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 stood at 7.2% in November 2008, after 7.3% in October. The annual rate of growth of credit extended to general government increased to 2.5% in November, from 0.7% in October, while the annual growth of credit extended to the private sector declined to 8.2% in November, from 8.7% in October. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 7.1% in November, from 7.8% in the previous month. This decline partly reflects further large sales of loan portfolios by MFIs to institutions outside the MFI sector. The annual growth rate of loans to non-financial corporations decreased to 11.1% in November, from 11.9% in October. The annual growth rate of loans to households declined to 2.5% in November, from 3.3% in the previous month. The annual rate of growth of lending for house purchase decreased to 2.5% in November, from 3.5% in October. The annual rate of growth of consumer credit decreased to 2.8% in November, from 3.4% in October while the annual growth rate of other lending to households decreased to 1.9% in November, 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) declined to 13.9% in November, from 15.0% in the previous month.
Over the 12 months up to November 2008, the net external asset position of the euro area MFI sector declined by EUR 158 billion, compared with a decline of EUR 146 billion over the 12 months up to October. The annual rate of growth of longer-term financial liabilities of the MFI sector increased to 3.5% in November, from 3.2% in October.
