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 9.7% in March 2008, compared with 9.8% in February. The annual rate of decline of credit extended to general government decreased to 1.6% in March, from 2.5% in February, while the annual growth of credit extended to the private sector decreased to 12.1% in March, from 12.5% in February. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 10.8% in March, from 11.0% in the previous month. The annual growth rate of loans to non-financial corporations increased to 15.0% in March, from 14.8% in February. The annual growth rate of loans to households decreased to 5.4% in
March, from 5.8% in the previous month. The annual rate of growth of lending for house purchase declined to 6.1% in March, from 6.6% in February. The annual rate of growth of consumer credit stood at 5.3% in March, after 5.4% in February, while the annual growth rate of other lending to households decreased to 1.9% in March, from 2.7% in the previous month. Finally, the annual rate of growth of loans to non-monetary financial intermediaries (except insurance corporations and pension funds) stood at 22.7% in March, after 22.8% in the previous month.
Over the 12 months up to March 2008, the net external asset position of the euro area MFI sector decreased by EUR 155 billion, compared with a decline of EUR 38 billion over the 12 months up to February. The annual rate of growth of longer-term financial liabilities of the MFI sector decreased to 6.6% in March, from 8.0% in February.
