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Monetary developments in the euro area: September 2013

(PresseBox) (Frankfurt am Main, ) The annual growth rate of the broad monetary aggregate M3 decreased to 2.1% in September 2013, from 2.3% in August 2013.[1] The three-month average of the annual growth rates of M3 in the period from July 2013 to September 2013 stood at 2.2%, compared with 2.3% in the period from June 2013 to August 2013.

M3 components

Regarding the main components of M3, the annual growth rate of M1 decreased to 6.6% in September 2013, from 6.8% in August. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 0.2% in September, from 0.4% in the previous month.

The annual growth rate of marketable instruments (M3-M2) was more negative at -16.6% in September, from -16.3% in August. Among the deposits included in M3, the annual growth rate of deposits placed by households decreased to 3.5% in September, from 3.7% in the previous month, while the annual growth rate of deposits placed by non-financial corporations decreased to 5.3% in September, from 5.7% 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 3.7% in September, from 4.5% 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 was more negative at -0.7% in September 2013, from -0.5% in the previous month. The annual growth rate of credit extended to general government decreased to 0.7% in September, from 2.1% in August, while the annual growth rate of credit extended to the private sector stood at -1.1% in September, compared with -1.2% in the previous month. Among the components of credit to the private sector, the annual growth rate of loans stood at -1.9% in September, compared with -2.0% in the previous month (adjusted for loan sales and securitisation[2], the rate stood at -1.4%, compared with -1.5% in the previous month). The annual growth rate of loans to households stood at 0.1% in September, compared with 0.0% in August (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 0.8% in September, compared with 0.7% in the previous month. The annual growth rate of loans to nonfinancial corporations was less negative at -3.5% in September, from -3.8% in the previous month (adjusted for loan sales and securitisation, the rate was less negative at -2.7% in September, from -2.9% 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 -6.6% in September, from -6.0% in the previous month.

Other counterparts

Over the 12 months up to September 2013, the net external asset position of the euro area MFI sector increased by €302 billion, compared with an increase of €281 billion over the 12 months up to August. The annual growth rate of longer-term financial liabilities of the MFI sector was more negative at -1.4% in September, from -1.2% in August.

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.
- 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.

[1] The annual growth rates presented in this press release refer to aggregates adjusted for seasonal and end-of-month calendar effects.
[2] Adjusted for the derecognition of loans from the MFIs’ statistical balance sheets due to their sale or securitisation.