Even with good statistical practices, and extensive liaison with users, many statistical collections ultimately become obsolete and need overhauling. Our standard statistical return for the banking system has served us well over the past 15 years but we’re now redeveloping it. That reflects changes in the banking sector over the period and a better understanding of what to monitor in the sector.
The process of choosing the appropriate creditor also changes noticeably during the business cycle. When the risk-free rate and/or bank profits decline, corporations with the requisite conditions resort to the debt market to find finance, rather than going to the financial system.