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 9.8% in February 2008, from 10.0% in January. The annual rate of decline of credit extended to general government increased to 2.5% in February, from 2.2% in January, while the annual growth of credit extended to the private sector declined to 12.5% in February, from 12.7% in January. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 10.9% in February, from 11.1% in the previous month. The annual growth rate of loans to non-financial corporations increased to 14.8% in February, from 14.5% in January.2 The annual growth rate of loans to households decreased to 5.8% in February, from 6.0% in the previous month. The annual rate of growth of lending for house purchase declined to 6.7% in February, from 6.9% in January. The annual rate of growth of consumer credit was 5.3% in February, unchanged from the previous month, while the annual growth rate of other lending to households stood at 2.6% in February, compared with 2.5% 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 22.7% in February, from 25.9% in the previous month.
Over the 12 months up to February 2008, the net external asset position of the euro area MFI sector declined by EUR 25 billion, compared with a rise of EUR 21 billion over the 12 months up to January. The annual rate of growth of longer-term financial liabilities of the MFI sector decreased to 8.0% in February, from 9.2% in January.
