SELECTED FINANCIAL INSTRUMENTS

		Outstanding at end	Transactions during	Other changes during	Outstanding at end
		Jun Qtr 2014	Sep Qtr 2014	Sep Qtr 2014	Sep Qtr 2014
		$b	$b	$b	$b
Currency and deposits
	Currency	64.6	1.3	-	65.9
	Transferable deposits	635.2	18.6	2.0	655.7
	Other deposits	1 333.4	3.3	14.3	1 351.0
Short term debt securities
	Bills of exchange	95.2	-4.3	-	90.9
	One name paper	398.0	-8.4	1.5	391.1
Long term debt securities
	Bonds, etc.	1 956.3	69.6	8.5	2 034.5
Derivatives
	Derivatives	350.4	-3.7	120.4	467.1
Loans and placements
	Short term	284.4	-0.5	2.6	286.6
	Long term	3 002.2	35.9	21.1	3 059.3
Shares and other equity
	Listed	1 558.4	7.9	-30.8	1 535.5
	Unlisted	2 514.5	26.3	32.1	2 572.9
Insurance technical reserves
	Reserves of pension funds and life offices	1 799.0	13.4	2.6	1 815.0
	General insurance prepayments and reserves	100.7	1.5	-	102.2
- nil or rounded to zero (including null cells)

The September quarter 2014 issuance of bonds of $69.6b was the highest on record since June quarter 2009, the majority of this issuance ($63.5b) was issued in Australia. In contrast, the loan market transactions fell from its June quarter 2014 high of $92.2b to $35.4b in the September quarter 2014. The main contributors to the issuance of bonds were securitisers ($27.9b), national general government ($18.6b) and banks ($12.2b). The securitiser issuance was mainly made up of banks internal securitised bonds. Households and other private non-financial corporations borrowing via the loan market drove the September quarter figures, however not at the same record levels seen in the June quarter 2014. Households borrowed $37.8b in the June quarter 2014 and $16.8b in September 2014. Other private non-financial corporations borrowed $23.3b in the June quarter, and $11.3b in the September quarter. For Bills of exchange, the September quarter 2014 net redemption of $4.3b marked 22 quarters of net redemptions since June quarter 2009.

The listed share market declined by $22.9b, with net transaction of $7.9b and valuation declines of -$30.8b. Valuation declines were also recorded in June quarter 2014 (-$2.2b), with the previous decline being recorded in June quarter 2013, at -$61.2b. The major contributor of the valuation declines in September quarter 2014, were recorded in banks shares and other private non-financial corporations shares, recording -$24.2b and -$10.5b respectively. The September quarter 2014 transactions in the unlisted share market of $30.3b was driven by issuance by other private non-financial corporation of $21.9b, of which the rest of world held $8.7b, pension funds held $5.7b and private non-financial investment funds held $4.2b.