In his letter to Ms Onwurah, CYBG's chief executive David Duffy says: "We appreciate the importance of the Virgin Money base
in Gosforth both to the Newcastle and wider North East economy.
So far QE has not caused a massive increase in the money supply that matters for inflation; the money base has indeed risen sharply, but the broad money supply has not.
Quantitative easing has indeed caused a surge in one narrow money aggregate: the money base, which is the sum of currency plus bank reserves held at the central bank.
(21) As a first approximation, the 'money multiplier' relating the money supply to the money base would be expected to be on the order of 1/R, or about 10 to 1.
In Oct 2013 the money base of Armenia dropped by 0.5% to 719.1 bln AMD by 1 November 2013.
In the structure of the money base the cash funds outside the CBA totaled 408.6 bln AMD (56.8% of the money base), having
The policy instrument is the money base instead of the FFR.
However, many researchers suggest that the McCallum money base targeting rule has undesirable stabilization properties.
Either way, large parts of its voter and money base
will be alienated.
In Feb 2013 money base in Armenia grew by 3.6% to $1.7bln or 680bln AMD.
The National Statistical Service of Armenia reports that non CB cash made up 397.7bln AMD or 58.5% of money base (0.7%
Steve Ogden, manager of Hancocks, in Liverpool, said: "Vesty Business Park has provided a real value for money base
for our Merseyside operation.