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 was 2.9% in October 2009, after 3.0% in September. The annual rate of growth of credit extended to general government increased to 15.2% in October, from 13.5% in September, while the annual growth of credit extended to the private sector decreased to 0.5% in October, from 1.0% in September. Among the components of the latter, the annual rate of change of loans to the private sector decreased to -0.8% in October, from -0.3% in the previous month (adjusted for loan sales and securitisation the annual growth rate of loans to the private sector decreased to 0.3%, from 0.9% in the previous month). The annual rate of change of loans to non-financial corporations decreased to -1.2% in October, from -0.2% in September. The annual rate of change of loans to households stood at -0.1% in October, after -0.3% in the previous month. The annual rate of change of lending for house purchase increased to -0.2% in October, from -0.6% in September. The annual rate of change of consumer credit was -1.3% in October, after -1.2% in September, while the annual growth rate of other lending to households stood at 1.6% in October, after 1.5% 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 -1.4% in October, from -0.3% in the previous month.
Over the 12 months up to October 2009, the net external asset position of the euro area MFI sector increased by EUR 98 billion, compared with an increase of EUR 155 billion over the 12 months up to September. The annual rate of growth of longer-term financial liabilities of the MFI sector increased to 6.5% in October, from 5.6% in September.
