3 January 2014

PRESS RELEASE MONETARY DEVELOPMENTS IN THE EURO AREA: NOVEMBER 2013

The annual growth rate of the broad monetary aggregate M3 stood at 1.5% in November 2013, compared with 1.4% in October 2013.1 The three-month average of the annual growth rates of M3 in the period from September 2013 to November 2013 decreased to 1.7%, from 1.9% in the period from August 2013 to October 2013.

Twelve-month percentage changes; (adjusted for seasonal

and end-of-month calendar effects)

SEPTEMBER

2013

OCTOBER

2013

NOVEMBER

2013

SEPTEMBER 2013 - NOVEMBER 2013

(AVERAGE)

M3

2.0

1.4

1.5

1.7

M1

6.7

6.6

6.5

6.6

Loans to the private sector

-2.1

-2.2

-2.3

-2.2

Loans to the private sector, adjusted for sales and securitisation

-1.5

-1.7

-1.8

-1.7

M3 components

Regarding the main components of M3, the annual growth rate of M1 stood at 6.5% in November 2013, compared with 6.6% in October. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was more negative at -1.5% in November, from -1.2% in the previous month. The annual growth rate of marketable instruments (M3-M2) was less negative at -16.2% in November, from -17.9% in October. Among the deposits included in M3, the annual growth rate of deposits placed by households decreased to 2.7% in November, from 3.2% in the previous month, while the annual growth rate of deposits placed by non-financial corporations increased to 6.6% in November, from 5.9% in the previous month. Finally, the annual growth rate of deposits placed by non-monetary financial intermediaries (excluding insurance corporations and pension funds) was more negative at -1.1% in November, from
-0.3% in the previous month.

1 The annual growth rates presented in this press release refer to aggregates adjusted for seasonal and end-of-month calendar effects.

- 2 -

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 was more negative at -1.4% in November 2013, from -1.0% in the previous month. The annual growth rate of credit extended to general government decreased to -0.6% in November, from 0.8% 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 previous month. Among the components of credit to the private sector, the annual growth rate of loans stood at -2.3% in November, compared with -2.2% in the previous month (adjusted for loan sales and securitisation2, the rate stood at -1.8%, compared with -1.7% in the previous month). The annual growth rate of loans to households stood at 0.1% in November, compared with 0.2% in October (adjusted for loan sales and securitisation, the rate stood at 0.3%, unchanged from the previous month). The annual growth rate of lending for house purchase, the most important component of household loans, stood at 0.9% in November, unchanged from the previous month. The annual growth rate of loans to non-financial corporations stood at -3.9% in November, compared with -3.8% in the previous month (adjusted for loan sales and securitisation, the rate stood at -3.1% in November, compared with -3.0% in the previous month). Finally, the annual growth rate of loans to non-monetary financial intermediaries (excluding insurance corporations and pension funds) was more negative at -9.1% in November, from -8.0% in the previous month.

Other counterparts

Over the 12 months up to November 2013, the net external asset position of the euro area MFI sector increased by €316 billion, compared with an increase of €330 billion over the 12 months up to October. The annual growth rate of longer-term financial liabilities of the MFI sector stood at -0.9% in November, compared with -0.8% in October.

Notes

• Further predefined tables, statistical data and methodological notes, as well as the advance release calendar, are available on the ECB's website at http://www.ecb.europa.eu/stats/money/aggregates/aggr/html/index.en.htm l .

• A set of tables showing euro area monetary developments and MFI balance sheets for the euro area and euro

area countries, together with a user-friendly facility for downloading data, is available in the ECB's Statistical

Data Warehouse at http://sdw.ecb.europa.eu/reports.do?node=1000003503 .

• Data refer to the changing composition of the euro area, i.e. they cover the EU Member States that had adopted the euro at the time to which the statistics relate.

2 Adjusted for the derecognition of loans from the MFIs' statistical balance sheets due to their sale or securitisation.

- 3-

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1 Monetary developments in the euro area: NOVEMBER 2013

(EUR billions and annual percentage changes; data adjusted for seasonal effects a) )

END-OF- MONTH LEVEL

MONTHLY FLOW b)

ANNUAL GROWTH RATE

NOVEMBER

2013

SEPTEMBER

2013

OCTOBER

2013

NOVEMBER

2013

SEPTEMBER

2013

OCTOBER

2013

NOVEMBER

2013

COMPONENTS OF M3 c)

(1) M3 (= items 1.3, 1.6 and 1.11) (1.1) Currency in circulation

(1.2) Overnight deposits

(1.3) M1 (items 1.1 and 1.2)

(1.4) Deposits with an agreed maturity of up to two years (1.5) Deposits redeemable at notice of up to three months (1.6) Other short term deposits (items 1.4 and 1.5)

(1.7) M2 (items 1.3 and 1.6)

(1.8) Repurchase agreements

(1.9) Money market fund shares/units

(1.10) Debt securities issued with a maturity of up to two years

(1.11) Marketable instruments (items 1.8, 1.9 and 1.10)

9901

903

4523

5425

1684

2132

3816

9242

119

418

123

659

-12 21 19

3 4 5

7 49 22

10 54 27

-7 -27 -9

5 -4 4

-2 -31 -5

7 23 22

-13 8 1

-13 1 -5

6 -11 1

-19 -2 -3

2.0 1.4 1.5

3.1 3.7 4.5

7.4 7.1 6.9

6.7 6.6 6.5

-4.9 -6.6 -6.8

4.5 3.5 3.1

0.1 -1.2 -1.5

3.8 3.2 3.1

-17.9 -10.0 -9.6

-11.9 -12.5 -12.6

-30.9 -36.0 -30.2

-17.6 -17.9 -16.2

COUNTERPARTS OF M3

MFI liabilities:

(2) Holdings against central government d)

(3) Longer-term financial liabilities vis-a-vis other euro area residents (= items 3.1 to 3.4)

(3.1) Deposits with an agreed maturity of over two years (3.2) Deposits redeemable at notice of over three months (3.3) Debt securities issued with a maturity of over two years (3.4) Capital and reserves

MFI assets:

(4) Credit to euro area residents (= items 4.1 and 4.2) (4.1) Credit to general government

Loans

Securities other than shares

(4.2) Credit to other euro area residents

Loans e)

loans adjusted for sales and securitisation f)

Securities other than shares

Shares and other equities

(5) Net external assets

(6) Other counterparts of M3 (residual)

(= M3 + items 2, 3 - items 4, 5)

of which:

(6.1) Repos with central counterparties (liabilities)(+) g)

(6.2) Reverse repos to central counterparties (assets)(-) g)

252

7358

2394

92

2514

2358

16196

3429

1096

2333

12767

10577

ND

1393

796

1142

173

184

133

-5 -25 -4

-4 25 -20

-1 9 -8

-2 -1 -1

-3 19 -3

2 -2 -9

-30 -23 -98

-18 13 -39

-4 3 -15

-14 10 -24

-12 -36 -59

-13 -14 -27

-16 -14 -24

-2 -20 -23

3 -2 -9

28 45 47

-19 0 46

5 -13 2

6 -8 14

-7.3 -9.5 -15.7

-1.3 -0.8 -0.9

-1.5 -0.9 -0.7

-14.9 -14.8 -14.4

-6.5 -5.4 -5.5

5.5 5.1 4.8

-0.8 -1.0 -1.4

0.7 0.8 -0.6

-6.4 -6.5 -7.3

4.4 4.6 2.9

-1.2 -1.4 -1.6

-2.1 -2.2 -2.3

-1.5 -1.7 -1.8

2.4 1.1 1.9

4.5 4.3 2.7

ND ND ND ND ND ND

2.7 1.1 -0.9

12.4 4.0 20.8

a) Figures may not add up due to rounding. The information in this table is based on consolidated balance sheet statistics reported by monetary financial institutions (MFIs). These include the Eurosystem, credit institutions and money market funds located in the euro area.

b) Monthly difference in levels adjusted for reclassifications, exchange rate variations, other revaluations and any other changes which do not arise from transactions. c) Liabilities of MFIs and specific units of central government (post offices, treasury) vis-à-vis non-MFI euro area residents excluding central government.

d) Includes holdings of the central government of deposits with the MFI sector and of securities issued by the MFI sector. e) For further breakdowns see Table 4.

f) Adjusted for the derecognition of loans from the MFI statistical balance sheet due to their sale or securitisation. g) The series is not adjusted for seasonal effects.


ECB Monetary developments in the euro area

January 2014

2 Breakdown of deposits in M3 by holding sector and type: NOVEMBER 2013

(EUR billions and annual percentage changes; data adjusted for seasonal effects a) )

END-OF- MONTH LEVEL

MONTHLY FLOW b)

ANNUAL GROWTH RATE

NOVEMBER

2013

SEPTEMBER

2013

OCTOBER

2013

NOVEMBER

2013

SEPTEMBER

2013

OCTOBER

2013

NOVEMBER

2013

BREAKDOWN OF DEPOSITS IN M3

Total deposits (= items 1, 2, 3, 4 and 5) (1) Deposits placed by households c) (1.1) Overnight deposits

(1.2) Deposits with an agreed maturity of up to two years (1.3) Deposits redeemable at notice of up to three months (1.4) Repurchase agreements

(2) Deposits placed by non-financial corporations

(2.1) Overnight deposits

(2.2) Deposits with an agreed maturity of up to two years (2.3) Deposits redeemable at notice of up to three months (2.4) Repurchase agreements

(3) Deposits placed by non-monetary financial intermediaries excluding insurance corporations and pension funds d)

(3.1) Overnight deposits

(3.2) Deposits with an agreed maturity of up to two years (3.3) Deposits redeemable at notice of up to three months (3.4) Repurchase agreements d)

(4) Deposits placed by insurance corporations and pension funds

(5) Deposits placed by other general government

8458

5427

2543

888

1989

6

1711

1204

400

96

11

799

477

213

24

84

202

319

-8 26 19

7 8 7

14 27 15

-9 -13 -6

3 -6 -2

0 -1 0

4 19 20

7 16 17

-3 0 4

1 2 0

-1 2 -1

-15 2 -16

-13 14 -14

8 -18 -10

1 0 7

-11 5 2

-5 1 0

2 -4 8

3.5 2.9 2.7

3.5 3.2 2.7

7.6 8.4 8.3

-6.4 -7.9 -8.8

3.8 2.7 2.1

-50.3 -52.1 -52.3

5.6 5.9 6.6

7.7 8.2 8.9

-0.8 -1.5 -0.4

11.0 11.4 10.4

-11.3 4.6 2.1

2.6 -0.3 -1.1

7.6 4.0 0.4

-0.2 -6.7 -5.9

26.9 30.8 74.1

-17.7 -10.3 -8.9

-0.1 0.3 -2.2

-1.3 -6.0 -3.9

a) Figures may not add up due to rounding. The information in this table is based on consolidated balance sheet statistics reported by monetary financial institutions (MFIs). These include the Eurosystem, credit institutions and money market funds located in the euro area.

b) Monthly difference in levels adjusted for reclassifications, exchange rate variations, other revaluations and any other changes which do not arise from transactions. c) Includes deposits by non-profit institutions serving households.

d) Excludes repurchase agreements with central counterparties.


ECB

Monetary developments in the euro area

January 2014

3 Contributions of M3 components to the M3 annual growth rate: NOVEMBER 2013

(contributions in terms of the M3 annual percentage change; data adjusted for seasonal effects a) )

SEPTEMBER 2013

OCTOBER 2013

NOVEMBER 2013

(1) M1

(1.1) of which: Currency

(1.2) of which: Overnight deposits

(2) M2 - M1 (= other short-term deposits)

(3) M3 - M2 (= short term marketable instruments)

3.4

0.3

3.2

0.0

-1.5

3.4

0.3

3.1

-0.5

-1.5

3.4

0.4

3.0

-0.6

-1.3

(4) M3 (= items 1, 2 and 3)

2.0

1.4

1.5


a) Figures may not add up due to rounding.

4 Breakdown of loans as counterpart to M3 by borrowing sector, type and original maturity: NOVEMBER 2013

(EUR billions and annual percentage changes; data adjusted for seasonal effects a) )

END-OF- MONTH LEVEL

MONTHLY FLOW b)

ANNUAL GROWTH RATE

NOVEMBER

2013

SEPTEMBER

2013

OCTOBER

2013

NOVEMBER

2013

SEPTEMBER

2013

OCTOBER

2013

NOVEMBER

2013

BREAKDOWN OF LOANS AS COUNTERPART TO M3 c)

(1) Loans to households d)

loans adjusted for sales and securitisation e)

(1.1) Credit for consumption

(1.2) Lending for house purchase

(1.3) Other lending

of which: sole proprietors f)

(2) Loans to non-financial corporations

loans adjusted for sales and securitisation e)

(2.1) up to 1 year

(2.2) over 1 year and up to 5 years

(2.3) over 5 years

(3) Loans to non-monetary financial intermediaries except insurance corporations and pension funds g)

(4) Loans to insurance corporations and pension funds

5229

ND

572

3856

801

409

4364

ND

1063

759

2542

883

100

6 3 -3

3 4 1

-1 -6 -2

6 8 3

1 1 -3

2 0 -2

-9 -15 -13

-10 -17 -14

0 -9 -8

-7 1 -2

-2 -6 -4

-8 -4 -14

-1 2 3

0.1 0.2 0.1

0.4 0.3 0.3

-2.3 -3.1 -3.4

0.8 0.9 0.9

-1.0 -1.1 -1.5

-1.2 -1.3 -1.4

-3.6 -3.8 -3.9

-2.8 -3.0 -3.1

-3.2 -4.2 -4.7

-5.6 -5.2 -4.9

-3.2 -3.1 -3.2

-7.5 -8.0 -9.1

9.9 8.4 14.0

a) Figures may not add up due to rounding.

b) Monthly difference in levels adjusted for write-offs/write-downs, reclassifications, exchange rate variations and any other changes which do not arise from transactions. c) Loans granted by monetary financial institutions (MFIs) to non-MFI euro area residents excluding general government.

d) Includes loans to non-profit institutions serving households.

e) Adjusted for the derecognition of loans from the MFI statistical balance sheet due to their sale or securitisation. f) The series is not adjusted for seasonal effects.

g) Excludes reverse repos to central counterparties.


ECB Monetary developments in the euro area

January 2014

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