Bank of Canada Banque du Canada

Working Paper 2003-22 / Document de travail 2003-22

The Construction of Continuity-AdjustedMonetary Aggregate Components

by

Jeannie Kottaras

ISSN 1192-5434

Printed in Canada on recycled paper

Bank of Canada Working Paper 2003-22

August 2003

The Construction of Continuity-AdjustedMonetary Aggregate Components

by

Jeannie Kottaras

Monetary and Financial Analysis DepartmentBank of Canada

Ottawa, Ontario, Canada K1A 0G9jkottaras@bankofcanada.ca

The views expressed in this paper are those of the author.No responsibility for them should be attributed to the Bank of Canada.

iii

Contents

Acknowledgements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ivAbstract/Résumé. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v

1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

2. What are Continuity Adjustments and Why are They Necessary? . . . . . . . . . . . . . . . . . . . . 1

3. Adjusting the Monetary Aggregate Component Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

4. Adjustments, Methodology, and Results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

5. Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Bibliography . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Appendix A: Monetary Aggregates Published by the Bank of Canada . . . . . . . . . . . . . . . . . . . . . 7

Appendix B: Selected Monetary Aggregates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Appendix C: Events for which Continuity Adjustments Have Been Done . . . . . . . . . . . . . . . . . . 9

Appendix D: Adjustments to Components of the Monetary Aggregates as of 12 December 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Appendix E: Components Before and After Adjustments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

iv

Acknowledgements

I would like to thank Walter Engert, Paul Gilbert, Jamie MacKinnon, Maureen Tootle, and

Carolyn Wilkins, and the seminar participants at the Bank of Canada, for their helpful comments

and suggestions. Thank you to Debbie Dandy for technical assistance. Any errors or omissions

are, of course, my own.

v

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the

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ité et

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et

Abstract

Changes in the financial industry result in new data that are inconsistent with the former

presentation, and therefore adjustments are required to “adjust” or smooth out these break

establish continuity.

The author explains the methodology for newly calculated continuity adjustments to compon

of the monetary aggregates. Continuity adjustments have previously been done only for the

aggregates themselves. The author lists the aggregates and their components and shows

adjustments that have been made.

JEL classification: E51Bank classification: Monetary aggregates

Résumé

Les changements que connaît le secteur financier génèrent de nouvelles données qui ne s

strictement comparables aux anciennes. Il convient donc de corriger celles-ci afin de rédui

minimum les problèmes de discontinuité engendrés.

L’auteure explique la méthode employée pour calculer les nouvelles corrections de continu

les appliquer aux composantes des agrégats monétaires. Jusqu’ici, seuls les agrégats eux

faisaient l’objet de telles corrections. L’auteure énumère les agrégats et leurs composantes

passe en revue les corrections apportées.

Classification JEL : E51Classification de la Banque : Agrégats monétaires

1

mooth

olumn

which

es the

new

ure of

ancial

sted in

the

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k.

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The

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posit

1. Introduction

The monetary aggregates published by the Bank of Canada are intermittently adjusted to s

certain discontinuities in the data.1 The discontinuities are primarily the result of institutional

change. The monetary aggregates and their components are presented in theBank of Canada

Banking and Financial Statisticsand in theWeekly Financial Statisticsin a manner that shows all

components for each aggregate as reported by all relevant financial sectors, followed by a c

of “Adjustments.” In that column, all continuity adjustments are recorded and applied. The

components themselves have not, to date, been adjusted.

This paper briefly describes the adjustments as they are published today and the context in

they are made, introduces and explains new adjustments at the component level, and mak

data available for other researchers. This work was undertaken in support of research on a

measure of money (Gilbert and Pichette 2003), which aims to develop a more accurate meas

transactions money and a more satisfactory means to identify and remove the effects of fin

innovation. The continuity-adjusted data, however, have a broader use for researchers intere

questions related to monetary aggregates.

2. What are Continuity Adjustments and Why are TheyNecessary?

Continuity adjustment is the reconstruction of past data to make them consistent with how

data are currently structured. Continuity adjustments are required in the monetary aggrega

whenever changes in the financial industry result in data that are inconsistent with the form

presentation. Without these adjustments, the time-series data would be inconsistent and sh

significant breaks (discontinuities), thus making the data useless for most econometric wor

To illustrate the importance of continuity adjustments, Figure 1 shows the M2 aggregate be

and after the adjustments that were necessary following the acquisition of Canada Trust by

Toronto Dominion Bank. The adjustment was necessary because M1, M2, and M3 aggrega

not include trust company deposits.

1. See Appendix A for a complete list of the aggregates currently published. See Appendix B for detypes included in each aggregate.

2

vents

ry

inate

and

ities

ted in

anada.

me of

The Bank of Canada adjusts its monetary aggregates each time one of the following four e

takes place2:

(i) the acquisition of a trust company by a bank(ii) the acquisition of an entity in a sector that was not previously included in the moneta

aggregates (e.g., investment dealer)(iii) the formation of a bank from a trust company or companies(iv) the acquisition of a bank by a trust company

These discontinuities are documented in the annualNotes to the Bank of Canada Banking and

Financial Statistics, Tables C1–C10 and D1. All continuity adjustments are made prior to

seasonal adjustments.

Monetary aggregates are also adjusted to exclude interbank deposits. In theBank of Canada

Banking and Financial Statistics and the Weekly Financial Statistics, different classifications of

deposits are presented, including deposits made from one Canadian bank to another.

Finally, for ad hoc reasons, the monetary aggregates were also adjusted in the past to (i) elim

a number of discontinuities related to changes associated with the 1980 Bank Act revision,

(ii) introduce a new reporting system for the banks. The Bank Act revision caused discontinu

due to the requirement that the chartered banks’ majority-owned subsidiaries be consolida

the reported balance-sheet data, and due to the establishment of foreign-owned banks in C

The introduction of the new reporting system uncovered some inconsistencies in the way so

2. See Appendix C for a complete list of these events.

Figure 1: M2 Aggregate

Before

After

($millions)

3

ta on

were no

gates.

d the

the

ed to

ch a

,

en

ank.

e small

pdated

,

C.

g the

s from

hich

bank

nk’s

ents for

com-

t Trust.

any.

the earlier data had been reported and these were corrected in the adjustments.3 These

adjustments are described fully in Bank of Canada (1983).

In addition, under the revised reporting system that was implemented in November 1993, da

investment dealer subsidiaries that were purchased by chartered banks in 1987 and 1988

longer reported separately, and thus could no longer be excluded from the monetary aggre

To avoid a break in series over the 1987 and 1988 period, historical data were obtained an

monetary aggregates (particularly M1) were adjusted for the period 1972 to 1988 to include

free credit balances of the chartered banks’ investment dealer subsidiaries.4

3. Adjusting the Monetary Aggregate Component Data

In 2001, as part of an initiative related to new measures of money, the Bank of Canada decid

create a new database in which each aggregate component would be adjusted. To build su

database, it was necessary to assign all adjustments to specific deposit types. For exampleper-

sonal chequable deposits at banks in this database include historical data for Canada Trust ev

for those time periods that pre-date the acquisition of Canada Trust by Toronto Dominion B

These continuity-adjusted components add up to the published aggregates, aside from som

corrections that have not been incorporated in the aggregates. This database is now being u

as new data are received.

The remainder of this document describes how the data (adjustments) have been obtained

adjusted, or estimated.

4. Adjustments, Methodology, and Results

Adjustments were made for the events over the period 1976 to July 2002 listed in Appendix5

There were a number of acquisitions of trust companies by banks over this period, constitutin

largest aggregate adjustment in level terms. The second-largest adjustments were for entitie

a sector outside the scope of the monetary aggregates that had been acquired by banks, w

occurred six times. Only relatively small adjustments were required for occasions where a

was formed from a trust company/companies. There was only one case where part of a ba

business was acquired by a trust company. Note that these data take into account adjustm

any companies that were bought or sold during the history of the acquired or newly formed

pany. For example, in December 1985 Canada Trust amalgamated with Canada Permanen

3. See Bank of Canada (1981).4. Free credit balances are net balances with a broker or investment dealer that can be withdrawn

time by the customer and are classified as demand deposits. See Bank of Canada (1993–1994)5. Individual component adjustments are available back to January 1968.

4

inion

mber

on.

series.

n

n-cheq-

ated

uity

sup-

pecific

and

exam-

tori-

was

any

k data

D.

nthly

nthly

When the adjustments were made for the acquisition of Canada Trust by The Toronto Dom

Bank, historical data for Canada Permanent Trust were included for the period prior to Dece

1985.

In making the adjustments, we had to rely on a wide range of information, because thetotal of the

relevant deposits for each acquisition was obtained or estimated at the time of the acquisiti6 It

was much more difficult, however, to obtain or estimate the more desegregated component

For example, while the value of personal deposits for the acquired company may have bee

known, in some cases there were no records of the breakdown between chequable and no

uable components and these, therefore, had to be estimated. Thus, the quality of the estim

breakdown at the component level is not as good as at the total deposit level.

The information drawn on to improve the quality of these estimates and to make the contin

adjustments includes four main sources:

(i) trust and mortgage loan company data that the Bank of Canada had collected(ii) annual reports for the company that was acquired7

(iii) data from the Office of the Superintendent of Financial Institutions’ Web site(iv) the balance sheet of the acquired company at the time of the acquisition, which was

plied by the acquiring bank

As well, in some cases where the breakdown of the components was available only for a s

period, ratios were calculated using balance sheets for the earliest period of the breakdown

applied to the total deposits to estimate historical component data for the other periods. For

ple, to calculate current accounts for Company X where its total deposits were available his

cally (prior to 1996) and current accounts were available beginning in January 1996, the ratio

calculated in two steps:

(i) ratio = January 1996 current accounts of company X / total deposits of Company X(ii) to calculate current accounts prior to January 1996, multiply the total deposits for Comp

X for each month prior to 1996 by the ratio

The data (available or estimated) were on a month-end basis; they were then averaged to

approximate monthly-average data. In this way, these data are broadly consistent with ban

used to construct the monetary aggregates, which are on a monthly-average basis.8

The adjustments to the components of the monetary aggregates are tabulated in Appendix

6. It is believed that the quality of these data is quite good.7. Note that the data in the annual reports were annual and therefore they were interpolated to mo

for our purposes.8. The bank data relate to the monthly average of Wednesdays only until January 1994 and the mo

average of all days thereafter.

5

a trust

n the

prove-

able

ch as

these

ne the

ng the

k.

5. Conclusion

The newly created continuity adjustments smooth most discontinuities and breaks in the

components of the monetary aggregates caused by the following events: the acquisition of

company by a bank, the acquisition of an entity in a sector that was not previously included i

monetary aggregates, the formation of a bank from a trust company or companies, and the

acquisition of a bank by a trust company.

There remain some other known outstanding issues or anomalies in the data and further im

ments to the data are possible. For example, there remains a break in “non-personal chequ

deposits” in April 1982, which gives a corresponding break in the aggregates. Anomalies su

these that exist in the aggregates still exist in the components. This paper does not deal with

anomalies, aside from some small cases; they are left for future research on how to best defi

monetary aggregates.

Our users have expressed interest in this work for a long time, and we trust that, by removi

effects of institutional changes, these data will become useful when doing econometric wor

6

ys-

of

Bibliography

Bank of Canada.Bank of Canada Banking and Financial Statistics. Ottawa: Bank of Canada. Amonthly publication.

———. Notes to the Bank of Canada Banking and Financial Statistics.Ottawa: Bank of Canada.An annual publication.

———. Weekly Financial Statistics.Ottawa: Bank of Canada. A weekly publication.

———. 1981. “The new chartered bank statistical reporting system.” Bank of Canada Review(November): 3–15.

———. 1983. “Technical note: New and revised monetary and credit aggregates.”Bank of Can-ada Review(March): 3–6.

———. 1993–1994. “Changes inReviewtables and revisions to the chartered bank reporting stem: A technical note.” Bank of Canada Review(Winter): 79–82.

Gilbert, P.D. and L. Pichette. 2003. “Dynamic Factor Analysis for Measuring Money.” Bank Canada Working Paper No. 2003-21.

7

M1))

s plus

f res-

s andalnds

sits atding

epos- less

Appendix A

Monetary Aggregates Published by the Bank of Canada

Gross M1 (Currency outside banks plus bank gross demand deposits plus adjustments to M1 (Currency outside banks plus bank net demand deposits plus adjustments to M1M2 (M1 plus bank non-personal notice deposits plus bank personal savings deposit

adjustments to M2)M3 (M2 plus bank non-personal term deposits plus bank foreign currency deposits o

idents plus adjustments to M3)M2+ (M2 plus deposits at trust and mortgage loans companies, deposits at credit union

caisses populaires, plus life insurance company individual annuities plus persondeposits at government-owned savings institutions plus money market mutual fuplus adjustments to M2+)

M2++ (M2+ plus Canada Savings Bonds plus non-money market mutual funds)M1+ (Gross M1 plus chequable notice deposits held at banks plus all chequable depo

trust and mortgage loan companies, credit unions and caisses populaires (excludeposits of these institutions) plus continuity adjustments)

M1++ (M1+ plus non-chequable notice deposits held at banks plus all non-chequable dits at trust and mortgage loans companies, credit unions and caisses populairesinterbank non-chequable notice deposits plus continuity adjustments)

8

1)) plus adjustments to M2)ents plus adjustments to M3)s and caisses populaires, plus life insurancegs institutions plus money market mutual

sits at trust and mortgage loan companies,s continuity adjustments)eposits at trust and mortgage loans compa-eposits plus continuity adjustments)

M1cy outside banksross demand deposits

ments to M1

hequable notice depositsnd mortgage loan companiesble deposits

unions and caisses populairesble depositsing deposits of these institutions)

uity adjustments

n-chequable notice deposits

quable depositsnions and caisses populairesquable depositsng interbank non-chequable notice)

ity adjustments

d mortgage loan companies

Appendix I

Monetary aggregates published by the Bank of Canada

Gross M1 (Currency outside banks plus bank gross demand deposits plus adjustments to MM1 (Currency outside banks plus bank net demand deposits plus adjustments to M1M2 (M1 plus bank non-personal notice deposits plus bank personal savings depositsM3 (M2 plus bank non-personal term deposits plus foreign currency deposits of residM2+ (M2 plus deposits at trust and mortgage loans companies, deposits at credit union

company individual annuities plus personal deposits at government-owned savinfunds plus adjustments to M2+)

M2++ (M2+ plus Canada Savings Bonds plus non-money market mutual funds)M1+ (Gross M1 plus chequable notice deposits held at banks plus all chequable depo

credit unions and caisses populaires (excluding deposits of these institutions) pluM1++ (M1+ plus non-chequable notice deposits held at banks plus all non-chequable d

nies, credit unions and caisses populaires less interbank non-chequable notice d

Appendix B: Selected Monetary Aggregates

M2++Canada Savings BondsNon-money market mutual funds

M2+Deposits at trust and mortgage loancompaniesDeposits at credit unions and caissespopulairesLife insurance company individualannuitiesPersonal deposits at government-ownedsavings institutionsMoney market mutual fundsAdjustments to M2+

M2Bank non-personal notice depositsBank personal savings depositsAdjustments to M2

M1Currency outside banksBank net demand depositsAdjustments to M1

M3Bank non-personal term depositsBank foreign currency depositsof residents

M2Bank non-personal notice depositsBank personal savings depositsAdjustments to M2

M1Currency outside banksBank net demand depositsAdjustments to M1

M1++

GrossCurrenBank gAdjust

Bank cTrust achequaCredit chequa(excludContin

M1+

Bank no

non-cheCredit unon-che(excludidepositsContinu

Adjustments to M3

Trust an

9

nk)

andard

ranty

antyuar-

st,

er-

st Cor-

one-ue

thy,

bilities

Trust

ort-

om-

Cor-

Appendix C

Events for which Continuity Adjustments Have Been Done:

• 28 September 1987, Laurentian Bank (previously Montreal City and District Savings Bacommenced operations as a chartered bank Laurentian Bank sold Credit Foncier Trust and Credit Foncier Mortgage, April 1986

• 28 June 1991, Laurentian Bank of Canada acquired selected assets and liabilities of StTrust Company

• 1 November 1991, Laurentian Bank of Canada acquired La Financière Coopérants Inc.• 3 March 1992, Laurentian Bank of Canada acquired Guardian Trust• 2 July 1992, Canadian Imperial Bank of Commerce acquired Morgan Trust• 1 January 1993, Toronto Dominion Bank purchased assets and liabilities of Central Gua

Trust Company and Central Guaranty Mortgage Company Nova Scotia Savings and Loan, Nova Scotia Savings and Trust, Central Trust, Guar

Trust, Yorkshire Trust and Financial Trust merged in January 1989 to form Central Ganty Trust

• 1 January 1993, Manulife Bank of Canada was formed from the merger of Regional TruCabot Trust, and Huronia Trust

• February 1993, Laurentian Bank of Canada purchased General Trust Corporation• 21 July 1993, the National Bank of Canada purchased Trust General of Canada and Sh

brooke Trust Company• 1 September 1993, Royal Bank of Canada purchased Royal Trust Company, Royal Tru

poration, and certain other operating subsidiaries of Gentra Inc.• decision taken in 1993 to include Investment Dealers that were owned by banks in the m

tary aggregates (Citibank Securities, Dominion Securities, First Boston Canada, LevesqBeaubien, Mcleanco, Nesbitt Thompson, Placement Societe Generale, San Wa McCarScotia Mcleod, Wood Gundy)

• 24 January 1994, the Laurentian Bank of Canada purchased the principal assets and liaof Prenor Trust Company

• 12 April 1994, the Bank of Nova Scotia purchased the Montreal Trust Company• 7 September 1994, the Bank of Montreal purchased Burns Fry Ltd.• 3 October 1994, the National Bank of Canada purchased deposits of the Confederation

Company• 1 January 1995, the Canadian Western Bank purchased North West Trust Company• 27 March 1995, the Hongkong Bank purchased deposits of the Income Trust Company• 1 August 1995, the Hongkong Bank acquired Metropolitan Trust Company• 1 October 1995, Laurentian Bank acquired North American Trust Company and NAL M

gage Company• 31 October 1995, the Canadian Imperial Bank of Commerce acquired FirstLine Trust C

pany• 22 December 1995, the Bank of Montreal acquired Household Trust• 1 June 1996, the Laurentian Bank acquired Savings and Investment Trust Company• July 1996, the Canadian Western Bank purchased Aetna Trust Company• 1 November 1996, the National Bank of Canada acquired Municipal Savings and Loan

poration

10

ey

ny

n pri-

Bank

• 1 November 1996, the Royal Bank of Canada purchased Richardson Greenshields• 20 January 1997, Citizens Bank of Canada was formed from Citizens Trust Company• 9 August 1997, ING Trust Company of Canada became a bank (ING Bank of Canada)• 14 August 1997, the Bank of Nova Scotia purchased National Trust and Victoria and Gr

Mortgage Corporation National Trust purchased Victoria and Grey Trust Company, December 1984

• 26 April 1999, the Royal Bank of Canada purchased Connor Clark Private Trust Compa• 11 August 1999, Canada Trust purchased five Citibank retail branches• 13 August 1999, the National Bank of Canada purchased First Marathon Inc.• 1 February 2000, the Toronto-Dominion Bank purchased Canada Trust

Canada Trust acquired Canada Permanent Trust, December 1985• 1 March 2000, Laurentian Bank purchased Sun Life Trust• 2 May 2001, State Street Trust became a bank (State Street Bank and Trust Company)• 23 June 2001, Bank of Nova Scotia purchased Fortis Trust Corporation• 28 December 2001, the Canadian Imperial Bank of Commerce purchased the Canadia

vate client business of Merrill Lynch Canada Inc.• 1 August 2002, Pacific & Western’s eTrust of Canada became a bank (Pacific & Western

of Canada)

11

Appendix D

Adjustments to Components of the Monetary Aggregates as of 12 December 2002

Table D1 Bank personal chequing accounts

Table D2 Bank current accounts

Table D3 Bank net demand deposits

Table D4 Bank non-personal notice chequable deposits

Table D5 Bank non-personal notice non-chequable deposits

Table D6 Bank personal savings chequable deposits

Table D7 Bank personal savings non-chequable deposits

Table D8 Bank personal savings deposits

Table D9 Bank non-personal term deposits

Table D10 Bank foreign currency deposits of residents

Table D11 Trust and mortgage loan companies total deposits

Table D12 Credit unions and caisses populaires total deposits

12

October November December

101139275336513422453659826

1,1101,3121,589

345253385423905

1,2941,0131,3432,1002,0901,049

8261,0231,224

101146232304441365498683767

1,2351,2731,341

204265410417907

1,3201,0561,3241,6802,004

975852

1,0991,220

102153239323446389618708792

1,2421,5641,347

212277434745908

1,3471,0991,3051,7081,913

903878

1,1751,058

Table D1Bank personal chequing accountsThis adjustment represents personal chequing accounts:• of trust companies acquired by banks• of an entity in a sector that was not included in the monetary aggregates to a sector that is included• of a trust company or companies that became banks

Personal chequing accounts adjustmentMillions of dollars

Year January February March April May June July August September

197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002

98103160254351465427752736837

1,2391,9261,369

220287454767852

1,3711,1121,2991,6901,776

964915

1,2185

98103173266380476456850756886

1,2602,2491,396

226294469808849

1,3821,0951,3131,6981,6041,153

9621,226

35

98111187270422445437793741926

1,3592,2851,442

233338484856846

1,3951,0781,3381,6951,4301,343

9841,234

5

98112206273465405410717722962

1,4682,225

591238344484874899

1,4321,0801,43017061,2991,4431,0001,242

5

98113224281509379385656717987

1,5652,123

494242350470859

1,0091,4911,1011,5921,7691,2281,444

9861,249

5

98113272321563431379639788945

1,5532,022

509246356458844

1,1201,5511,1231,7531,8611,1571,445

9711,257

5

99120325367620496378628873882

1,5161,922

364248362446849

1,1921,5271,1701,8701,9971,1161,410

9681,255

5

100126365403659544386617940843

1,4651,821

361248366438872

1,2281,4161,2441,9462,0171,1041,082

9741,243

100132326375595491418633891964

1,3941,714

348247370430894

1,2631,0451,3162,0212,0801,092

848981

1,232

13

r October November December

191225272325332261-4326

110199227344263425591671675228-16-2376

-195-912-764638

-151-344

188225279323322124-1992

109231

-406236

-110466611660648142-5248-3

-464-571-812516

-132

1942372593253329139

-1090

240190224129443621720664148-53135

-1-376-467-403-183-214

Table D2Bank current accountsThis adjustment represents:(i) current accounts:• of trust companies acquired by banks• of an entity in a sector that was not included in the monetary aggregates to a sector that is included• of a trust company or companies that became banks(ii) less interbank deposits(iii) historical revisions to M1 made necessary by the adjustments to private sector float

Current accounts adjustmentMillions of dollars

Year January February March April May June July August Septembe

197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002

154204236264328307111

777

100203277270211501633692637112-86146-69

-222-544-17382

-331

154207237294351312102538098

260278247273471682678644185

-5-3744

-230-610-80609

-237

172210243292363362654550

10926332035225557569971253371

-32736

-213-253-787312319

-176

174204244295350353

-61660

165225238183317561717733596-48-346145

-367-572167-23-99

173206256297361304-19-972

18522618719129053469073359117227

-18-57

-557-617394

-728-140

17021627531138429319

-3091

136216141241332574645733573217393539

-692-500407

-162-136

165216287328396298

-17

81179261368158363555637729589890

10-418-600-673416

-200-144

166215299324383239-57-3753

143252377172397611670717502222

-674

-317-743-816471

-159-196

179223284320338222-3743

1031412123682583935456776802181061994

-433-994-838294

-114-179

14

er October November December

292363546661844683411685936

1,3081,5381,934

608678976

1,0931,5811,521

9971,3202,1761,895

13662

1,6621,074-344

288372511626763489479774875

1,466867

1,57694

7311,0211,0761,5541,4631,0041,3721,6771,540

40440

1,6131,088

295390497648778479657697883

1,4831,7551,571

342721

1,0551,4641,5711,4961,0461,4411,7071,537

436475992844

Table D3Bank net demand depositsThis adjustment represents:• personal chequing accounts adjustment• current accounts adjustment• less private sector float

Net demand deposits adjustmentMillions of dollars

Year January February March April May June July August Septemb

197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002

252306396518680773538759814937

1,4422,2031,639

430788

1,0861,4591,4881,4831,0271,4471,6201,553

421897

1,600-327

251311410561732788557903837984

1,5202,5271,644

499766

1,1511,4871,4941,5661,0911,2761,7421,373

543882

1,835-230

270321430562784808502838791

1,0341,6212,6041,794

488912

1,1831,5681,3801,467

7501,3741,4811,177

5571,2961,554-171

271317450568816758405734782

1,1261,6932,464

774555906

1,2001,6081,4961,3841,0471,4901,751

934871

1,1671,219

-93

270319480578870683367646790

1,1731,7912,309

685533884

1,1611,5921,6001,6631,1271,5741,712

672826

1,381521

-136

268330548632947722398610879

1,0811,7682,163

750578931

1,1021,5781,6921,7691,1621,7871,900

465944

1,3771,094-132

264336611694

1,017793377635954

1,0611,7782,290

522611918

1,0831,5781,7811,6161,1711,8791,578

516736

1,3831,053-139

266342664727

1,043783328580993986

1,7172,197

533646977

1,1071,5881,7301,6391,2392,0201,699

361266

1,4451,084-195

280356610695933713381676994

1,1051,6062,082

605642915

1,1071,5741,4811,1521,3352,1151,648

9811

1,2761,118-180

15

t

tember October November December

032643518936494139982370639

337410477563663737778860955

1,0201,1171,2281,3971,5931,6561,7731,7961,6111,6571,7501,7511,7381,9151,799

-61-64-40

344415485577671737780864960

1,0131,1291,2361,3791,5641,6661,8051,7951,6011,6541,7631,7981,7361,9291,808

-70-71

351421494590679739783868967

1,0321,1641,2291,4341,5871,6501,7991,7951,5981,6631,7551,9181,7751,9511,840

-66-67

Table D4Bank non-personal notice chequable depositsThis adjustment represents:(i) non-personal chequable deposits:• of trust companies acquired by banks(ii) less interbank deposits

Non-personal notice chequable deposits adjustmenMillions of dollars

Year January February March April May June July August Sep

197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002

278358428501596687744790876976

1,0281,1721,2261,4531,5661,6571,7991,7431,5941,6801,7531,9241,7801,8871,790

-64-50

284363433508603694748797885984

1,0431,1751,2331,4461,6051,5901,7851,7451,5991,6241,7291,8931,7661,882

-49-58-51

291369439514611700752805895994

1,0531,2151,2391,4781,6281,6701,7971,7461,5671,6841,7731,7191,7091,734

-46-63-46

298375445521619706757813904963

1,0681,2191,2771,5291,6461,6321,8021,7521,5721,6571,7562,0341,8661,754

-47-62-60

304381451528626712761821912973

1,0831,2161,3241,5281,6491,5311,8051,7481,5811,5941,6571,9921,9421,990

-52-54-61

310387456535633718765829923982

1,0811,2431,3601,5591,6531,5601,8121,7391,5231,7261,6992,2081,9662,009

-61-55-49

317392461542640723769836932969

1,0931,1611,3611,5451,6361,6511,8201,7161,6521,7361,7942,2221,9591,979

-60-47-50

324397467550647728772843940983

1,1121,2081,3831,5501,5871,7761,7971,6221,6551,7401,7231,7141,8721,832

-45-42-47

33404755657377859499

1,111,221,381,541,651,791,801,591,641,731,751,691,831,76

-4-6-4

16

tment

eptember October November December

129150185220256300261314347388465512640789889864783

-0-22-24-26

0161116-3-2

130157185225259295271300348393476531667796885861776

-1-20-23-26-3211321-3-2

132159189232264288263299349394489550692816886863766

-1-23-24-24-2122

22-3

137163194236267290259298350398495568709823890862756

-2-20-26-26-6141216-3

Table D5Bank non-personal notice non-chequable depositsThis adjustment represents:(i) non-personal non-chequable deposits:• of trust companies acquired by banks• of a trust company or companies that became banks(ii) less interbank deposits

Non-personal notice non-chequable deposits adjusMillions of dollars

Year January February March April May June July August S

197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002

119138168197236276292286316355403500571719834881857743

-1-22-25-19-10142313-3

121135172201236289290284317357407484571732849867854724

-4-20-25-29-7143015-2

123139174204240295291282319361416500583746850887854709

-0-21-25-34-3132916-2

126143176205244298271295328362420505575749853907860704

-2-21-26-42-17

3112-2

127144179206249299272297330365424506571762872898849693

-3-22-26-42

18

31-3-2

129143182209254302272301338370436497593771876895840675

-0-24-25-40-27

24-4-2

130141184212256304267307346379447501616772885885822658

-0-23-26-38157

19-3-2

129144 185217256301263309347384457522629788894871801648

-5-27-28-14

81415-3-2

17

ember October November December

795326094947084227945089

5,1866,1346,8448,108

10,07212,00113,07514,40214,03713,39514,08316,15718,48221,59023,32623,17021,91719,34717,6676,0116,2845,1135,2655,562

5,2226,1336,8928,249

10,37711,73813,20814,31713,75513,33114,33515,78918,60422,09123,48722,91121,39419,22917,1096,0266,1635,2255,2805,532

5,2536,1096,8128,251

10,50411,74713,09114,16413,62613,24614,35615,94218,83822,36823,47522,87021,30919.02216,9856,0046,1285,2785,2785,455

Table D6Bank personal savings chequable depositsThis adjustment represents personal chequable deposits:• of trust companies acquired by banks• of an entity in a sector that was not included in the monetary aggregates to a sector that is included

Personal savings chequable deposits adjustmentMillions of dollars

Year January February March April May June July August Sept

1976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000

4,3685,3596,2046,9608,407

10,45012,01213,26514,25313,69013,28614,49516,15619,13522,70623,52422,94520,91918,95617,0126,0676,1925,3125,3365,489

4,4455,4386,2817,0588,571

10,52912,19513,40814,22713,62613,13814,62216,33019,38622,92123,48722,89920,68618,88116,8786,0536,1655,1875,246

4,5475,5566,3587,1348,730

10,63812,22913,46114,14813,53713,00614,65116,42819,52722,94423,43322,70820,36118,61916,6735,9756,0375,0655,126

4,6615,6796,4707,2638,933

10,89312,36713,62114,24713,54613,18214,76116,66719,75423,24623,52522,67420,37718,54316,6696,0836,1895,2865,333

4,7345,7536,5297,3898,976

11,03112,73813,87514,42613,64713,36215,11417,06520,03223,35623,50322,49720,31118,3975,9156,3056,3965,4375,503

4,8355,8186,5777,5019,187

11,15012,85213,98114,33413,54213,49315,52917,43620,35223,27823,45922,31620,19718,2725,9416,3926,4425,3595,531

4,9285,9036,6517,6379,439

11,34612,89014,12614,28913,47613,66215,91017,69020,62023,26023,31222,18719,96918,1085,9616,2716,4055,4335,621

5,0155,9816,7197,7799,657

11,55912,88814,25914,12813,42013,78916,21917,99720,96523,26623,29322,10319,86017,9335,9576,1815,6225,4205,546

5,096,046,787,929,85

11,7512,9214,3114,0513,3813,8916,3618,2621,3023,2123,2721,9419,2817,805,966,225,045,275,50

18

t

mber October November December

-2,071-2,385-2,382-2,727-3,714-4,900-5,449-5,956-4,912-3,353-2,749-4,049-4,837-6,091-6,642-6,333-6,161-6,869-6,9015,2124,9024,1553,6693,785

-2,056-2,336-2,341-2,736-3,926-4,595-5,559-5,847-4,600-3,213-2,754-3,652-4,847-6,450-6,757-6,103-5,581-6,713-6,3465,2344,8634,1633,7003,820

-2,025-2,254-2,168-2,613-3,975-4,528-5,448-5,693-4,297-3,056-2,615-3,789-4,881-6,631-6,671-6,531-5,497-6,538-6,1955,2184,8833,9693,7193,843

Table D7Bank personal savings non-chequable depositsThis adjustment represents non-personal chequable deposits:• of trust companies acquired by banks• of an entity in a sector that was not included in the monetary aggregates to a sector that is included• of a trust company or companies that became banks

Personal savings non-chequable deposits adjustmenMillions of dollars

Year January February March April May June July August Septe

1976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000

-1,766-2,076-2,285-2,249-2,719-3,850-4,718-5,544-5,755-4,142-3,061-2,424-3,962-5,040-6,821-6,720-7,046-6,579-6,555-6,2055,2194,9073,7643,7323,853

-1,797-2,116-2,301-2,281-2,822-3,860-4,861-5,619-5,694-4,153-2,874-2,204-3,987-5,109-6,846-6,655-6,919-6,442-6,583-6,0135,2444,8973,7583,747

-1,845-2,177-2,315-2,301-2,907-3,910-4,880-5,589-5,527-4,127-2,600-2,003-3,893-4,958-6,755-6,410-6,715-6,088-6,358-5,6925,2484,8733,7233,756

-1,900-2,238-2,363-2,364-3,031-4,111-4,955-5,634-5,528-4,037-2,561-1,991-4,097-5,040-6,912-6,406-6,662-6,059-7,380-5,6385,2374,8693,6733,749

-1,919-2,253-2,361-2,417-2,993-4,197-5,257-5,801-5,6344,034

-2,549-2,270-4,284-5,127-6,936-6,386-6,517-6,028-7,8255,1275,2224,8633,6453,736

-1,961-2,265-2,342-2,426-3,138-4,256-5,342-5,835-5,455-3,845-2,541-2,528-4,377-5,248-6,858-6,376-6,403-6,001-7,6225,1544,9914,8353,6403,721

-1,979-2,306-2,355-2,470-3,329-4,400-5,351-5,908-5,362-3,722-2,613-2,790-4,504-5,495-6,789-6,448-6,308-5,907-7,4055,1704,9624,8043,6343,715

-1,998-2,339-2,367-2,539-3,480-4,562-5,350-5,996-5,151-3,592-2,656-3,082-4,710-5,726-6,741-6,494-6,923-5,949-7,2495,1664,9594,3933,6273,741

-2,034-2,353-2,375-2,605-3,591-4,700-5,376-5,977-4,995-3,460-2,726-3,402-4,808-5,909-6,609-6,431-6,191-6,814-7,1065,1724,9474,1253,6403,766

19

the bookthe mortgage loan subsidiaries of

October November December

,951,617,352,281,207,570,668,610,792,714,096,896,412,467,755,217,486,582,761,089,522,851,532,947,096,211

18,24621,92625,88731,15538,05537,24339,61144,79249,96156,11164,5877218283,33795,695

104,148105,199100,59767,77557,59254,70451,45339,08635,73836,2341,1441,222

18,67022,33026,43231,95138,78637,57739,78345,03550,55856,66365,62272,52784,66096,465

104,717104,176100,42567,62657,63354,16151,59837,85535,80436,3741,1921,131

Table D8Bank personal savings depositsThis adjustment represents:(i) personal savings deposits:• of trust companies acquired by banks• of a bank acquired by a trust company• of an entity in a sector that was not included in the monetary aggregates to a sector that is included• of a trust company or companies that became banks(ii) historical adjustments to: non-personal chequable and non-chequable deposits, and (iii) estimates of personal fixed-term deposits ons ofthe banks

Personal savings deposits adjustmentMillions of dollars

Year January February March April May June July August September

197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002

15,09318,97422,72626,74432,20039,42738,01040,23345,43651,20056,97567,46772,76085,46297,629

104,723103,60388,70767,01557,26453,37351,78236,31435,96636,4861,221

594

15,32919,10523,05827,08632,52340,09538,24440,57445,90451,48957,27569,44873,72086,54799,143

104,871103,90087,37766,16157,47753,44751,44436,13236,0572,6661,228

649

15,66319,43723,41727,44333,00940,71438,46641,03646,48551,99358,25270,58075,45488,26899,938

106,154103,53387,19165,99657,78253,51451,15235,62936,1151,0031,236

640

16,00119,75523,73227,77233,56341,25138,72141,59446,99252,61159,24371,18175,70289,222

100,797106,899103,53087,18160,47657,67353,57851,33635,48336,3041,0211,243

649

16,29920,04624,04428,09234,29741,79238,92142,04647,47853,09859,96071,66276,64990,412

101,528106,837103,16786,77557,51657,59253,88051,51035,48235,4031,0251,251

637

16,61620,33624,37528,54434,81242,51339,15342,54548,10753,62760,74072,72478,21991,627

101,752106,649102,54386,04557,81657,70653,40851,38735,31635,2871,0281,229

602

17,07320,56924,66129,10335,18243,10439,36643,03548,63653,99761,35573,34979,17791,966

102,227105,359101,83083,91658,04557,81552,95451,14135,35435,3261,0371,229

576

17,46620,85524,88329,56635,61043,64939,47443,45049,03654,47961,87073,46079,92992,829

102,743104,981101,14181,85357,95957,25452,76643,75935,32735,5601,0511,229

17,68521,26125,13729,92436,30644,23039,56744,05149,42955,14462,12073,39481,05193,678

103,308105,139100,58667,61558,02557,28452,78538,67335,26335,7301,0651,215

1721253037443944495563718294

1031051006757555238353511

20

banks, an(iv) notes payable by those Cana-eign-ncy notes issued by these institu-

October November December

,161,522,994,233,844,662-622,006,593,143,431,799,254,298,654,032,533,453,699,663,411,888-186589,922,961,349

8,03310,48113,97515,53120,3315,336-718

-1,117-1,437-3,115-1,715-1,808-2,080-2,430-2,793-3,420-3,451-3,043-4,045-2,997-3,121-4,090

739856

-4,122-5,679

8,3239,775

14,42714,62320,2284,724-776

-1,220-1,500-2,456-1,638-1,842-2,163-2,640-3,064-3,051-3,243-3,284-4,011-3,040-3,390-2,602

427456

-4,556-5,750

Table D9Bank non-personal term depositsThis adjustment represents:(i) non-personal term deposits:• of trust companies acquired by banks• of an entity in a sector that was not included in the monetary aggregates to a sector that is included• of a trust company or companies that became banks(ii) less interbank deposits (foreign and Canadian), (iii) non-personal term deposits on the books of the mortgage loan subsidiaries of theddian financial institutions affiliated with foreign banks prior to their incorporation as banks. This includes both Canadian-dollar and all forcurretions, because it was not possible to estimate how much of these foreign-currency notes payable were held by Canadian residents.

Non-personal term deposits adjustmentMillions of dollars

Year January February March April May June July August September

197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002

5,1237,8309,815

15,21514,72519,4393,467-623

-1,158-1,636-1,922-1,470-1,942-2,169-2,721-3,115-3,160-3,492-3,233-4,049-2,831-2,677

-961994356

-5,091-5,643

5,1037,9419,959

15,56115,41919,198

-242-679

-1,254-1,621-1,259-1,388-1,807-2,000-2,766-3,029-2,801-3,463-3,557-3,602-4,519-2,895

-769-1,114-3,377-4,934-5,112

6,2288,599

10,68915,63616,24018,393

-383-973

-1,565-1,557-1,570-1,570-1,638-2,232-2,853-3,155-3,048-3,255-3,202-3,581-3,668-3,647-1,394

1495-3,909-4,828-6,115

6,7248,325

11,64715,12616,92717,366

-426-777

-1,187-1,276-1,375-1,721-1,881-2,341-3,077-3,542-2,997-4,118-3,551-3,389-3,588-3,860

-970580

-4,803-5,559-6,689

6,8198,535

11,55615,82416,88916,797

-329-939

-1,694-1,185-1,072-1,495-1,900-2,410-2,984-2,883-3,011-3,746-3,673-3,047-3,529-3,940-1,146

749-4,251-5,739-6,195

7,1698,691

12,16315,66616,90916,566

-443-881

-1,526-1,245-1,135-1,467-1,848-2,393-2,960-2,584-2,890-3,877-3,403-3,244-3,284-4,211-1,405

724-4,095-4,970-4,936

7,7558,890

12,05115,60417,68416,729

-533-743

-1,624-1,287

-935-1,229-2,113-2,442-2,838-2,676-3,351-3,573-3,929-3,364-3,586-3,482

-999654

-4,314-5,360-5,078

8,0259,654

13,02615,74718,01816,649

-551-782

-1,476-1,145-1,230-1,210-2,040-2,200-2,846-2,574-3,161-3,509-3,867-3,610-3,218-3,284-1,586

632-3,844-4,187-5,078

8,04210,02613,76315,65718,60515,380

-598-954

-1,332-1,001-1,344-1,290-2,134-2,139-2,969-2,568-3,185-2,977-3,599-4,043-3,595-4,091-1,255

380-4,091-4,635-4,695

81013161914

-1121

-1-2-2-2-3-3-3-3-3-3-3

-3-4-5

21

t

ptember October November December

103152739416375662241444575693

22690444396

312333354375396417439457573627612648992941997

1,3021,9582,521

583

292313334356377398419440459585629609652

1,027927

1,0061,5061,9332,665

600

294315336357379400421442460597632607657

1,062957

1,0411,6931,8642,616

420

Table D10Bank foreign currency deposits of residentsThis adjustment represents:(i) foreign currency deposits of residents:• of trust companies acquired by banks• of a trust company or companies that became banks(ii) less interbank deposits

Foreign currency deposits of residents adjustmenMillions of dollars

Year January February March April May June July August Se

198119821983198419851986198719881989199019911992199319941995199619971998199920002001

296317338359380402423444467604632608677

1,072952

1,0651,7341,9132,656

446

297319340361382403424445479607630613712

1,057979

1,0621,7031,934

511786

299320342363384405426447491609627617747

1,0431,0141,0561,6531,924

473767

301322343364386407428448502612625621782

1,0281,0371,1311,6731,912

522658

303324345366387409430450514614623626817

1,014996

1,2081,7281,952

54520

304326347368389410432451526617621630852999951

1,2391,7761,963

578

306327349370391412433453538619618635887985955

1,2431,8091,958

718

308329350372393414435454550622616639922970971

1,2121,8652,207

645

333334445666999

1,1,2,

5

22Table D11Trust and mortgage loan companies total depositsThis adjustment represents:(i) total deposits:• of trust and loan companies acquired by banks• of a bank acquired by a trust company(ii) less the sum of Receiver General deposits at trust and mortgage loan companies(iii) less trust and mortgage loan company holdings of currency and demand and notice deposits with other deposit-taking institutions

Trust and mortgage loan companies total deposits adjustmentMillions of dollars

Year January February March April May June July August September October November December

197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002

-13,612-17,192-20,345-23,898-28,600-33,363-36,747-39,013-44,277-49,729-55,724-66,137-74,552-87,993

-100,584-108,048-108,405-93,444-69,541-60,036-56,248-55,356-42,789-43,757-44,970-2,163

-650

-13,823-17,311-20,634-24,153-28,908-33,894-36,972-39,340-44,754-50,138-56,007-68,033-75,537-89,109

-102,157-108,188-108,703-92,101-68,871-60,268-56,313-54,912-42,741-43,999-3,645-2,471

-710

-14,127-17,632-20,928-24,449-29,334-34,387-37,210-39,794-45,327-50,774-56,963-69,216-77,330-90,869

-102,968-109,522-108,346-91,909-68,698-60,603-56,492-54,841-42,390-44,282-1,874-2,496

-701

-14,443-17,938-21,213-24,738-29,754-34,795-37,510-40,326-45,863-51,404-57,924-69,825-77,703-91,849

-103,881-110,314-108,365-91,895-63,181-60,50356,537

-55,063-42,578-44,333-1,893-2,315

-711

-14,707-18,191-21,482-25,022-30,154-35,171-37,760-40,786-46,359-51,894-58,633-70,275-78,696-93,093

-104,681-110,248-108,028-91,444-60,226-60,413-56,648-55,095-42,852-43,394-1,997

-752-697

-14,994-18,435-21,785-25,434-30,516-35,632-37,994-41,284-46,966-52,432-59,423-71,364-80,322-94,353

-104,932-110,061-107.431-90,651-60,536-60,527-56,122-55,168-42,904-43,412-2,175

-674-659

-15,412-18,616-22,049-25,942-30,803-35,946-38,228-41,762-47,511-52,820-60,059-72,026-81,311-94,701

-105,431-108,755-106,725-88,441-60,812-60,619-55,677-54,991-43,088-43,564-2,258

-676-631

-15,774-18,831-22,268-26,342-31,084-36,155-38,366-42,184-47,935-53,297-60,598-72,179-82,094-95,602

-105,964-108,358-106,015-86,308-60,802-60,020-55,485-47,036-43,038-44,064-1,984

-682

-15,976-19,161-22,492-26,618-31,495-36,439-38,427-42,779-48,253-53,932-60,871-72,744-83,257-96,468

-106,538-108,551-105,439-70,401-60,951-60,017-55,611-41,733-43,010-44,699-1,944

-673

-16,238-19,487-22,698-26,912-31,992-36,531-38,471-43,337-48,547-54,458-61,858-73,652-84,680-97,289

-107,003-108,654-105,345-70,339-60,503-57,825-55,807-42,076-43,219-45,140-2,155

-673

-16,515-19,704-23,135-27,678-32,431-36,302-38,414-43,559-48,747-54,860-63,348-73,962-85,712-98,582

-107,430-108,665-105,474-70,524-60,338-57,456-55,170-42,690-43,327-45,485-2,314

-687

-16,905-20,011-23,631-28,370-32,870-36,415-38,588-43,842-49,223-55,443-64,363-74,324-87,090-99,379

-108,037-108,514-105,312-70,361-60,389-57,043-55,396-43,007-43,539-45,419-2,195

-674

23

Table D12Credit unions and caisses populaires total depositsThis adjustment represents credit unions and caisses populaires:• share capital• holdings of currency and demand and notice deposits with other deposit-taking institutions (other than provincial centrals and federations)

Credit unions and caisses populaires total deposits adjustmentMillions of dollars

Year January February March April May June July August September October November December

197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002

1,9782,3062,7333,1273,0262,6612,0561,0311,1201,0841,1701,1771,102

901797659

1,3321,2821,308

896663669778857903854372

2,0432,3612,8153,1663,0332,6611,9871,1111,1661,1481,2341,2041,059

893787800

1,3881,3191,353

908704778842947923868445

2,0892,4152,8963,2053,0392,6611,9181,1911,2121,2121,2991,2321,016

884777941

1,4431,3551,399

920746888907

1,036943883518

2,1152,4512,9433,2422,9992,6241,7591,2081,2231,2251,3051,221

984880726

1,0081,4451,3621,409

891722932924

1,065931859605

2,0992,4682,9573,2772,9142,5501,5081,1561,1961,1801,2501,170

964879634993

1,3881,3351,380

818630905891

1,029886794704

2,0882,4852,9703,3112,8292,4751,2561,1051,1691,1361,1941,119

944878541979

1,3321,3091,352

746537879858993842730803

2,1232,5163,0003,3352,7722,4111,1291,1011,1631,1321,1721,123

938871494

1,0231,3171,3121,342

706519890846970827722869

2,1572,5613,0483,3492,7462,3581,1261,1451,1781,1681,1831,182

946857489

1,1261,3441,3431,350

698573939857959842769903

2,1592,6063,0953,3622,7192,3051,1221,1891,1921,2031,1931,241

953844484

1,2271,3701,3731,357

690626988867949857815937

2,1692,6393,1173,3112,6982,2471,0981,1911,1741,2061,1921,245

948831500

1,2821,3631,3701,282

679645967862936861753883

2,1882,6603,1133,1962,6832,1841,0551,1531,1251,1781,1801,197

931820533

1,2901,3231,3361,126

664632878841919855586

2,3172,6813,1093,0812,6682,1211,0111,1151,0751,1501,1691,148

914808567

1,2991,2831,301

970649618789821902849419

24

B

Appendix E: Components Before and After Adjustments(Series labelled starting with a B isdata prior to adjustments and series labelled starting with Mis data after adjustments)

Bank personal chequing accounts

B486

MB486

Bank current accounts

MB487

B487

25

Bank non-personal notice chequable deposits

B472

MB472

Bank non-personal notice non-chequable deposits

MB473

B473

Bank personal savings chequable deposits

MB452

B452

26

Bank personal savings non-chequable deposits

MB453

B453

MB451

B451

Bank personal savings deposits

Bank non-personal term deposits

MB475

B475

27

Bank foreign currency deposits of residents

MB482

B482

Trust and mortgage loan companies total deposits

MB2038

B2038

Credit unions and caisses populaires total deposits

MB2042

B2042

Bank of Canada Working PapersDocuments de travail de la Banque du Canada

Working papers are generally published in the language of the author, with an abstract in both officiallanguages.Les documents de travail sont publiés généralement dans la langue utilisée par les auteurs; ils sontcependant précédés d’un résumé bilingue.

Copies and a complete list of working papers are available from:Pour obtenir des exemplaires et une liste complète des documents de travail, prière de s’adresser à:

Publications Distribution, Bank of Canada Diffusion des publications, Banque du Canada234 Wellington Street, Ottawa, Ontario K1A 0G9 234, rue Wellington, Ottawa (Ontario) K1A 0G9E-mail: publications@bankofcanada.ca Adresse électronique : publications@banqueducanada.caWeb site: http://www.bankofcanada.ca Site Web : http://www.banqueducanada.ca

20032003-21 Dynamic Factor Analysis for Measuring Money P.D. Gilbert and L. Pichette

2003-20 The U.S. Stock Market and Fundamentals: AHistorical Decomposition D. Dupuis and D. Tessier

2003-19 A Small Dynamic Hybrid Model for the Euro Area R. Djoudad and C. Gauthier

2003-18 Technological Change and the Education Premiumin Canada: Sectoral Evidence J. Farès and T. Yuen

2003-17 Explaining and Forecasting Inflation in Emerging J. Bailliu, D. Garcés, M. Kruger,Markets: The Case of Mexico and M. Messmacher

2003-16 Some Notes on Monetary Policy Rules with Uncertainty G. Srour

2003-15 The Syndicated Loan Market: Developmentsin the North American Context J. Armstrong

2003-14 An Index of Financial Stress for Canada M. Illing and Y. Liu

2003-13 Un modèle<< PAC>> d’analyse et de prévisiondes dépenses des ménages américains M.-A. Gosselin and R. Lalonde

2003-12 The Macroeconomic Effects of Military Buildupsin a New Neoclassical Synthesis Framework A. Paquet, L. Phaneuf, and N. Rebei

2003-11 Collateral and Credit Supply J. Atta-Mensah

2003-10 A Stochastic Simulation Framework for the Governmentof Canada’s Debt Strategy D.J. Bolder

2003-9 Bank Lending, Credit Shocks, and the Transmissionof Canadian Monetary Policy J. Atta-Mensah and A. Dib

2003-8 Comparing Alternative Output-Gap Estimators:A Monte Carlo Approach A. Rennison

2003-7 Testing the Stability of the Canadian PhillipsCurve Using Exact Methods L. Khalaf and M. Kichian

2003-6 Valuation of Canadian- vs. U.S.-Listed Equity:Is There a Discount? M.R. King and D. Segal