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 stood at 3.2% in April 2011, compared with 3.3% in the previous month. The annual growth rate of credit extended to general government decreased to 7.4% in April, from 8.0% in March, while the annual growth rate of credit extended to the private sector stood at 2.2% in April, unchanged from the previous month. Among the components of the latter, the annual growth rate of loans to the private sector stood at 2.6% in April, compared with 2.5% in the previous month (adjusted for loan sales and securitisation the annual growth
rate of loans to the private sector stood at 2.9%, compared with 2.8% in the previous month). The annual growth rate of loans to non-financial corporations increased to 1.0% in April, from 0.8% in March. The annual growth rate of loans to households stood at 3.4% in April, unchanged from the previous month. The annual growth rate of lending for house purchase stood at 4.4% in April, unchanged from the previous month. The annual growth rate of consumer credit stood at -0.6% in April, compared with -0.7% in March, while the annual growth rate of other lending to households decreased to 1.8% in April, from 2.0% in the previous month. Finally, the annual growth rate of loans to non-monetary financial intermediaries (except insurance corporations and pension funds) increased to 5.8% in April, from 5.6% in the previous month.
Over the 12 months up to April 2011, the net external asset position of the euro area MFI sector increased by EUR 79 billion, compared with an increase of EUR 84 billion over the 12 months up to March. The annual growth rate of longer-term financial liabilities of the MFI sector stood at 4.0% in April, unchanged from the previous month.
