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 5.2% in March 2009, from 5.9% in February. The annual rate of growth of credit extended to general government increased to 7.7% in March, from 6.7% in February, while the annual growth of credit extended to the private sector decreased to 4.7% in March, from 5.7% in February. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 3.2% in March, from 4.3% in the previous month (adjusted for loan sales and securitisation2 the annual growth rate of loans to the private sector decreased to 5.0%, from 6.1% in the previous month). The annual growth rate of loans to nonfinancial corporations decreased to 6.3% in March, from 7.7% in February. The annual growth rate of loans to households decreased to 0.4% in March, from 0.7% in the previous month. The annual rate of growth of lending for house purchase declined to 0.1% in March, from 0.4% in February. The annual rate of growth of consumer credit decreased to 0.9% in March, from 1.1% in February, while the annual growth rate of other lending to households stood at 1.3% in March, after 1.4% 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 3.6% in March, from 7.8% in the previous month.
Over the 12 months up to March 2009, the net external asset position of the euro area MFI sector declined by EUR 171 billion, compared with a decline of EUR 188 billion over the 12 months up to February. The annual rate of growth of longer-term financial liabilities of the MFI sector decreased to 4.3% in March, from 4.5% in February.
