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 increased to 3.8% in November 2010, from 3.1% in the previous month. The annual rate of growth of credit extended to general government increased to 12.7% in November, from 12.0% in October, while the annual growth of credit extended to the private sector increased to 1.9% in November, from 1.2% in the previous month. Among the components of the latter, the annual growth rate of loans to the private sector increased to 2.0% in November, from 1.5% in the previous month (adjusted for loan sales and securitisation the annual growth rate of loans to the private sector increased to 2.4%, from 1.7% in the previous month). The annual rate of change of loans to non-financial corporations increased to -0.1% in November, from -0.5% in October. The annual growth rate of loans to households decreased to 2.7% in November, from 2.9% in the previous month. The annual rate of growth of lending for house purchase decreased to 3.4% in November, from 3.6% in the previous month. The annual rate of change of consumer credit increased to -0.4% in November, from -0.8% in October, while the annual growth rate of other lending to households decreased to 2.3% in November, from 2.6% in the previous month. Finally, the annual rate of growth of loans to nonmonetary financial intermediaries (except insurance corporations and pension funds) increased to 7.1% in November, from 3.6% in the previous month.
Over the 12 months up to November 2010, the net external asset position of the euro area MFI sector decreased by EUR 92 billion, compared with a decrease of EUR 97 billion over the 12 months up to October. The annual rate of growth of longer-term financial liabilities of the MFI sector increased to 4.0% in November, from 3.7% in October.
