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 1.8% in May 2010,unchanged from the previous month. The annual rate of growth of credit extended to general government increased to 9.8% in May, from 8.7% in April, while the annual growth of credit extended to the private sector decreased to 0.1% in May, from 0.4% in the previous month. Among the components of the latter,the annual rate of change of loans to the private sector stood at 0.2% in May, after 0.1% in the previous month (adjusted for loan sales and securitisation the annual growth rate of loans to the private sector stood at 0.2%, after 0.1% in the previous month). The annual rate of change of loans to non-financial corporations increased to -2.1% in May, from -2.6% in April. The annual growth rate of loans to households
stood at 2.6% in May, after 2.5% in the previous month. The annual rate of growth of lending for house purchase increased to 3.1% in May, from 2.9% in the previous month. The annual rate of change of consumer credit stood at -0.4% in May, unchanged from the previous month, while the annual growth rate of other lending to households decreased to 2.9% in May, from 3.1% in the previous month. Finally, the annual rate of growth of loans to non-monetary financial intermediaries (except insurance corporations and pension funds) decreased to 0.5% in May, from 2.3% in the previous month.
Over the 12 months up to May 2010, the net external asset position of the euro area MFI sector increased by EUR 68 billion, compared with an increase of EUR 88 billion over the 12 months up to April. The annual rate of growth of longer-term financial liabilities of the MFI sector decreased to 4.8% in May, from 5.8% in April.
