PRESS RELEASE 31 May 2016 - Monetary developments in the euro area: April 2016
• The annual growth rate of the broad monetary aggregate M3 decreased to 4.6% in April 2016, from 5.0% in March.
• The annual growth rate of the narrower aggregate M1, which includes currency in circulation and overnight deposits, decreased to 9.7% in April, from 10.1% in March.
• The annual growth rate of loans to households stood at 1.5% in April, compared with 1.6% in March.
• The annual growth rate of loans to non-financial corporations stood at 1.2% in April, compared with 1.1% in March.
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 decreased to 4.6% in April 2016, from 5.0% in March, averaging 4.9% in the three months up to April. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate including currency in circulation and overnight deposits (M1) decreased to 9.7% in April, from 10.1% in March. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was more negative at -2.8% in April, from -2.4% in March. The annual growth rate of marketable instruments (M3-M2) was more negative at -1.6% in April, from -1.0% in March. Within M3, the annual growth rate of deposits placed by households stood at 4.3% in April, unchanged from the previous month, while the annual growth rate of deposits placed by non-financial corporations increased to 8.4% in April, from 7.3% in March. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) decreased to 0.8% in April, from 4.1% in March.
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