SELECTED FINANCIAL INSTRUMENTS

		Outstanding at end	Transactions during	Other changes during	Outstanding at end
		Sep Qtr 2014	Dec Qtr 2014	Dec Qtr 2014	Dec Qtr 2014
		$b	$b	$b	$b
Currency and deposits
	Currency	65.9	5.2	-	71.1
	Transferable deposits	655.5	23.2	1.5	680.2
	Other deposits	1 355.6	-9.4	13.0	1 359.3
Short term debt securities
	Bills of exchange	90.9	-5.0	-	85.8
	One name paper	391.1	28.7	1.7	421.5
Long term debt securities
	Bonds, etc.	2 035.1	25.2	61.9	2 122.2
Derivatives
	Derivatives	467.9	-8.0	124.5	584.5
Loans and placements
	Short term	285.8	18.0	1.4	305.2
	Long term	3 070.1	33.4	19.3	3 122.7
Shares and other equity
	Listed	1 535.5	23.4	21.5	1 580.5
	Unlisted	2 584.5	14.2	76.8	2 675.5
Insurance technical reserves
	Reserves of pension funds and life offices	1 806.2	19.7	33.7	1 859.6
	General insurance prepayments and reserves	102.2	1.2	-	103.4
- nil or rounded to zero (including null cells)

The bond market rose by $87.1b in December quarter 2014, with net transactions of $25.2b and valuation increases of $61.9b. The December quarter 2014 valuation increases are the highest on record since September quarter 2011 ($74.2b). The major contributors to the valuation decreases in December quarter 2014 were recorded in rest of world bonds ($14.8b), banks bonds ($14.2b) and national general government bonds ($12.4b).

Loan market transactions rose from $35.4b in September quarter 2014 to $51.4b in December quarter 2014. Households and rest of world borrowing via the loan market drove the December quarter figures, however not at the same record levels seen in the June quarter 2014. Households borrowed $17.8b in September quarter 2014 and $32.3b in December quarter 2014. Rest of world borrowed $10.8b in December quarter 2014, after a decrease in borrowing of $6.2b in the September quarter.

The listed share market rose by $45.0b, with net transactions of $23.4b and valuation increases of $21.6b. The valuation increases come after two consecutive declines, with declines of $5.9b occurring in June quarter 2014 and $35.0b in September quarter 2014. The major contributor of the valuation increases in December quarter 2014 was recorded in banks shares, recording $25.7b.