By Paul Temperton
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Additional info for A Guide to UK Monetary Policy
5. 00 to £1. 00 to £1. 6: Balance sheet with foreign currency business; Month 2 Assets Liabilities £value of fie deposits £deposits non-deposit liabilities 50 50 £value of f/c lending 25 150 £ lending 75 175 175 The sterling value of foreign currency deposits is halved to 50 and foreign currency lending is halved to 25. The net revaluation diffence of 25 arising out of the change in the spot price represents the bank"s gain on its net foreign currency position in spot terms, and in this accounting convention adds to non-deposit liabilities, raising them to 75.
In the 1981/82 FSBR it was considered that '£M3 has not been a good indicator of monetary conditions in the past year'. Nevertheless, £M3 was retained as the sole target monetary aggregate. There appeared to be three main reasons for this. 2) could be considered a temporary aberration. Second, through the 'counterparts relationship' (see Chapter 3), £M3 could be linked to the stance of fiscal policy, the extent to which the fiscal deficit was financed by sales of debt to the non-bank private sector, the private sector's credit demand and external flows.
The weekly purchase of Treasury bills by the discount houses (included in the monetary sector) was traditionally the method by which the government financed that part of its borrowing requirement which could not be financed elsewhere. (As explained in Chapter 6, however, this function has now largely disappeared). Any increase in the banks' holdings of notes and coin ('vault cash') also finances the PSBR. These forms of finance- purchase of government debt or an increase in vault cash- are collectively referred to as dPUBfL in the identity below.
A Guide to UK Monetary Policy by Paul Temperton