As to the first part of the Question, figures for the third calendar quarter of this year are not yet available. On a seasonally-adjusted basis, in the three months to mid-October M3 rose by 6½ per cent., or an annual rate of 28·5 per cent., whereas Ml fell by 2¼ per cent. The figures for M3 are inflated by special factors, such as the changeover to VAT and the arbitraging activities of some of the banks' large customers, while the Ml figures have probably been reduced by switching from current accounts to interest-bearing deposits at the banks. As to the second part, the objective is to secure rates of growth of money and credit compatible with the sustainable growth in the economy and our counter-inflation policies.