ECB : Monetary developments in the euro area

[Politics.be]

MARCH 2012The annual growth rate of the broad monetary aggregate M3 increased to 3.2% in March 2012, from 2.8% in February 2012.1 The three-month average of the annual growth rates of M3 in the period from January 2012 to March 2012 increased to 2.8%, from 2.3% in the period from December 2011 to February 2012.


Regarding the main components of M3, the annual growth rate of M1 increased to 2.7% in March 2012, from 2.5% in February. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 3.3% in March, from 3.1% in the previous month. The annual growth rate of marketable instruments (M3-M2) increased to 5.1% in March, from 2.8% in February. Among the deposits included in M3, the annual growth rate of deposits placed by households increased to 2.2% in March, from 2.0% in the previous month, while the annual growth rate of deposits placed by non-financial corporations decreased to 0.0% in March, from 0.4% 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 4.1% in March, from 3.5% in the previous month.
Counterparts to M3: credit and loans
1 The annual growth rates presented in this press release refer to aggregates adjusted for seasonal and end-of-month calendar effects.
- 2 -
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 increased to 1.8% in March 2012, from 1.4% in the previous month. The annual growth rate of credit extended to general government increased to 7.3% in March, from 5.6% in February, while the annual growth rate of credit extended to the private sector stood at 0.5% in March, compared with 0.4% in the previous month. Among the components of credit to the private sector, the annual growth rate of loans decreased to 0.6% in March, from 0.8% in the previous month (adjusted for loan sales and securitisation2, the rate stood at 1.2%, unchanged from the previous month). The annual growth rate of loans to households decreased to 0.6% in March, from 1.2% in February (adjusted for loan sales and securitisation, the rate stood at 1.7%, compared with 1.8% in the previous month). The annual growth rate of lending for house purchase, the most important component of household loans, decreased to 1.1% in March, from 1.8% in the previous month. The annual growth rate of loans to non-financial corporations decreased to 0.3% in March, from 0.6% in the previous month (adjusted for loan sales and securitisation, the rate decreased to 0.5% in March, from 0.7% in the previous month). Finally, the annual growth rate of loans to non-monetary financial intermediaries (excluding insurance corporations and pension funds) increased to 2.0% in March, from 0.8% in the previous month.
Other counterparts
Over the 12 months up to March 2012, the net external asset position of the euro area MFI sector decreased by €18 billion, compared with an increase of €107 billion over the 12 months up to February. The annual growth rate of longer-term financial liabilities of the MFI sector decreased to 1.2% in March, from 2.1% in February.
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.../index.en.html.
European Central Bank
Directorate Communications, Press and Information Division
Kaiserstrasse 29, D-60311 Frankfurt am Main

series is not adjusted for seasonal effects.

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