aug nov feb may aug nov feb sources : bloomberg, rbs and bank calculations sources : bloomberg, rbs and bank calculations chart 12 : central banks ’ balance sheets as a percentage of gdp ( a ) chart 13 : uk m4 money growth compared to wider measure of money growth ( a ) perc entage c hanges on a y ear earlier m4 wider meas ure of broad money ( a ) m4 - iofcs - 5 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 sources : bank of england, bank of japan, federal reserve, thomson datastream, www. measuringworth. org and bank calculations. ( a ) bank of england balance sheet data : end - february 1914 – 66, end - year 1967 – 2008. uk gdp : annual data ( nominal ). federal reserve balance sheet data : endyear 1914 – 81, end - july 1982 – 95, end - year 1996 – 2008. us gdp : annual data ( nominal ). bank of japan balance sheet data : end - year. japan gdp : annual data ( nominal ). between 1914 – 51 national income is used as a proxy for japan ’ s gdp. the national income data point for 1945 is unavailable and estimated by the average of the 1944 and 1946 data points. source : bank of england. ( a ) wider measure of uk broad money is m4 plus : resident foreign currency deposits ; cross - border sterling and foreign currency deposits by non - banks ; and local government deposits. chart 14 : world money growth ( a ) chart 15 : lending to uk pnfcs by domestic and foreign lenders ( a ) ( b ) percentage changes on a year earlier broad money ( a ) foreign resident foreign - ow ned banks ( b ) uk resident foreign - ow ned banks uk - ow ned banks and building societies total £bn wider measure of broad money ( b ) - 10 - 20 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 sources : bank of england, bank of japan, board of governors of the federal reserve and ecb. ( a ) global broad money comprises : uk ( m4 ), us ( m2 ), euro area ( m3 ) and japan ( m2 ). ( b ) wider measure of global broad money also includes ( if not already in the standard measure ) : resident foreign currency deposits ; cross - border local and foreign currency deposits by non - banks ; and local government deposits. - 30 sources : bank of england and dealogic. ( a

of business in 2012, while more than a third wanted to reduce cre lending. in addition, underwriting terms and conditions were expected to further tighten in 2012. however, for 2013 lenders expect some relaxation of lending practices back to rather normal levels, which can be interpreted as a positive sign. now, let me draw your attention to an important aspect of cre financing – the cmbs markets. ( slide ) we have seen deteriorated cre prices, selective lending practices, and investors being in talks about workout with their lenders. based on this the future does not look promising from the point of view of financial stability. if we look at maturity dates for cmbs, there are 40 to 50 billion u. s. dollars a year to be refinanced globally until 2020. the u. s. accounts for the majority of these maturing cmbs. however, the remaining countries, among them the u. k., germany and japan are most important, account for the other half of maturing cmbs until 2020. numerous times the question about a funding gap was raised. for europe alone, dtz research looked beyond cmbs and identified a funding gap for all commercial real estate for the years 2012 to 2014 that exceeds 100 billion u. s. dollars. so, who is going to fill the gap? ( slide ) in europe and the u. s. more than half of cre financing is provided by commercial banks. insurers account for more than 10 percent in both regions. in the u. s., abs issuers gained importance over the last 20 years and account for more than 20 percent of the market today, according to the federal reserve. cre financing markets can be described as fragmented, but they are still dominated by the banking sector. the current weakness of the banking sector calls for non - bank financiers such as insurers and pension funds. moreover, the impact of regulatory initiatives such as basel iii and banks ’ need to deleverage will affect cre lending. weak securitisation markets put additional pressure on cre markets. although banks are the most important providers of finance to the cre market, cre loans only account for 10 to 15 percent of the loan book globally. although individual shares may differ greatly, certain trends can be observed. in the u. s., cre loans add up to more than 20 percent of banks ’ loan portfolios while for example in german banks they only account for