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 6.5% in December 2008, from 7.2% in November. The annual rate of growth of credit extended to general government increased to 5.4% in December, from 2.5% in November, while the annual growth of credit extended to the private sector declined to 6.8% in December, from 8.2% in November. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 5.8% in December, from 7.1% in the previous month (adjusted for loan sales and securitisation the annual growth rate of loans to the private sector decreased to 7.4%, from 8.4% in the previous month). The annual growth rate of loans to non-financial corporations decreased to 9.4% in December, from 11.1% in November. The annual growth rate of loans to households decreased to 1.8% in December, from 2.5% in the previous month. The annual rate of growth of lending for house purchase decreased to 1.7% in December, from 2.5% in November. The annual rate of growth of consumer credit decreased to 1.5% in December, from 2.9% in November, while the annual growth rate of other lending to households increased to 2.5% in December, from 2.0% in the previous month. Finally, the annual rate of growth of loans to non-monetary financial intermediaries (except insurance corporations and pension funds) decreased to 10.8% in December, from 13.8% in the previous month.
Over the 12 months up to December 2008, the net external asset position of the euro area MFI sector declined by EUR 79 billion, compared with a decline of EUR 168 billion over the 12 months up to November. The annual rate of growth of longer-term financial liabilities of the MFI sector decreased to 2.2% in December, from 3.6% in November.
