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 was 9.7% in April 2008, unchanged from the previous month. The annual rate of decline of credit extended to general government decreased to -0.4% in April, from -1.9% in March, while the annual growth of credit extended to the private sector declined to 11.8% in April, from 12.2% in March. Among the components of the latter, the annual rate of growth of loans to the private sector decreased to 10.6% in April, from 10.8% in the previous month. The annual growth rate of loans to non-financial corporations stood at 14.9% in April, after 15.0% in March.2 The annual growth rate of loans to households decreased to 5.2% in April, from 5.4% in the previous month. The annual rate of growth of lending for house purchase declined to 5.9% in April, from 6.1% in March. The annual rate of growth of consumer credit stood at 5.2% in April, unchanged from the previous month 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 rate of growth of loans to non-monetary financial intermediaries (except insurance corporations and pension funds) decreased to 21.8% in April, from 22.8% in March.
Over the 12 months up to April 2008, the net external asset position of the euro area MFI sector decreased by EUR 192 billion, compared with a decline of EUR 161 billion over the 12 months up to March. The annual rate of growth of longer-term financial liabilities of the MFI sector stood at 6.5% in April, compared with 6.6% in March.
