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- Pressemitteilung BoxID 327264
Monetary developments in the euro area in May 2012
(lifePR) (Frankfurt am Main, )
The annual growth rate of the broad monetary aggregate M3 increased to 2.9% in May 2012, from 2.5% in April 2012.1 The three-month average of the annual growth rates of M3 in the period from March 2012 to May 2012 stood at 2.8%, compared with 2.7% in the period from February 2012 to April 2012.
M3 components
Regarding the main components of M3, the annual growth rate of M1 increased to 3.3% in May 2012, from 1.8% in April. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 2.3% in May, from 3.3% in the previous month. The annual growth rate of marketable instruments (M3-M2) increased to 3.4% in May, from 2.5% in April. Among the deposits included in M3, the annual growth rate of deposits placed by households stood at 2.4% in May, compared with 2.5% in the previous month, while the annual growth rate of deposits placed by non-financial corporations was less negative at -0.2% in May, from -0.8% in the previous month. Finally, the annual growth rate of deposits placed by non-monetary financial intermediaries (excluding insurance corporations and pension funds) increased to 0.4% in May, from -0.8% 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 stood at 1.5% in May 2012, compared with 1.4% in the previous month. The annual growth rate of credit extended to general government increased to 9.0% in May, from 7.6% in April, while the annual growth rate of credit extended to the private sector decreased to -0.2% in May, from 0.0% in the previous month. Among the components of credit to the private sector, the annual growth rate of loans decreased to -0.1% in May, from 0.2% in the previous month (adjusted for loan sales and securitisation2, the rate decreased to 0.4%, from 0.8% in the previous month). The annual growth rate of loans to households decreased to 0.3% in May, from 0.5% in April (adjusted for loan sales and securitisation, the rate decreased to 1.3%, from 1.5% in the previous month). The annual growth rate of lending for house purchase, the most important component of household loans, decreased to 0.7% in May, from 1.0% in the previous month. The annual growth rate of loans to non-financial corporations decreased to 0.1% in May, from 0.4% in the previous month (adjusted for loan sales and securitisation, the rate decreased to 0.2% in May, from 0.6% 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 -2.1% in May, from -1.4% in the previous month.
Other counterparts
Over the 12 months up to May 2012, the net external asset position of the euro area MFI sector decreased by €36 billion, compared with a decrease of €39 billion over the 12 months up to April. The annual growth rate of longer-term financial liabilities of the MFI sector decreased to -0.1% in May, from 0.7% in April.
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.html.
M3 components
Regarding the main components of M3, the annual growth rate of M1 increased to 3.3% in May 2012, from 1.8% in April. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 2.3% in May, from 3.3% in the previous month. The annual growth rate of marketable instruments (M3-M2) increased to 3.4% in May, from 2.5% in April. Among the deposits included in M3, the annual growth rate of deposits placed by households stood at 2.4% in May, compared with 2.5% in the previous month, while the annual growth rate of deposits placed by non-financial corporations was less negative at -0.2% in May, from -0.8% in the previous month. Finally, the annual growth rate of deposits placed by non-monetary financial intermediaries (excluding insurance corporations and pension funds) increased to 0.4% in May, from -0.8% 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 stood at 1.5% in May 2012, compared with 1.4% in the previous month. The annual growth rate of credit extended to general government increased to 9.0% in May, from 7.6% in April, while the annual growth rate of credit extended to the private sector decreased to -0.2% in May, from 0.0% in the previous month. Among the components of credit to the private sector, the annual growth rate of loans decreased to -0.1% in May, from 0.2% in the previous month (adjusted for loan sales and securitisation2, the rate decreased to 0.4%, from 0.8% in the previous month). The annual growth rate of loans to households decreased to 0.3% in May, from 0.5% in April (adjusted for loan sales and securitisation, the rate decreased to 1.3%, from 1.5% in the previous month). The annual growth rate of lending for house purchase, the most important component of household loans, decreased to 0.7% in May, from 1.0% in the previous month. The annual growth rate of loans to non-financial corporations decreased to 0.1% in May, from 0.4% in the previous month (adjusted for loan sales and securitisation, the rate decreased to 0.2% in May, from 0.6% 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 -2.1% in May, from -1.4% in the previous month.
Other counterparts
Over the 12 months up to May 2012, the net external asset position of the euro area MFI sector decreased by €36 billion, compared with a decrease of €39 billion over the 12 months up to April. The annual growth rate of longer-term financial liabilities of the MFI sector decreased to -0.1% in May, from 0.7% in April.
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.html.
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