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Home News Europe Monetary Developments in the Euro Area: January 2011


Monetary Developments in the Euro Area: January 2011
added: 2011-03-01

The annual growth rate of M3 decreased to 1.5% in January 2011, from 1.7% in December 2010. The three-month average of the annual growth rates of M3 over the period November 2010 - January 2011 stood at 1.7%, compared with 1.6% in the period October 2010 - December 2010.

Regarding the main components of M3, the annual rate of growth of M1 decreased to 3.2% in January 2011, from 4.4% in December. The annual rate of change of short-term deposits other than overnight deposits increased to 1.1% in January, from -0.5% in the previous month. The annual rate of change of marketable instruments decreased to -4.2% in January, from -2.0% in December.

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 increased to 3.8% in January 2011, from 3.4% in the previous month. The annual rate of growth of credit extended to general government stood at 11.6% in January, unchanged from the previous month, while the annual growth of credit extended to the private sector increased to 2.0% in January, from 1.6% in the previous month.

Among the components of the latter, the annual growth rate of loans to the private sector increased to 2.4% in January, from 1.9% in the previous month (adjusted for loan sales and securitisation the annual growth rate of loans to the private sector increased to 2.7%, from 2.3% in the previous month). The annual rate of change of loans to non-financial corporations increased to 0.4% in January, from -0.2% in December. The annual growth rate of loans to households increased to 3.1% in January, from 2.9% in the previous month. The annual rate of growth of lending for house purchase increased to 3.9% in January, from 3.7% in the previous month. The annual rate of change of consumer credit increased to -0.8% in January, from -1.0% in December, while the annual growth rate of other lending to households increased to 2.8% in January, from 2.6% 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 7.0% in January, from 5.1% in the previous month.

Over the 12 months up to January 2011, the net external asset position of the euro area MFI sector decreased by EUR 88 billion, compared with a decrease of EUR 83 billion over the 12 months up to December. The annual rate of growth of longer-term financial liabilities of the MFI sector decreased to 3.6% in January, from 3.8% in December.


Source: ECB

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