NS&I provisional Q2 2011-2012 results
- Gross inflows (unaudited) for the quarter were just over £4.3 billion, bringing the half-year total to £10.9 billion.
- Net Financing for the quarter was £724 million, bringing the half-year total to £4.6 billion.
NS&I’s 2011-12 Net Financing target for 2011-12 is to deliver £2 billion in a range of £0 to £4 billion – NS&I expects to end the year within this range.
The HM Treasury Autumn Statement, published 29 November, gave the latest forecast for NS&I’s Net Financing position at the end of the financial year as £3 billion (within the Net Financing range of £0 to £4 billion).
NS&I delivered £129 million of savings to the taxpayer in Q2 2011-12 – measured by the Value Indicator. NS&I continues to focus on balancing the interests of its savers, taxpayers, and the stability of the wider financial services market.
NS&I has maintained its high customer satisfaction scores across the first two quarters of 2011-12: 89%* of customers gave NS&I a positive rating in response to the question 'Taking everything into account, how would you rate NS&I’s customer service?' against a target of at least 87%; customer timeliness was 97.3% against a target of at least 97%; and customer service accuracy was 99.4% against a target of at least 98.5%
| Year / quarter | Gross inflows | C&AIP** | Gross outflows | Net Financing | Total stock | Value Indicator (VI) / Value Add (VA) |
|---|---|---|---|---|---|---|
| Q2 2011-2012 | 4.3 | 0.4 | 4.0 | 0.7 | 103.5 | 0.1 (VI) |
| Q1 2011-2012 | 6.6 | 0.9 | 3.6 | 3.9 | 102.8 | 0.2 (VI) |
| 2010-2011 | 15.3 | 2.7 | 17.9 | 0.1 | 98.9 | 0.8 (VI) |
| 2009-2010 | 18.1 | 1.9 | 18.4 | 1.6 | 98.8 | 1.4 (VI) |
| 2008-2009 | 26.0 | 2.5 | 16.1 | 12.4 | 97.2 | 0.2 (VA) (to end of Q3 when the Value Add target was suspended) |
| 2007-2008 | 15.5 | 3.3 | 13.0 | 5.9 | 84.8 | 0.4 (VA) |
All figures are in £ billion (rounded to one decimal place). 2011-12 figures only 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 issues these unaudited figures and publishes its Annual Report and audited accounts each financial year.
* Research was conducted between April and September 2011 by Ipsos MORI, an independent research company, amongst 3,567 NS&I customers over the phone. A ‘positive rating’ is defined as a score of 7-10 on a 1 to 10 scale, where 1 means NS&I does not meet your needs at all and 10 means NS&I meets your needs completely.
** Capitalised and accrued interest and prizes earned.
Notes to Editors
- NS&I was formed in 1861 and is now both a government department and an Executive Agency of the Chancellor of the Exchequer. All products offer 100% 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 Bond prize draw payments. A positive Net Financing figure represents a positive contribution to government financing.
- Value Indicator – a measure of NS&I’s cost-effectiveness in raising finance for the Government which 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 and Treasury Bills.