BIS Review 18/2008  9  Hence, while gross financial savings of the household sector have continued their upward trajectory in the recent few years, households’ financial liabilities have also been increasing rapidly, albeit from a low base.
Illustratively, gross financial savings grew from 13.8 per cent of GDP in 2004-05 to 18.3 per cent in 2006-07, while their financial liabilities rose from 3.8 per cent of GDP during 2004-05 to 6.8 per cent during 2006-07. The ongoing financial deepening is facilitating larger access of bank credit for the households.