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ECB - European Central Bank : Monetary developments in the euro area

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09/26/2013 | 10:43am CET


26 September 2013

PRESS RELEASE MONETARY DEVELOPMENTS IN THE EURO AREA: AUGUST 2013

The annual growth rate of the broad monetary aggregate M3 stood at 2.3% in August 2013, compared with
2.2% in July 2013.1 The three-month average of the annual growth rates of M3 in the period from June
2013 to August 2013 decreased to 2.3%, from 2.5% in the period from May 2013 to July 2013.

Twelve-month percentage changes; (adjusted for seasonal

and end-of-month calendar effects)

JUNE

2013

JULY

2013

AUGUST

2013

JUNE 2013 - AUGUST 2013

(AVERAGE)

M3

2.4

2.2

2.3

2.3

M1

7.6

7.1

6.8

7.2

Loans to the private sector

-1.6

-1.9

-2.0

-1.8

Loans to the private sector, adjusted for sales and securitisation

-1.0

-1.4

-1.5

-1.3

M3 components

Regarding the main components of M3, the annual growth rate of M1 decreased to 6.8% in August 2013, from 7.1% in July. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 0.4% in August, from 0.2% in the previous month. The annual growth rate of marketable instruments (M3-M2) was less negative at -16.3% in August, from -17.7% in July. Among the deposits included in M3, the annual growth rate of deposits placed by households decreased to 3.8% in August, from
4.0% in the previous month, while the annual growth rate of deposits placed by non-financial corporations decreased to 5.7% in August, from 5.9% in the previous month. Finally, the annual growth rate of deposits placed by non-monetary financial intermediaries (excluding insurance corporations and pension funds) decreased to 4.5% in August, from 5.3% 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
-0.5% in August 2013, unchanged from the previous month. The annual growth rate of credit extended to general government stood at 2.1% in August, compared with 2.2% in July, while the annual growth rate of credit extended to the private sector stood at -1.2% in August, unchanged from the previous month. Among the components of credit to the private sector, the annual growth rate of loans stood at -2.0% in August, compared with -1.9% in the previous month (adjusted for loan sales and securitisation2, the rate stood at -1.5%, compared with -1.4% in the previous month). The annual growth rate of loans to households stood at 0.1% in August, unchanged from the previous month (adjusted for loan sales and securitisation, the rate stood at 0.4%, unchanged from the previous month). The annual growth rate of lending for house purchase, the most important component of household loans, stood at 0.7% in August, unchanged from the previous month. The annual growth rate of loans to non-financial corporations stood at -3.8% in August, compared with -3.7% in the previous month (adjusted for loan sales and securitisation, the rate stood at -2.9% in August, compared with -2.8% 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 -6.1% in August, from -5.7% in the previous month.

Other counterparts

Over the 12 months up to August 2013, the net external asset position of the euro area MFI sector increased by €281 billion, compared with an increase of €269 billion over the 12 months up to July. The annual growth rate of longer-term financial liabilities of the MFI sector was more negative at -1.2% in August, from -1.0% in July.

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 .

A set of tables showing euro area monetary developments and MFI balance sheets for the euro area and euro

area countries, together with a user-friendly facility for downloading data, is available in the ECB's Statistical

Data Warehouse at http://sdw.ecb.europa.eu/reports.do?node=1000003503 .

European Central Bank

Directorate General Communications and Language Services
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.

1 Monetary developments in the euro area: AUGUST 2013

(EUR billions and annual percentage changes; data adjusted for seasonal effects a) )

END-OF- MONTH LEVEL

MONTHLY FLOW b)

ANNUAL GROWTH RATE

AUGUST

2013

JUNE

2013

JULY

2013

AUGUST

2013

JUNE

2013

JULY

2013

AUGUST

2013

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)

9868

891

4449

5340

1722

2128

3849

9189

115

435

128

679

-14 37 12

0 5 6

-2 34 30

-3 39 37

5 -9 -21

4 8 -2

9 -1 -23

7 38 14

-5 5 -6

-8 -2 0

-7 -3 5

-21 -1 -2

2.4 2.2 2.3

2.1 2.4 2.7

8.8 8.1 7.6

7.6 7.1 6.8

-5.6 -5.4 -4.5

5.4 5.3 4.8

0.1 0.2 0.4

4.3 4.1 4.0

-9.3 -6.5 -9.5

-11.3 -11.1 -10.1

-36.7 -40.1 -35.4

-17.3 -17.7 -16.3

COUNTERPARTS OF M3

MFI liabilities:

(2) Holdings against central government d)

(3) Longer-term financial liabilities vis-a-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)

of which:

(6.1) Repos with central counterparties (liabilities)(+) g)

(6.2) Reverse repos to central counterparties (assets)(-) g)

286

7388

2395

96

2508

2389

16321

3454

1109

2345

12868

10639

ND

1438

791

1082

138

217

142

-3 5 -25

-5 -37 -8

-3 -1 -3

-1 -1 0

-18 -35 -14

18 0 10

-32 -63 -5

5 -13 5

-20 4 -9

24 -17 14

-37 -51 -10

-45 -43 -11

-44 -35 -8

-5 4 3

13 -12 -2

3 7 23

7 61 -39

33 -56 7

15 -30 11

2.9 4.8 0.3

-1.0 -1.0 -1.2

-3.2 -1.2 -1.6

-14.8 -14.9 -14.1

-4.8 -6.0 -6.5

6.5 5.7 5.9

-0.3 -0.5 -0.5

2.7 2.2 2.1

-6.0 -5.7 -6.2

7.4 6.5 6.6

-1.1 -1.2 -1.2

-1.6 -1.9 -2.0

-1.0 -1.4 -1.5

-2.2 1.1 1.9

8.1 5.6 5.3

ND ND ND ND ND ND

16.3 -2.5 4.1

42.7 6.4 17.1

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 central government (post offices, treasury) vis-à-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. g) The series is not adjusted for seasonal effects.


ECB Monetary developments in the euro area

September 2013

2 Breakdown of deposits in M3 by holding sector and type: AUGUST 2013

(EUR billions and annual percentage changes; data adjusted for seasonal effects a) )

END-OF- MONTH LEVEL

MONTHLY FLOW b)

ANNUAL GROWTH RATE

AUGUST

2013

JUNE

2013

JULY

2013

AUGUST

2013

JUNE

2013

JULY

2013

AUGUST

2013

BREAKDOWN OF DEPOSITS IN M3

Total deposits (= items 1, 2, 3, 4 and 5) (1) Deposits placed by households c) (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 d)

(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 d)

(4) Deposits placed by insurance corporations and pension funds

(5) Deposits placed by other general government

8413

5412

2497

915

1993

6

1672

1168

399

94

12

809

483

228

17

81

206

314

2 37 1

-4 20 19

3 30 29

-9 -14 -6

3 4 -4

0 1 0

-4 17 12

-4 11 9

1 4 0

0 2 1

-2 0 2

21 -2 -27

9 -8 -7

12 1 -13

1 1 0

-2 3 -7

-11 4 -5

0 -2 2

4.3 4.1 3.9

3.9 4.0 3.8

6.8 7.6 7.6

-3.7 -4.7 -5.1

4.8 4.5 4.0

-57.7 -50.7 -49.8

5.3 5.9 5.7

9.6 9.1 7.6

-5.9 -3.1 -1.2

10.7 13.1 13.1

-12.6 -13.3 6.2

7.6 5.3 4.5

19.8 12.7 10.3

-8.3 -6.6 -3.1

12.0 28.9 24.6

-4.4 -0.8 -7.0

4.6 3.9 2.7

-1.4 -5.8 -2.8

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) Excludes repurchase agreements with central counterparties.


ECB

Monetary developments in the euro area

September 2013

3 Contributions of M3 components to the M3 annual growth rate: AUGUST 2013

(contributions in terms of the M3 annual percentage change; data adjusted for seasonal effects a) )

JUNE 2013

JULY 2013

AUGUST 2013

(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)

3.9

0.2

3.7

0.1

-1.5

3.6

0.2

3.4

0.1

-1.5

3.5

0.2

3.2

0.2

-1.4

(4) M3 (= items 1, 2 and 3)

2.4

2.2

2.3


a) Figures may not add up due to rounding.

4 Breakdown of loans as counterpart to M3 by borrowing sector, type and original maturity: AUGUST 2013

(EUR billions and annual percentage changes; data adjusted for seasonal effects a) )

END-OF- MONTH LEVEL

MONTHLY FLOW b)

ANNUAL GROWTH RATE

AUGUST

2013

JUNE

2013

JULY

2013

AUGUST

2013

JUNE

2013

JULY

2013

AUGUST

2013

BREAKDOWN OF LOANS AS COUNTERPART TO M3 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

(2.3) over 5 years

(3) Loans to non-monetary financial intermediaries except insurance corporations and pension funds g)

(4) Loans to insurance corporations and pension funds

5233

ND

586

3837

810

412

4412

ND

1085

772

2555

898

97

-5 -3 4

-4 7 6

-4 2 -2

1 -7 5

-2 2 2

-1 -1 -1

-12 -17 -12

-12 -19 -11

-2 -11 -10

-3 1 0

-7 -7 -2

-29 -26 -4

0 2 1

0.0 0.1 0.1

0.3 0.4 0.4

-3.6 -2.6 -2.6

0.8 0.7 0.7

-1.2 -0.9 -0.7

-1.6 -1.4 -1.5

-3.3 -3.7 -3.8

-2.3 -2.8 -2.9

-1.8 -3.7 -4.4

-6.2 -5.8 -5.3

-2.9 -3.0 -3.2

-3.2 -5.7 -6.1

11.3 14.4 12.1

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.

g) Excludes reverse repos to central counterparties.


ECB Monetary developments in the euro area

September 2013

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