Freitag, 09. Dezember 2016


  • Pressemitteilung BoxID 139036

Monetary developments in the euro area: November 2009

(lifePR) (Frankfurt am Main, ) The annual rate of change of M3 decreased to -0.2% in November 2009, from 0.3% in October 2009.1 The three-month average of the annual growth rates of M3 over the period September 2009 - November 2009 decreased to 0.6%, from 1.6% in the period August 2009 - October 2009.

Regarding the main components of M3, the annual rate of growth of M1 increased to 12.6% in November 2009, from 11.8% in October. The annual rate of change of short-term deposits other than overnight deposits decreased to -8.6% in November, from -7.2% in the previous month. The annual rate of change of marketable instruments decreased to -12.9% in November, from -11.8% in October.

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 2.5% in November 2009, from 2.9% in the previous month. The annual rate of growth of credit extended to general government decreased to 13.3% in November, from 15.2% in October, while the annual growth of credit extended to the private sector stood at 0.4% in November, compared with 0.5% in the previous month. Among the components of the latter, the annual rate of change of loans to the private sector was -0.7% in November, after-0.8% in the previous month (adjusted for loan sales and securitisation2 the annual growth rate of loans to the private sector decreased to 0.1%, from 0.3% in the previous month). The annual rate of change of loans to nonfinancial corporations decreased to -1.9% in November, from -1.2% in October. The annual growth rate of loans to households increased to 0.5% in November, from -0.1% in the previous month. The annual rate of growth of lending for house purchase increased to 0.3% in November, from -0.2% in the previous month. The annual rate of change of consumer credit increased to -1.0% in November, from -1.3% in October, while the annual growth rate of other lending to households increased to 2.5% in November, from 1.6% in the previous month. Finally, the annual rate of growth of loans to non-monetary financial intermediaries (except insurance corporations and pension funds) increased to 0.3% in November, from -1.4% in the previous month.

Over the 12 months up to November 2009, the net external asset position of the euro area MFI sector increased by EUR 58 billion, compared with an increase of EUR 62 billion over the 12 months up to October.

The annual rate of growth of longer-term financial liabilities of the MFI sector increased to 6.9% in November, from 6.5% in October.

1 These rates of growth refer to aggregates adjusted for seasonal and end-of-month calendar effects.
2 Adjusted for the derecognition of loans from the MFI statistical balance sheet due to their sale or securitisation. The annual growth rate of loans adjusted for sales and securitisation is available at: http://sdw.ecb.int/browse.do?node=SEARCHRESULTS&q=BSI.M.U2.Y.U.A26.A.I.U2.2200.Z01.A&sk=117.BSI.M.U2.Y.U.A26.A.I.U2.2200.Z01.A

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