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6 were constructed on the assumption that no transactions took place. 7. 7: Balance sheet with foreign currency business. 1 0 =32. 8. 8. 8, no net revaluation difference should arise. 8: Balance sheet with foreign currency business. including revaluations Assets Liabilities £value of fl c deposits £ deposits non-deposit liabilities £ value of 132 50 fie lending £ lending 82 150 50 232 232 If individual foreign currency components of the UK banks' consolidated balance sheet are known to be of a particular currency denomination, they are adjusted using the appropriate exchange rate.

1 ). In the 1981 /82 FSBR, however, it was stated that 'it is the Government's intention to consider clawing back some of the past year's rapid growth of £M3 by permitting an undershoot as and when the opportunity arises'. The problem does not arise with the new method of calculation as the growth rates are no longer defined by reference to a base period. Notes and References 1. 2. 3. 4. 5. 6. J. S. Fforde, 'Setting Monetary Objectives', BEQB, June 1983, p203. BEQB, December 1977, p437. J. S. , p203.

These deposits form part of the total liabilities of the monetary sector; its other liabilities are deposits denominated in other currencies, sterling deposits of sectors other than the private sector and non-deposit liabilities. By definition, total liabilities must equal total assets: banks' assets consist mainly of loans to other sectors of the economy. As banks' balance sheets must balance, the level of deposits included within £M3 can be expressed as the difference between the banks' total assets and those liabilities in the balance sheet which are not included in the measurement of £M3.

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