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 9.2% in August 2008, after 9.1% in July. The annual rate of growth of credit extended to general government was 1.5% in August, following an annual rate of decline of 0.1% in July, while the annual rate of growth of credit extended to the private sector declined to 10.8% in August, from 11.0% in July. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 8.8% in August, from 9.4% in the previous month. The annual growth rate of loans to non-financial corporations decreased to 12.6% in August, from 13.1% in July. The annual growth rate of loans to households stood at 3.9% in August, compared with 4.0% in the previous month. The annual rate of growth of lending for house purchase declined to 4.1% in August, from 4.3% in July. The annual rate of growth of consumer credit decreased to 3.9% in August, from 4.3% in July, while the annual growth rate of other lending to households stood at 2.6% in August, unchanged from the previous month. Finally, the annual rate of growth of loans to non-monetary financial intermediaries (except insurance corporations and pension funds) decreased to 20.4% in August, from 23.8% in the
previous month.
Over the 12 months up to August 2008, the net external asset position of the euro area MFI sector decreased by EUR 250 billion, compared with a decrease of EUR 301 billion over the 12 months up to July. The annual rate of growth of longer-term financial liabilities of the MFI sector stood at 5.5% in August, after 5.4% in July.
