NS&I provisional Q3 2015-16 results and 2016-17 net financing target

  • Q3 2015-16 Net Financing of £2.3 billion
  • 2015-16 Net Financing full year forecast: £11.5 billion against a target of £10 billion (within a range of £8 billion to £12 billion).

NS&I today published its un-audited quarterly results for the third quarter (October to December 2015) of the financial year 2015-16. NS&I delivered £2.3 billion of Net Financing in Q3 2015-16, giving a year-to-date total of £10.1 billion.

Today’s Budget confirms that the NS&I Net Financing forecast for 2015-16 is £11.5 billion which is within the target range of £8 billion to £12 billion. NS&I delivered £35 million of value to the taxpayer in Q3 2015-16, as measured by the Value Indicator, delivering a year-to-date total of £124 million. NS&I forecast a Value Indicator return of £141.8 million in 2015-16. This is in line with the target set at the Budget in March 2015 to deliver positive value for the taxpayer with a lower limit of -£100 million (excluding 65+ Bonds). The 2016 Budget has confirmed that NS&I’s Net Financing target for 2016-17 is £6 billion, within a range of £4 billion to £8 billion.

Quarterly figures

Qtr / year Gross inflows C&AIP* Gross outflows Net Financing Total stock Value Indicator
Q3 2015-16 (un-audited) 6.2 0.5 4.4 2.3 134.0 0.03
Q2 2015-16(un-audited) 6.3 0.5 4.4 2.4 131.7 0.07
Q1 2015-16(un-audited) 9.1 0.6 4.3 5.4 129.3 0.02
2014-15 32.3 1.6 15.7 18.2 123.9 0.3
2013-14 16.4 2.0 14.9 3.5 105.7 0.3
2012-13 11.7 2.3 14.7 -0.7 102.2 -0.2
2011-12 18.3 2.4 16.7 4.0 102.9 0.4
2010-11 15.3 2.6 17.8 0.1 98.9 0.8

*C&AIP is capitalised and accrued interest and prizes earned.

All figures are in £ billion (rounded). 2015-16 figures are unaudited and subject to change due to late transaction processing (evidence of identity), cancellation and any accounting adjustments.

NS&I reports quarterly on gross inflows and outflows, Net Financing and total stock. Each quarter, NS&I release these unaudited figures and publishes the Annual Report and audited accounts each financial year.

Notes to Editors

  1. NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments to more than 25 million customers. All products offer 100% capital security, because NS&I is backed by HM Treasury.
  2. 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.
  3. Value Indicator – an indication of NS&I’s cost-effectiveness in raising finance for the Government. 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 maturity gilts.
  4. 65+ Bonds were a specific Budget measure distinct from NS&I’s normal activity – the cost of raising finance through this product over gilts is therefore not reflected in the Value Indicator calculation.
  5. For further information, please contact the NS&I media team.