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 declined to 8.5% in September 2008, from 9.3% in August. The annual rate of growth of credit extended to general government decreased to 0.8% in September, from 1.6% in August, while the annual rate of growth of credit extended to the private sector declined to 10.1% in September, from 10.8% in August. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 8.5% in September, from 8.8% in the previous month. The annual growth rate of loans to non-financial corporations decreased to 12.1% in September, after 12.6% in August. The annual growth rate of loans to households stood at 3.8% in September, after 3.9% in the previous month. The annual rate of growth of lending for house purchase was 4.0% in September, after 4.1% in August. The annual rate of growth of consumer credit increased to 4.3% in September, from 4.0% in August, while the annual growth rate of other lending to households stood at 2.5% in September, unchanged from the previous month. Finally, the annual rate of growth of loans to nonmonetary financial intermediaries (except insurance corporations and pension funds) decreased to 18.9% in September, from 20.7% in the previous month.
Over the 12 months up to September 2008, the net external asset position of the euro area MFI sector declined by EUR 190 billion, compared with a decline of EUR 253 billion over the 12 months up to August. The annual rate of growth of longer-term financial liabilities of the MFI sector stood at 5.2% in September, unchanged from the previous month.
