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 decreased to 3.2% in March 2011, from 3.8% in the previous month. The annual growth rate of credit extended to general government decreased to 7.7% in March, from 10.5% in February, while the annual growth rate of credit extended to the private sector stood at 2.2% in March, compared with 2.3% in the previous month. Among the components of the latter, the annual growth rate of loans to the private sector stood at 2.5% in March, compared with 2.6% in the previous month (adjusted for loan sales and securitisation the annual growth rate of loans to the private sector decreased to 2.8%, from 3.0% in the previous month). The annual growth rate of loans to non-financial corporations increased to 0.8% in March, from 0.6% in February. The annual growth rate of loans to households increased to 3.4% in March, from 3.0% in the previous month. The annual growth rate of lending for house purchase increased to 4.4% in March, from 3.8% in the previous month. The annual growth rate of consumer credit was more negative at -0.9% in March, from -0.7% in February, while the annual growth rate of other lending to households decreased to 2.1% in March, from 2.6% in the previous month. Finally, the annual growth rate of loans to non-monetary financial intermediaries (except insurance corporations and pension funds) decreased to 5.7% in March, from 8.7% in the previous month.
Over the 12 months up to March 2011, the net external asset position of the euro area MFI sector increased by EUR 80 billion, compared with a decrease of EUR 46 billion over the 12 months up to February. The annual growth rate of longer-term financial liabilities of the MFI sector decreased to 3.9% in March, from 4.1% in February.
