EU Economy - The annual growth rate of adjusted loans to households stood at 1.8% in September, unchanged from the previous month. ... - ECB

Press Release - 27 October 2016 - Monetary developments in the euro area: September 2016 

 • The annual growth rate of the broad monetary aggregate M3 stood at 5.0% in September 2016, after 5.1% in August 2016.

 • The annual growth rate of the narrower aggregate M1, which includes currency in circulation and overnight deposits, decreased to 8.5% in September, from 8.9% in August. 

• The annual growth rate of adjusted loans to households stood at 1.8% in September, unchanged from the previous month. 

• The annual growth rate of adjusted loans to non-financial corporations stood at 1.9% in September, unchanged from the previous month.

Components of the broad monetary aggregate M3 

The annual growth rate of the broad monetary aggregate M3 stood at 5.0% in September 2016, after 5.1% in August, averaging 5.0% in the three months up to September. 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 8.5% in September, from 8.9% in August. 

The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was less negative at -1.3% in September, from -1.5% in August. The annual growth rate of marketable instruments (M3-M2) increased to 5.5% in September, from 4.4% in August. Within M3, the annual growth rate of deposits placed by households stood at 5.2% in September, unchanged from the previous month, while the annual growth rate of deposits placed by non-financial corporations stood at 7.2% in September, compared with 7.1% in August. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) decreased to 0.4% in September, from 1.6% in August.

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