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 9.1% in July 2008, unchanged from the previous month. The annual rate of growth of credit extended to general government increased to -0.1% in July, from -0.9% in June, while the annual growth of credit extended to the private sector was 11.1% in July, after 11.2% in June. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 9.4% in July, from 9.9% in the previous month. The annual growth rate of loans to non-financial corporations decreased to 13.2% in July, from 13.6% in June. The annual growth rate of loans to households stood at 4.1% in July, compared with 4.2% in the previous month. The annual rate of growth of lending for house purchase was 4.3% in July, after 4.4% in June. The annual rate of growth of consumer credit decreased to 4.4% in July, from 4.9% in June, while the annual growth rate of other lending to households decreased to 2.7% in July, from 2.9% 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 23.6% in July, from 25.5% in the previous month.
Over the 12 months up to July 2008, the net external asset position of the euro area MFI sector decreased by EUR 304 billion, compared with a decline of EUR 288 billion over the 12 months up to June. The annual rate of growth of longer-term financial liabilities of the MFI sector decreased to 5.2% in July, from 5.7% in June.
