29 June 2012
PRESS RELEASE
MONETARY DEVELOPMENTS IN THE EURO AREA: MAY 2012
The annual growth rate of the broad monetary aggregate M3 increased to 2.9% in May 2012, from 2.5% in April 2012.1 The three-month average of the annual growth rates of M3 in the period from March 2012 to May 2012 stood at 2.8%, compared with 2.7% in the period from February 2012 to April 2012.
Twelve-month percentage changes; (adjusted for seasonal and end-of-month calendar effects) | MARCH 2012 | APRIL 2012 | MAY 2012 | MARCH 2012 - MAY 2012 (AVERAGE) |
M3 | 3.0 | 2.5 | 2.9 | 2.8 |
M1 | 2.8 | 1.8 | 3.3 | 2.6 |
Loans to the private sector | 0.6 | 0.2 | -0.1 | 0.3 |
Loans to the private sector, adjusted for sales and securitisation | 1.2 | 0.8 | 0.4 | 0.8 |
M3 components
Regarding the main components of M3, the annual growth rate of M1 increased to 3.3% in May 2012, from
1.8% in April. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 2.3% in May, from 3.3% in the previous month. The annual growth rate of marketable instruments (M3-M2) increased to 3.4% in May, from 2.5% in April. Among the deposits included in M3, the annual growth rate of deposits placed by households stood at 2.4% in May, compared with 2.5% in the previous month, while the annual growth rate of deposits placed by non-financial corporations was less negative at -0.2% in May, from -0.8% in the previous month. Finally, the annual growth rate of deposits placed by non-monetary financial intermediaries (excludinginsurance corporations and pension funds) increased to 0.4% in May, from -0.8% in the previous month.
Counterparts to M3: credit and loans
1 The annual growth rates presented in this press release refer to aggregatesadjusted for seasonal and end-of-month calendar effects.
- 2 -
Turning to the main counterparts of M3 on the asset side of the consolidated balance sheet of Monetary
Financial Institutions (MFIs), the annual growth rate of total credit granted to euro area residents stood at
1.5% in May 2012, compared with 1.4% in the previous month. The annual growth rate of credit extended to general government increased to 9.0% in May, from 7.6% in April, while the annual growth rate of credit extended to the private sector decreased to -0.2% in May, from 0.0% in the previous month. Among the components of credit to the private sector, the annual growth rate of loans decreased to -0.1% in May, from 0.2% in the previous month (adjusted for loan sales and securitisation2, the rate decreased to 0.4%, from 0.8% in the previous month). The annual growth rate of loans to households decreased to 0.3% in May, from 0.5% in April (adjusted for loan sales and securitisation, the rate decreased to 1.3%, from 1.5% in the previous month). The annual growth rate of lending for house purchase, the most important component of householdloans, decreased to 0.7% in May, from 1.0% in the previous month. The annual growth rate of loans to non-financial corporations decreased to 0.1% in May, from 0.4% in the previous month (adjusted for loan sales and securitisation, the rate decreased to 0.2% in May, from 0.6% in the previous month). Finally, the annual growth rate of loans to non-monetary financial intermediaries (excluding insurance corporations and pension funds) was more negative at -2.1% in May, from -1.4% in the previous month.
Other counterparts
Over the 12 months up to May 2012, the net external asset position of the euro area MFI sector decreased by €36 billion,compared with a decrease of €39 billionover the 12 months up to April. The annual growth rate of longer-term financial liabilities of the MFI sector decreased to -0.1% in May, from
0.7% in April.
Notes
• Further predefined tables, statistical data and methodological notes, as well as the advance release calendar,are available on the ECB’s website at http://www.ecb.europa.eu/stats/money/aggregates/aggr/html/index.en.html.
European Central Bank
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Reproduction is permitted provided that the source is acknowledged.
2 Adjusted for the derecognition of loans from the MFIs’ statistical balance sheets due to their sale or securitisation.
TABLE 1
MONETARY DEVELOPMENTS IN THE EURO AREA: MAY 2012
DATA ADJUSTED FOR SEASONAL EFFECTS (EUR billions and annual percentage changesa))
END-OF- MONTH LEVEL | MONTHLY FLOW b) | ANNUAL GROWTH RATE | |||||
MAY 2012 | MARCH 2012 | APRIL 2012 | MAY 2012 | MARCH 2012 | APRIL 2012 | MAY 2012 | |
COMPONENTS OF M3 c) (1) M3 (= items 1.3, 1.6 and 1.11) (1.1) Currency in circulation (1.2) Overnight deposits (1.3) M1 (items 1.1 and 1.2) (1.4) Deposits with an agreed maturity of up to two years (1.5) Deposits redeemable at notice of up to three months (1.6) Other short term deposits (items 1.4 and 1.5) (1.7) M2 (items 1.3 and 1.6) (1.8) Repurchase agreements (1.9) Money market fund shares/units (1.10) Debt securities issued with a maturity of up to two years (1.11) Marketable instruments (items 1.8, 1.9 and 1.10) | 9911 857 4016 4872 1888 1997 3885 8757 422 513 219 1154 | 56 -48 86 -5 2 7 34 -58 65 29 -56 72 4 12 -34 7 7 14 11 19 -20 40 -37 52 -19 -9 35 10 4 11 25 -6 -12 16 -12 34 | 3.0 2.5 2.9 5.5 5.5 5.5 2.2 1.0 2.9 2.8 1.8 3.3 3.9 3.9 1.6 2.5 2.7 3.0 3.2 3.3 2.3 3.0 2.5 2.9 4.3 -0.7 -1.3 -3.1 -1.6 1.6 20.2 21.5 21.3 3.7 2.5 3.4 | ||||
COUNTERPARTS OF M3 MFI liabilities: (2) Holdings against central government d) (3) Longer-term financial liabilities vis-à-vis other euro area residents (= items 3.1 to 3.4) (3.1) Deposits with an agreed maturity of over two years (3.2) Deposits redeemable at notice of over three months (3.3) Debt securities issued with a maturity of over two years (3.4) Capital and reserves MFI assets: (4) Credit to euro area residents (= items 4.1 and 4.2) (4.1) Credit to general government Loans Securities other than shares (4.2) Credit to other euro area residents Loans e) loans adjusted for sales and securitisation f) Securities other than shares Shares and other equities (5) Net external assets (6) Other counterparts of M3 (residual) (= M3 + items 2, 3 - items 4, 5) | 312 7645 2483 113 2756 2293 16686 3263 1168 2095 13424 11166 ND 1521 737 941 240 | -9 -30 22 -36 -4 -42 -29 -12 -32 -1 1 -1 -25 -9 -28 18 16 18 36 -57 33 31 -7 32 3 0 9 29 -6 22 4 -51 1 -6 -21 -11 -5 -22 -11 -4 -14 6 14 -16 7 -2 -13 12 -22 -12 21 | 11.1 -4.1 10.7 1.3 0.7 -0.1 1.2 0.2 -1.1 -5.2 -4.6 -5.1 -2.5 -3.5 -4.6 7.0 7.3 7.4 1.8 1.4 1.5 7.4 7.6 9.0 -4.3 -2.9 -0.9 15.3 14.4 15.4 0.5 0.0 -0.2 0.6 0.2 -0.1 1.2 0.8 0.4 1.1 0.3 0.6 -2.3 -4.5 -3.4 ND ND ND ND ND ND | ||||
a) Figures may not add up due to rounding. The information in this table is based on consolidated balance sheet statistics reported by monetary financial institutions
(MFIs). These include the Eurosystem, credit institutions and money market funds located in the euro area.
b) Monthly difference in levelsadjusted for reclassifications, exchange rate variations, other revaluations and any other changes which do not arise from transactions. c) Liabilitiesof MFIs and specificunits of the central government (post offices,treasury) vis-à-vis non-MFI euro area residents excluding central government.
d) Includes holdings of the central government of deposits with the MFI sector and of securities issued by the MFI sector.
e) For further breakdowns see Table 4.
f) Adjusted for the derecognition of loans from the MFI statistical balance sheet due to their sale or securitisation.
TABLE 2
BREAKDOWN OF DEPOSITS IN M3 BY HOLDING SECTOR AND TYPE: MAY 2012
DATA ADJUSTED FOR SEASONAL EFFECTS (EUR billions and annual percentage changesa))
END-OF- MONTH LEVEL | MONTHLY FLOW b) | ANNUAL GROWTH RATE | |||||
MAY 2012 | MARCH 2012 | APRIL 2012 | MAY 2012 | MARCH 2012 | APRIL 2012 | MAY 2012 | |
BREAKDOWN OF DEPOSITS IN M3 Total deposits (=items 1, 2, 3, 4 and 5) (1) Deposits placed by householdsc) (1.1) Overnight deposits (1.2) Deposits with an agreed maturity of up to two years (1.3) Deposits redeemable at notice of up to three months (1.4) Repurchase agreements (2) Deposits placed by non-financial corporations (2.1) Overnight deposits (2.2) Deposits with an agreed maturity of up to two years (2.3) Deposits redeemable at notice of up to three months (2.4) Repurchase agreements (3) Deposits placed by non-monetary financial intermediaries excluding insurance corporations and pension funds (3.1) Overnight deposits (3.2) Deposits with an agreed maturity of up to two years (3.3) Deposits redeemable at notice of up to three months (3.4) Repurchase agreements of which: with central counterpartiesd) (4) Deposits placed by insurance corporations and pension funds (5) Deposits placed by other general government | 8323 5166 2272 987 1891 16 1561 1036 433 78 15 1074 416 271 14 374 291 212 309 | 25 -48 81 20 15 3 -1 10 5 15 1 -10 6 6 11 -1 -2 -2 -2 -12 6 3 -3 14 -5 -8 -11 0 1 3 0 -1 0 -6 -49 56 29 -61 35 -14 17 -14 1 0 -1 -22 -4 36 -10 2 35 -6 5 5 20 -8 11 | 2.8 2.0 2.4 2.2 2.5 2.4 -0.4 0.2 0.4 9.6 9.5 8.2 2.5 2.8 2.9 -36.4 -45.1 -52.7 -0.2 -0.8 -0.2 1.1 1.0 3.3 -1.8 -3.3 -6.4 -6.7 -5.3 -1.6 -4.2 -19.0 -25.4 4.4 -0.8 0.4 16.9 2.2 12.3 -15.1 -12.0 -18.0 32.0 37.3 19.4 7.9 5.5 5.3 14.6 12.5 8.3 16.8 14.0 18.2 14.9 12.5 15.4 | ||||
a) Figures may not add up due to rounding. The information in this table is based on consolidated balance sheetstatistics reported by monetary financial institutions
(MFIs). These include the Eurosystem, credit institutions and money marketfunds located in the euro area.
b) Monthlydifference in levelsadjusted for reclassifications, exchange rate variations, other revaluations and any other changes which do not arise from transactions. c) Includes depositsby non-profit institutions serving households.
d) The series is not adjusted for seasonal effects.
TABLE 3
CONTRIBUTIONS OF M3 COMPONENTS TO THE M3 ANNUAL GROWTH RATE: MAY 2012
DATA ADJUSTED FOR SEASONALEFFECTS (contributions in terms of the M3 annual percentage changea))
MARCH 2012 | APRIL 2012 | MAY 2012 | |
(1) M1 (1.1) of which : Currency (1.2) of which : Overnight deposits (2) M2 - M1 (= other short-term deposits) (3) M3 - M2 (= short-term marketable instruments) | 1.4 0.5 0.9 1.2 0.4 | 0.9 0.5 0.4 1.3 0.3 | 1.6 0.5 1.2 0.9 0.4 |
(4) M3 (= items 1, 2 and 3) | 3.0 | 2.5 | 2.9 |
a) Figures may not add up due to rounding.
TABLE 4
BREAKDOWN OF LOANS BY BORROWING SECTOR, TYPE AND ORIGINAL MATURITY: MAY 2012
DATA ADJUSTED FOR SEASONAL EFFECTS (EUR billions and annual percentage changesa))
END-OF- MONTH LEVEL | MONTHLY FLOW b) | ANNUAL GROWTH RATE | |||||
MAY 2012 | MARCH 2012 | APRIL 2012 | MAY 2012 | MARCH 2012 | APRIL 2012 | MAY 2012 | |
BREAKDOWN OF LOANS c) (1) Loans to households d) loans adjusted for sales and securitisation e) (1.1) Credit for consumption (1.2) Lending for house purchase (1.3) Other lending of which: sole proprietors f) (2) Loans to non-financial corporations loans adjusted for sales and securitisation e) (2.1) up to 1 year (2.2) over 1 year and up to 5 years (3.3) over 5 years (3) Loans to non-monetary financial intermediaries except insurance corporations and pension funds of which: reverse repos to central counterparties f) (4) Loans to insurance corporations and pension funds | 5252 ND 621 3802 830 418 4698 ND 1150 845 2704 1133 181 82 | 7 7 2 6 6 1 -2 -2 1 10 7 1 -2 1 -1 -1 -1 -1 -8 7 -10 -7 7 -9 -5 18 -5 0 -1 -1 -2 -10 -4 -8 -28 -4 2 -11 6 4 -7 1 | 0.6 0.5 0.3 1.7 1.5 1.3 -2.1 -2.4 -1.9 1.1 1.0 0.7 0.7 0.7 0.1 2.0 1.7 1.0 0.3 0.4 0.1 0.5 0.6 0.2 -0.4 0.9 0.2 -2.9 -2.2 -2.5 1.6 1.1 0.8 2.3 -1.4 -2.1 34.4 18.4 10.3 -0.2 -6.5 -6.3 | ||||
a) Figures may not add up due to rounding.
b) Monthly difference in levels adjusted for write-offs/write-downs, reclassifications, exchangerate variations and any other changes which do not arise from transactions. c) Loansgranted by monetary financial institutions (MFIs) to non-MFI euro area residents excluding general government.
d) Includes loans to non-profit institutions serving households.
e) Adjusted for the derecognition of loans from the MFI statistical balance sheet due to their sale or securitisation. f) The series is not adjusted for seasonal effects.
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