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 was 8.7% in September 2007, compared with 8.8% in August. The annual rate of decline of credit extended to general government stood at 4.3% in September, after 4.2% in August, while the annual growth rate of credit extended to the private sector decreased to 11.6% in September, from 11.8% in August. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 11.0% in September, from 11.2% in the previous month. The annual growth rate of loans to non-financial corporations stood at 14.1% in September, after 14.2% in August.2 The annual growth rate of loans to households decreased to 6.7% in September, from 7.0% in the previous month. The annual rate of growth of lending for house purchase declined to 7.8% in September, from 8.1% in August. The annual rate of growth of consumer credit decreased to 5.0% in September, from 5.8% in August, while the annual growth rate of other lending to households stood at 3.4% in September, after 3.3% 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 20.1% in September, from 19.7% in the previous month.
Over the 12 months up to September 2007, the net external asset position of the euro area MFI sector rose by EUR 207 billion, compared with a rise of EUR 245 billion over the 12 months up to August. The annual rate of growth of longer-term financial liabilities of the MFI sector decreased to 8.8% in September, from 9.3% in August.
