{"id":2497,"date":"2007-11-20T10:48:15","date_gmt":"2007-11-20T10:48:15","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=2497"},"modified":"2025-03-27T15:48:33","modified_gmt":"2025-03-27T15:48:33","slug":"large-rock-outflow-in-october-m4-weak-on-foreign-selling","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=2497","title":{"rendered":"Large Rock outflow in October; M4 weak on foreign selling"},"content":{"rendered":"<p>The retail run on Northern Rock continued apace in October despite government guarantees on deposits, judging from Building Societies Association savings figures released today. Societies attracted a record &pound;3.0 billion of new receipts, up from &pound;2.8 billion in September and just &pound;770 million in October last year. According to BSA Director-General Adrian Coles, &ldquo;it seems that the majority of these deposits are funds withdrawn from the Northern Rock bank&rdquo;. <\/p>\n<p>A conservative guesstimate is that building societies enjoyed additional Rock-related inflows of &pound;2.5-3 billion in September and October combined. With societies accounting for 20% of the retail deposits market, this suggests total withdrawals from the troubled lender of &pound;12.5-15 billion for the two months, equivalent to more than half of its &pound;24.3 billion of retail funding at mid-year. <\/p>\n<p>Money supply figures also released today showed monthly M4 growth of just 0.1%, down from 0.9% in September. Details reveal that the drop reflected a fall in &ldquo;net sterling lending to non-residents&rdquo;. This is likely to be related to selling of UK securities by foreigners in the wake of the Northern Rock crisis. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The retail run on Northern Rock continued apace in October despite government guarantees on deposits, judging from Building Societies Association savings figures released today. Societies attracted a record &pound;3.0 billion of new receipts, up from &pound;2.8 billion in September and just &pound;770 million in October last year. According to BSA Director-General Adrian Coles, &ldquo;it seems [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2497","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2497"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2497\/revisions"}],"predecessor-version":[{"id":4806,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2497\/revisions\/4806"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}