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 decreased to 9.2% in November 2007, from 9.4% in October. The annual rate of decline of credit extended to general government increased to 4.2% in November, from 4.0% in October, while the annual growth of credit extended to the private sector declined to 12.2% in November, from 12.4% in October. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 11.0% in November, from 11.2% in the previous month. The annual growth rate of loans to non-financial corporations stood at 14.0% in November, compared with 13.9% in October.2 The annual growth rate of loans to households decreased to 6.5% in November, from 6.8% in the previous month. The annual rate of growth of lending for house purchase declined to 7.6% in November, from 7.9% in October. The annual rate of growth of consumer credit decreased to 5.0% in November, from 5.5% in October, while the annual growth rate of other lending to households stood at 3.1% in November, compared with 3.2% in the previous month. Finally, the annual rate of growth of loans to non-monetary financial intermediaries (except insurance corporations and pension funds) increased to 23.1% in November, from 22.9% in the previous month.
Over the 12 months up to November 2007, the net external asset position of the euro area MFI sector rose by EUR 151 billion, compared with a rise of EUR 189 billion over the 12 months up to October. The annual rate of growth of longer-term financial liabilities of the MFI sector decreased to 8.6% in November, from 9.1% in October.
