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 rose to 9.2% in October 2007, from 8.7% in September. The annual rate of decline of credit extended to general government decreased to 4.1% in October, from 4.3% in September, while the annual rate of growth of credit extended to the private sector rose to 12.2% in October, from 11.6% in September. Among the components of the latter, the annual rate of growth of loans to the private sector increased to 11.2% in October, from 11.0% in the previous month. The annual growth rate of loans to non-financial corporations stood at 13.9% in October, unchanged from the previous month. The annual growth rate of loans to households stood at 6.8% in October, unchanged from the previous month. The annual rate of growth of lending for house purchase was 7.9% in October, unchanged from September. The annual rate of growth of consumer credit increased to 5.5% in October, from 5.1% in September while the annual growth rate of other lending to households stood at 3.3% in October, compared with 3.4% 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 22.8% in October, from 20.2% in the previous month.
Over the 12 months up to October 2007, the net external asset position of the euro area MFI sector rose by EUR 200 billion, compared with a rise of EUR 204 billion over the 12 months up to September. The annual rate of growth of longer-term financial liabilities of the MFI sector decreased to 8.4% in October, from 8.9% in September.
