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mpc: 3 A9 In the emerging market economies, the growth rate of industrial production had slowed in November, especially in Asia. Asian export volume growth had also declined.

II

Monetary and financial conditions

A10 The twelve-month growth rate of notes and coin had fallen from 7.1% to 4.8% in December. But the latest figures had been distorted by the high growth in December 1999 associated with millennium effects. Taking account of this, and other factors such as the payment of winter fuel allowances, the underlying annual growth rate had probably increased in December. A11 Twelve-month growth rates of both M4 and M4 lending (excluding securitisations) had remained strong in November at 8.3% and 12.9% respectively. Annual growth rates of these aggregates excluding other financial corporations (OFCs) had been 6.7% and 11.1% respectively in November. A12 The twelve-month growth rate of households' deposits had been 6% in November, well within the range of 4%-7% seen during the previous two years. Annual growth in household credit had been 9.8%, 0.4 percentage points below its peak of 10.2% in June. A13 Net secured lending to individuals had risen strongly in November: the one- month flow of £4.1 billion had been the highest since the monthly series began in 1993. The flow of unsecured lending had been £1.2 billion in November, £0.4 billion lower than in October. The Bank's estimate of mortgage equity withdrawal in 2000 Q3 was £2.4 billion; the Q2 figure had been revised down by £0.5 billion to £3.0 billion. A14 Although particulars delivered had fallen in November, mortgage approvals had risen by 4,000 to 103,000. Together with an increase in the stock of mortgage approvals during recent months, this was indicative of stable, or perhaps even rising, future housing market activity.