FRANKFURT (AFX) - Credit to the private sector grew 8.6 pct
year-on-year in May, down from a revised growth rate of 9.1 pct in
April.
Loans to the private sector, which account for the bulk of private
sector credit, grew 8.0 pct year-on-year, compared with a growth rate
of 8.4 pct the month before.
Credit to general government fell 3.2 pct year-on-year.
Total credit to euro area residents -- which consists of private
sector credit and credit to general government --- consequently grew
5.8 pct year-on-year in May.
Month-on-month M3 rose a seasonally-adjusted 0.6 pct in May, after
growing 0.7 pct in April, resulting in an average seasonally-adjusted
month-on-month increase over the March-May period of 0.6 pct. The
month-on-month figures are not adjusted for non-resident holdings of
money market fund shares and units.
Currency in circulation and overnight deposits (M1) rose 1.1 pct
month-on-month, while other short-term deposits (M2-M1) fell 0.2 pct
and marketable instruments (M3-M2) expanded 1.8 pct.
Year-on-year M1 grew 1.9 pct in May, M2-M1 rose 4.0 pct and M3-M2
increased 15.1 pct.