- Q3 2021-22 Net Financing of £1.6 billion
- As of 31 December 2021, Net Financing total of £2.2 billion, against a whole-year target of £6 billion, in a range of £3 billion to £9 billion
- 2021-22 Net Financing whole-year forecast is £4.0 billion (excluding Green Savings Bonds)
- 2022-23 Net Financing target: £6 billion (within a range of £3 billion to £9 billion)
NS&I today published its unaudited quarterly results for the third quarter of the financial year 2021-22 (October-December 2021). Net Financing for the quarter was £1.6 billion, giving a year-to-date total of £2.2 billion.
Today’s Spring Statement confirms that NS&I’s whole-year Net Financing forecast for 2021-22 is £4.0 billion (excluding Green Savings Bonds). This is in line with its Net Financing target of £6 billion (within a range of £3 billion to £9 billion), set out in the Budget on 3 March 2021.
NS&I increased the interest rates on some of its variable rate products in Q3 in order to help meet the annual Net Financing target and to ensure that its products were priced in line with the broader savings sector. NS&I’s overall Net Financing performance for 2021-22 will be announced as part of its annual results later in 2022.
2022-23
In the 2022 Spring Statement, it has also been confirmed that NS&I will have a 2022-23 Net Financing target of £6 billion, within a range of £3 billion to £9 billion. This excludes proceeds from Green Savings Bonds.
Unaudited Q1, Q2 and Q3 2021-22 results (1 April – 31 December 2021)
|
Qtr / year |
Gross inflows (including reinvestments) £bn
|
C&AIP* £bn
|
Gross outflows £bn
|
Net Financing £bn
|
Total stock £bn
|
Value Indicator £bn
|
|
Q3 2021-22 (unaudited) |
9.9 |
0.7 |
9.1 |
1.6 |
205.2 |
0.01*** |
|
Q2 2021-22 (unaudited) |
10.1 |
0.6 |
9.8 |
0.8 |
203.6 |
-0.09*** |
|
Q1 2021-22 (unaudited) |
12.2 |
0.6 |
13.0 |
-0.2 |
202.8
|
-0.01*** |
NS&I financial results 2016-17 to 2020-21
|
Year |
Gross inflows (including reinvestments) £bn
|
C&AIP* £bn
|
Gross outflows £bn |
Net Financing £bn |
Total stock £bn |
Value Indicator £bn
|
|
2020-21 |
86.2 |
2.2 |
64.6 |
23.8 |
203.0 |
N/A |
|
2019-20
|
38.2 |
2.6 |
29.2 |
11.6 |
179.2 |
-0.9**** |
|
2018-19
|
37.3 |
2.4 |
28.9 |
10.8 |
167.6 |
0.01*** |
|
2017-18 |
42.7 |
2.5 |
35.4 |
9.8 |
156.7 |
0.2*** |
|
2016-17
|
35.0 |
2.3 |
25.5 |
11.8 |
146.9 |
0.1** |
All figures are in £ billion and are subject to rounding. Q3 2021-22 figures are provisional, unaudited and subject to change due to transaction processing (evidence of identity) adjustments, cancellation and any accounting adjustments.
*C&AIP is capitalised and accrued interest and prizes earned. All figures are in £ billion and subject to rounding.
**Excluding 65+ Bonds.
***Excluding 65+ Bonds and Investment Guaranteed Growth Bonds.
****Excluding Investment Guaranteed Growth Bonds.
NS&I reports quarterly on gross inflows and outflows, Net Financing and total stock. Each quarter, NS&I issues these unaudited figures and publishes its Annual Report and audited accounts each financial year.
–Ends–
Notes to Editors
- NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to 25 million customers. All products offer 100% capital security, because NS&I is backed by HM Treasury.
- Net Financing – the measure of the net change of NS&I funds, meaning total inflows from deposits, retention of maturing monies and capitalised and accrued interest, less the total outflows from withdrawals and interest or Premium Bonds prize draw payments. A positive Net Financing figure represents a positive contribution to government financing.
- Value Indicator – an indication of NS&I’s cost-effectiveness in raising finance for the Government. In general, it compares the total cost of delivering Net Financing and servicing existing customers’ deposits with how much it would cost the Government to raise funds through the wholesale market via equivalent gilts. Some adjustments and assumptions are made to the calculation, including in identifying and applying an equivalent gilt, in response to specific NS&I product features. Index-linked Savings Certificates are included in the calculation of the Value Indicator and use the same approach as for other products, with one exception to the formula. As the real yield gilt comparators for RPI linked products are currently negative, NS&I applies a floor to the comparative yield set at zero, which means the calculation does not fully reflect the Value Indicator profile of this product. The Value Indicator methodology is agreed with HM Treasury and is reviewed and revised periodically, with its agreement, to support a long-term approach to product strategy. The Value Indicator target was suspended in 2020-21 in response to exceptional market conditions.
- NS&I’s 2020-21 Annual Report and Accounts was published on 24 June 2021 and can be downloaded here.
- For further information, please contact the NS&I media team.