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mpc: 17 While secured lending growth had remained above 10% at an annualised rate, which was consistent with the strengthening housing market, the growth rate of unsecured credit had slowed in recent quarters. The average monthly flow of unsecured credit had now fallen to around half the rate of a year ago. Within unsecured credit, the annual rate of growth of credit card lending had also halved over the past year. The annual growth rate of the M4 monetary aggregate had increased to 12.6% in December, the highest rate since 1990.