in the UK banking sector). The balance sheets of UK banks included within the banking sector thus appeared to show them performing less intermediation: the term 'cosmetic disintermediation' was developed to describe the process.
On make up day, the bankers handling the sale of shares in Abbey Life Group PLC were in possession of about £4bn of returnable application money (the offer for sale having been substantially oversubscribed). This money was held in a suspense account which is treated, in the calculation of the monetary statistics, in the same way as a transit item. Thus 40% of the £4bn was subtracted from bank lending and 60% added to bank (noninterest bearing sight) deposits. If more than 40% of the returned money acts to reduce bank lending (and consequently less than 60% acts to raise bank deposits) then monetary growth will be overstated as a result of the application of the rule.
A Guide to UK Monetary Policy by Paul Temperton