Press Release - Monetary developments in the euro area: May 2016
• The annual growth rate of the broad monetary aggregate M3 increased to 4.9% in May 2016, from 4.6% in April. • The annual growth rate of the narrower aggregate M1, which includes currency in circulation and overnight deposits, decreased to 9.1% in May, from 9.7% in April.
• The annual growth rate of loans to households stood at 1.6% in May, compared with 1.5% in April. • The annual growth rate of loans to non-financial corporations increased to 1.4% in May, from 1.2% in April.
Components of the broad monetary aggregate M3
The annual growth rate of the broad monetary aggregate M3 increased to 4.9% in May 2016, from 4.6% in April, averaging 4.8% in the three months up to May. 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 9.1% in May, from 9.7% in April.
The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was less negative at -2.0% in May, from -2.8% in April. The annual growth rate of marketable instruments (M3-M2) increased to 2.8% in May, from -2.1% in April. Within M3, the annual growth rate of deposits placed by households increased to 4.6% in May, from 4.3% in April, while the annual growth rate of deposits placed by non-financial corporations decreased to 8.0% in May, from 8.4% in April. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) increased to 2.0% in May, from 0.5% in April.
page source http://www.ecb.europa.eu/
