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 4.0% in May 2009, from 4.4% in April. The annual rate of growth of credit extended to general government increased to 8.3% in May, from 8.0% in April, while the annual growth of credit extended to the private sector declined to 3.1% in May, from 3.7% in April. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 1.8% in May, from 2.3% in the previous month (adjusted for loan sales and securitisation2 the annual growth rate of loans to the private sector decreased to 3.4%, from 3.9% in the previous month). The annual growth rate of loans to non-financial corporations declined to 4.4% in May, from 5.3% in April. The annual rate of change of loans to households decreased to -0.2% in May, from 0.0% in the previous month. The annual rate of change of lending for house purchase declined to -0.5% in May, from -0.2% in April. The annual rate of change of consumer credit decreased to -0.6% in May, from -0.4% in April, while the annual growth rate of other lending to households increased to 1.8% in May, from 1.6% in the previous month. Finally, the annual rate of change of loans to non-monetary financial intermediaries (except insurance corporations and pension funds) decreased to -0.1% in May, from 0.6% inthe previous month.
Over the 12 months up to May 2009, the net external asset position of the euro area MFI sector increased by EUR 78 billion, compared with a decline of EUR 26 billion over the 12 months up to April. The annual rate of growth of longer-term financial liabilities of the MFI sector increased to 4.9% in May, from 4.3% in April.
