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 6.0% in January 2009, from 6.2% in December. The annual rate of growth of credit extended to general government increased to 5.2% in January, from 3.1% in December, while the annual growth of credit extended to the private sector decreased to 6.1% in January, from 6.8% in December. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 5.0% in January, from 5.8% in the previous month (adjusted for loan sales and securitisation the annual growth rate of loans to the private sector decreased to 6.7%, from 7.3% in the previous month). The annual growth rate of loans to nonfinancial corporations decreased to 8.8% in January, from 9.5% in December. The annual growth rate of loans to households decreased to 1.2% in January, from 1.6% in the previous month. The annual rate of growth of lending for house purchase decreased to 1.0% in January, from 1.5% in December. The annual rate of growth of consumer credit decreased to 1.3% in January, from 1.7% in December while the annual growth rate of other lending to households decreased to 2.0% in January, from 2.3% 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 7.7% in January, from 10.7% in the previous month. Over the 12 months up to January 2009, the net external asset position of the euro area MFI sector declined by EUR 235 billion, compared with a decline of EUR 119 billion over the 12 months up to December. The annual rate of growth of longer-term financial liabilities of the MFI sector increased to 3.0% in January, from 2.1% in December.
