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Monetary Developments In The Euro Area: August 2009
added: 2009-10-12

The annual rate of growth of M3 decreased to 2.5% in August 2009, from 3.0% in July 2009.1 The threemonth average of the annual growth rates of M3 over the period June 2009 - August 2009 decreased to 3.0%, from 3.4% in the period May 2009 - July 2009.

Regarding the main components of M3, the annual rate of growth of M1 increased to 13.6% in August 2009, from 12.1% in July. The annual rate of change of short-term deposits other than overnight deposits decreased to -4.1% in August, from -2.7% in the previous month. The annual rate of change of marketable instruments decreased to -9.9% in August, from -6.8% in July.

Turning to the main counterparts of M3 on the asset side of the consolidated balance sheet of the MFI sector, the annual growth rate of total credit granted to euro area residents declined to 2.8% in August 2009, from 3.3% in July. The annual rate of growth of credit extended to general government increased to 11.5% in August, from 10.9% in July, while the annual growth of credit extended to the private sector declined to 1.1% in August, from 1.8% in July. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 0.1% in August, from 0.7% in the previous month (adjusted for loan sales and securitisation the annual growth rate of loans to the private sector decreased to 1.3%, from 1.9% in the previous month). The annual growth rate of loans to non-financial corporations decreased to 0.7% in August, from 1.6% in July. The annual rate of change of loans to households decreased to -0.2% in August, from 0.0% in the previous month. The annual rate of change of lending for house purchase declined to -0.4% in August, from -0.1% in July. The annual rate of change of consumer credit stood at -0.9% in August, compared with -1.0% in July, while the annual growth rate of other lending to households stood at 1.4% in August, unchanged from the previous month. Finally, the annual rate of change of loans to non-monetary financial intermediaries (except insurance corporations and pension funds) decreased to -1.0% in August, from -0.1% in the previous month.

Over the 12 months up to August 2009, the net external asset position of the euro area MFI sector increased by EUR 165 billion, compared with an increase of EUR 127 billion over the 12 months up to July. The annual rate of growth of longer-term financial liabilities of the MFI sector increased to 5.2% in August, from 4.9% in July.


Source: ECB

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