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 3.8% in February 2011, unchanged from the previous month. The annual rate of growth of credit extended to general government decreased to 10.5% in February, from 11.7% in January, while the annual growth of credit extended to the private sector increased to 2.3% in February, from 2.1% in the previous month. Among the components of the latter, the annual growth rate of loans to the private sector increased to 2.6% in February, from 2.4% in the previous month (adjusted for loan sales and securitisation2 the annual growth rate of loans to the private sector increased to 3.0%, from 2.7% in the previous month). The annual growth rate of loans to non-financial corporations stood at 0.6% in February, compared with 0.5% in January. The annual growth rate of loans to households stood at 3.0% in February, compared with 3.1% in the previous month. The annual rate of growth of lending for house purchase stood at 3.8% in February, compared with 3.9% in the previous month. The annual rate of change of consumer credit stood at -0.9% in February, compared with -1.0% in January, while the annual growth rate of other lending to households stood at 2.8% in February, unchanged from the previous month. Finally, the annual rate of growth of loans to non-monetary financial intermediaries (except insurance corporations and pension funds) increased to 8.5%in February, from 7.1% in the previous month.
Over the 12 months up to February 2011, the net external asset position of the euro area MFI sector decreased by EUR 47 billion, compared with a decrease of EUR 83 billion over the 12 months up to January. The annual rate of growth of longer-term financial liabilities of the MFI sector increased to 4.1% in February, from 3.5% in January.
