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 (excluding
insurance 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 aggregates
adjusted 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 household
loans, 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 billion
over 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
Directorate Communications, Press and Information Division
Kaiserstrasse 29, D-60311 Frankfurt am Main
Tel.: +49 69 1344 7455, Fax: +49 69 1344 7404
Internet: http://www.ecb.europa.eu
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-Ã -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 levels
adjusted for reclassifications, exchange rate variations, other revaluations and any other changes which do not arise from transactions. c) Liabilities
of MFIs and specific
units of the central government (post offices,
treasury) vis-Ã -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 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 levels
adjusted for reclassifications, exchange rate variations, other revaluations and any other changes which
do not arise from transactions. c) Includes deposits
by 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 SEASONAL
EFFECTS (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, exchange
rate variations and any other changes which do not arise from transactions. c) Loans
granted 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.