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

Press Release - Monetary developments in the euro area: October 2016  -   28 November 2016

 The annual growth rate of the broad monetary aggregate M3 decreased to 4.4% in October 2016, from 5.1% in September (revised from 5.0%).

  The annual growth rate of the narrower aggregate M1, which includes currency in circulation and overnight deposits, decreased to 7.9% in October, from 8.4% in September.

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

 The annual growth rate of adjusted loans to non-financial corporations stood at 2.1% in October, compared with 2.0% in September.

Components of the broad monetary aggregate M3 

The annual growth rate of the broad monetary aggregate M3 decreased to 4.4% in October 2016, from 5.1% in September, averaging 4.8% in the three months up to October. 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 7.9% in October, from 8.4% in September. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was more negative at -1.5% in October, from -1.0% in September.

 The annual growth rate of marketable instruments (M3-M2) decreased to 1.7% in October, from 5.5% in September. Within M3, the annual growth rate of deposits placed by households stood at 5.2% in October, compared with 5.1% in September, while the annual growth rate of deposits placed by non-financial corporations decreased to 5.5% in October, from 7.4% in September. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) decreased to -1.8% in October, from 0.7% in September.

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