M0 comprises notes and coin in circulation outside the Bank of England, plus bankers' operational balances with the Bank of England. M4 comprises notes and coin in circulation outside the Bank of England and banking institutions in the U.K., plus non-bank private sector sterling deposits held with U.K. banking institutions. Beginning July 2009, refers to M4 excluding intermediate OFCs (M4ex). Additional detail is available on the Bank of England website (http://www.bankofengland.co.uk/mfsd/iadb/notesiadb/m4adjusted.htm). M4 differs from Money plus Quasi-Money (line 35l) because it excludes private sector foreign currency deposits, and sterling and foreign currency deposits of official entities (local authorities and public enterprises).
Copyright, 2014, International Monetary Fund. Reprinted with permission.