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  • PRESS RELEASE
  • 28 October 2019

Monetary developments in the euro area: September 2019

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 decreased to 5.5% in September 2019 from 5.8% in August, averaging 5.5% in the three months up to September. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 7.9% in September from 8.5% in August. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 1.2% in September from 1.0% in August. The annual growth rate of marketable instruments (M3-M2) was -1.6% in September, compared with -2.7% in August.

Chart 1

Monetary aggregates

(annual growth rates)

Data for monetary aggregates

Looking at the components' contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 5.3 percentage points (down from 5.6 percentage points in August), short-term deposits other than overnight deposits (M2-M1) contributed 0.3 percentage point (as in the previous month) and marketable instruments (M3-M2) contributed -0.1 percentage point (as in the previous month).From the perspective of the holding sectors of deposits in M3, the annual growth rate of deposits placed by households increased to 6.3% in September from 6.1% in August, while the annual growth rate of deposits placed by non-financial corporations decreased to 6.2% in September from 7.9% in August. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) decreased to 3.7% in September from 4.0% in August.

Counterparts of the broad monetary aggregate M3

As a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), the annual growth rate of M3 in September 2019 can be broken down as follows: credit to the private sector contributed 3.5 percentage points (up from 3.4 percentage points in August), net external assets contributed 2.8 percentage points (down from 3.0 percentage points), credit to general government contributed -0.4 percentage point (down from -0.2 percentage point), longer-term financial liabilities contributed -1.0 percentage points (as in the previous month), and the remaining counterparts of M3 contributed 0.6 percentage point (as in the previous month).

Chart 2

Contribution of the M3 counterparts to the annual growth rate of M3

(percentage points)

Data for contribution of the M3 counterparts to the annual growth rate of M3

Credit to euro area residents

As regards the dynamics of credit, the annual growth rate of total credit to euro area residents stood at 2.1% in September 2019, compared with 2.2% in the previous month. The annual growth rate of credit to general government was -1.1% in September, compared with -0.6% in August, while the annual growth rate of credit to the private sector stood at 3.2% in September, compared with 3.1% in August.The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan sales, securitisation and notional cash pooling) stood at 3.7% in September, compared with 3.8% in August. Among the borrowing sectors, the annual growth rate of adjusted loans to households stood at 3.4% in September, unchanged from the previous month, while the annual growth rate of adjusted loans to non-financial corporations decreased to 3.7% in September from 4.3% in August.

Chart 3

Adjusted loans to the private sector

(annual growth rates)

Data for adjusted loans to the private sector

Annex

Table: Annex to the press release on monetary developments in the euro area

Notes:

  • Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
  • "Private sector" refers to euro area non-MFIs excluding general government.
  • Hyperlinks in the main body of the press release and in annex tables lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
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