By
3 January 2013
The annual growth rate of the broad monetary aggregate M3 stood at 3.8% in November 2012, compared with 3.9% in October 2012.1 The three-month average of the annual growth rates of M3 in the period from September 2012 to November 2012 increased to 3.4%, from 3.1% in the period from August 2012 to October 2012.
Twelve-month percentage changes; (adjusted for seasonal and end-of-month calendar effects) | SEPTEMBER 2012 | OCTOBER 2012 | NOVEMBER 2012 | SEPTEMBER 2012 - NOVEMBER 2012 (AVERAGE) |
M3 | 2.6 | 3.9 | 3.8 | 3.4 |
M1 | 5.0 | 6.5 | 6.7 | 6.0 |
Loans to the private sector | -0.9 | -0.8 | -0.8 | -0.8 |
Loans to the private sector, adjusted for sales and securitisation | -0.4 | -0.5 | -0.5 | -0.4 |
M3 components
Regarding the main components of M3, the annual growth rate of M1 increased to 6.7% in November 2012, from 6.5% in October. The annual growth rate of short-term deposits other than overnight deposits (M2- M1) stood at 1.8% in November, compared with 1.7% in the previous month. The annual growth rate of marketable instruments (M3-M2) was more negative at -3.6% in November, from -0.4% in October. Among the deposits included in M3, the annual growth rate of deposits placed by households increased to 3.8% in November, from 3.3% in the previous month, while the annual growth rate of deposits placed by non- financial corporations increased to 4.2% in November, from 2.8% in the previous month. Finally, the annual growth rate of deposits placed by non-monetary financial intermediaries (excluding insurance corporations and pension funds) decreased to 1.5% in November, from 3.9% in the previous month.
Counterparts to M3: credit and loans
Turning to the main counterparts of M3 on the asset side of the consolidated balance sheet of Monetary Financial Institutions (MFIs), the annual growth rate of total credit granted to euro area residents decreased to 0.2% in November 2012, from 0.5% in the previous month. The annual growth rate of credit extended to general government decreased to 7.9% in November, from 8.8% in October, while the annual growth rate of credit extended to the private sector was more negative at -1.6% in November, from -1.4% in the
1 The annual growth rates presented in this press release refer to aggregates adjusted for seasonal and end-of-month calendar effects.
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previous month. Among the components of credit to the private sector, the annual growth rate of loans stood at -0.8% in November, unchanged from the previous month (adjusted for loan sales and securitisation2, the rate stood at -0.5%, unchanged from the previous month). The annual growth rate of loans to households stood at 0.4% in November, unchanged from the previous month (adjusted for loan sales and securitisation, the rate stood at 0.7%, compared with 0.8% in the previous month). The annual growth rate of lending for house purchase, the most important component of household loans, stood at
1.2% in November, unchanged from the previous month. The annual growth rate of loans to non-financial corporations stood at -1.8% in November, unchanged from the previous month (adjusted for loan sales and securitisation, the rate stood at -1.4% in November, compared with -1.5% in the previous month). Finally, the annual growth rate of loans to non-monetary financial intermediaries (excluding insurance corporations and pension funds) was less negative at -1.8% in November, from -2.2% in the previous month.
Other counterparts
Over the 12 months up to November 2012, the net external asset position of the euro area MFI sector increased by €80 billion, compared with a decrease of €6 billion over the 12 months up to October. The annual growth rate of longer-term financial liabilities of the MFI sector stood at -2.0% in November, unchanged from the previous month.
Notes
