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Jan Consumer Credit And Mortgage Approvals..>

UK DATA
UK DATA: Jan Consumer Credit And Mortgage Approvals Start Year Strong               
--BOE: UK Jan House Purchase Approvals 66,766 vs Dec 64,468   
--BOE: UK Jan Net Consumer Credit stg1.095bn vs Dec stg0.683bn  
--BOE: UK Jan Net Mortgage Lending stg3.660bn vs Dec stg3.948bn   
--BOE: UK Jan M4 Ex-intermediate OFCS -0.2% m/m; 2.4% 3m Annualised         
--BOE: UK Jan Effective Rate New Secured Loans Down 0.05pp At 2.09%    
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Net consumer credit rose to stg1.095bn, a five-month high and above 
the MNI median of stg0.7bn. Driving this was an uptick in credit card 
lending of stg0.2bn on the month and a stg0.1bn rise in other loans and 
advances. Whilst higher than the recent trend, annual credit growth of 
6.5% is a 50-month low. Mortgage approvals rose to a three month high of 
66,766. However,this did not translate into higher mortgage lending 
which dropped to stg3.660bn. Explaining this discrepancy was m/m growth 
in mortgage approvals amonst non-monetary financial instituions of 12%.  

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