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 9.1% in June, from 9.5% in May. The annual rate of growth of credit extended to general government increased to -0.9% in June, from -1.9% in May, while the annual growth of credit extended to the private sector declined to 11.1% in June, from 11.9% in May. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 9.8% in June, from 10.5% in the previous month. The annual growth rate of loans to non-financial corporations decreased to 13.6% in June, from 14.2% in May.2 The annual growth rate of loans to households decreased to 4.2% in June, from 4.9% in the previous month. The annual rate of growth of lending for house purchase declined to 4.4% in June, from 5.6% in May. This decline mainly reflects large sales of loan portfolios by MFIs to institutions outside the MFI sector. The annual rate of growth of consumer credit decreased to 4.8% in June, from 5.0% in May while the annual growth rate of other lending to households increased to 3.0% in June, from 2.0% 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 25.5% in June, from 26.6% in the previous month.
Over the 12 months up to June, the net external asset position of the euro area MFI sector decreased by EUR 292 billion, compared with a decline of EUR 249 billion over the 12 months up to May. The annual rate of growth of longer-term financial liabilities of the MFI sector decreased to 5.7% in June, from 6.3% in May.
