29 January 2015
The annual growth rate of the broad monetary aggregate M3 increased to 3.6% in December
2014, from 3.1% in November 2014.1 The three-month average of the annual growth rates of M3 in the period from October 2014 to December 2014 increased to 3.1%, from 2.7% in the period from September 2014 to November 2014.
Twelve-month percentage changes; (adjusted for seasonal and end-of-month calendar effects) | OCTOBER 2014 | NOVEMBER 2014 | DECEMBER 2014 | OCTOBER 2014 - DECEMBER 2014 (AVERAGE) |
M3 | 2.5 | 3.1 | 3.6 | 3.1 |
M1 | 6.2 | 6.9 | 7.8 | 7.0 |
Loans to the private sector | -1.1 | -0.9 | -0.5 | -0.8 |
Loans to the private sector, adjusted for sales and securitisation | -0.5 | -0.2 | 0.1 | -0.2 |
Regarding the main components of M3, the annual growth rate of M1 increased to 7.8% in December 2014, from 6.9% in November. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was more negative at -2.6% in December, from -1.8% in the previous month. The annual growth rate of marketable instruments (M3-M2) increased to 4.7% in December, from 0.3% in November. Among the deposits included in M3, the annual growth rate of deposits placed by households stood at 2.4% in December, unchanged from the previous month, while the annual growth rate of deposits placed by non-financial corporations decreased to 3.6% in December, from 5.2% in the previous month. Finally, the annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) increased to 6.2% in December, from 3.6% in the previous month.
1 The annual growth rates presented in this press release refer to aggregates adjusted for seasonal and end-of-month calendar effects.
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Counterparts to M3: credit and loans
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 was less negative at -0.2% in December 2014, from -0.9% in the previous month. The annual growth rate of credit extended to general government increased to 1.9% in December, from
0.8% in November, while the annual growth rate of credit extended to the private sector was less negative at -0.7% in December, from -1.4% in the previous month. Among the components of credit to the private sector, the annual growth rate of loans was less negative at -0.5% in December, from -0.9% in the previous month (adjusted for loan sales and securitisation2, the rate increased to 0.1%, from -0.2% in the previous month). The annual growth rate of loans to households stood at -0.3% in December, compared with -0.4% in November (adjusted for loan
sales and securitisation, the rate stood at 0.8%, compared with 0.7% in the previous month). The annual growth rate of lending for house purchase, the most important component of household loans, stood at -0.1% in December, compared with -0.2% in the previous month. The annual growth rate of loans to non-financial corporations was less negative at -1.3% in December, from
-1.7% in the previous month (adjusted for loan sales and securitisation, the rate was less negative at -1.0% in December, from -1.4% in the previous month). Finally, the annual growth rate of loans to non-monetary financial corporations (excluding insurance corporations and pension funds) increased to 0.8% in December, from -1.0% in the previous month.
Over the 12 months up to December 2014, the net external asset position of the euro area MFI sector increased by €229 billion, compared with an increase of €316 billion over the 12 months up to November. The annual growth rate of longer-term financial liabilities of the MFI sector stood at
-2.0% in December, compared with -1.9% in November.
Notes
• Euro area-wide reporting under Regulation ECB/2013/33 of 24 September 2013 concerning the balance sheet of the monetary financial institutions sector, together with other changes to the statistical reporting framework and practices in several euro area countries, started with effect from the December 2014 reference period. This Regulation implements the European System of Accounts (ESA 2010) for MFI balance sheet statistics. These changes may imply revisions to preliminary data in subsequent press releases.
• Based on the European System of Accounts 2010. 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.
2 Adjusted for the derecognition of loans from the MFIs' statistical balance sheets due to their sale or securitisation.
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1 Monetary developments in the euro area: DECEMBER 2014
(EUR billions and annual percentage changes; data adjusted for seasonal effects a) )
END-OF- MONTH LEVEL | MONTHLY FLOW b) | ANNUAL GROWTH RATE | ||||
DECEMBER 2014 | OCTOBER 2014 | NOVEMBER 2014 | DECEMBER 2014 | OCTOBER 2014 | NOVEMBER 2014 | DECEMBER 2014 |
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 (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) | 10309 967 4941 5908 1600 2125 3726 9634 123 426 126 676 | 43 76 -4 1 7 11 48 64 7 50 71 18 -22 -5 -20 -4 6 -15 -27 0 -35 23 72 -17 8 -2 -6 14 2 -6 -2 4 24 19 5 12 | 2.5 3.1 3.6 5.6 5.9 6.4 6.3 7.1 8.1 6.2 6.9 7.8 -4.9 -4.5 -5.8 0.2 0.4 0.0 -2.1 -1.8 -2.6 2.7 3.3 3.5 9.9 6.7 1.3 1.0 2.7 1.2 -21.8 -16.3 32.1 -1.0 0.3 4.7 | |||
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 Debt securities (4.2) Credit to other euro area residents Loans e) loans adjusted for sales and securitisation f) Debt securities Equity and non-money market fund investment fund shares (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) | 263 7182 2251 92 2372 2467 16175 3597 1127 2469 12579 10503 ND 1288 788 1410 169 184 140 | 2 2 4 -31 -22 -31 -11 -7 -7 -1 -1 2 -30 -14 -20 10 1 -7 13 -9 51 19 5 15 -6 11 8 25 -7 7 -6 -13 36 -4 3 19 -2 10 20 -7 -11 -4 5 -5 21 14 48 -32 -13 17 -50 20 1 -1 -1 10 9 | -4.6 -1.8 -1.1 -1.7 -1.9 -2.0 -5.4 -5.5 -5.1 -0.9 -1.1 2.0 -4.4 -4.8 -5.6 4.7 4.8 4.6 -1.3 -0.9 -0.2 -0.2 0.8 1.9 -1.4 0.6 1.5 0.4 0.9 2.0 -1.6 -1.4 -0.7 -1.1 -0.9 -0.5 -0.5 -0.2 0.1 -7.9 -7.2 -5.5 2.5 2.5 4.8 ND ND ND ND ND ND -3.1 -4.4 0.0 2.1 -6.6 14.5 |
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
January 2015
2 Breakdown of deposits in M3 by holding sector and type: DECEMBER 2014
(EUR billions and annual percentage changes; data adjusted for seasonal effects a) )
END-OF- MONTH LEVEL | MONTHLY FLOW b) | ANNUAL GROWTH RATE | ||||
DECEMBER 2014 | OCTOBER 2014 | NOVEMBER 2014 | DECEMBER 2014 | OCTOBER 2014 | NOVEMBER 2014 | DECEMBER 2014 |
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 d) (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 corporations excluding insurance corporations and pension funds d), e) (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 e) (4) Deposits placed by insurance corporations and pension funds (5) Deposits placed by other general government | 8789 5550 2749 811 1986 5 1818 1334 367 97 20 882 543 242 18 79 215 324 | 30 62 -33 -1 22 -4 13 31 19 -9 -8 -17 -4 -1 -5 0 0 0 1 26 -26 13 23 -22 -12 3 -8 1 0 -3 -2 0 7 32 12 16 19 9 20 0 -3 8 0 6 -5 14 0 -7 3 0 -15 -5 2 -4 | 2.5 3.1 3.2 2.1 2.4 2.4 6.9 7.5 8.0 -6.9 -7.1 -7.6 0.1 0.2 -0.3 -18.5 -14.7 1.4 4.9 5.2 3.6 8.5 8.8 7.3 -5.5 -5.3 -7.5 2.8 3.3 1.2 12.1 17.4 15.6 0.5 3.6 6.2 0.3 4.5 10.6 0.7 3.8 0.5 -2.7 -3.6 7.3 1.5 0.2 -2.8 3.4 4.0 1.4 2.2 1.1 6.6 |
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) In accordance with the ESA 2010, in December 2014 holding companies of non-financial groups were reclassified from the non-financial corporations sector to the financial corporations sector. These entities are included in MFI balance sheet statistics with financial corporations other than MFIs and insurance corporations and pension funds (ICPFs).
e) Excludes repurchase agreements with central counterparties.
ECB
Monetary developments in the euro area
January 2015
3 Contributions of M3 components to the M3 annual growth rate: DECEMBER 2014
(contributions in terms of the M3 annual percentage change; data adjusted for seasonal effects a) )
OCTOBER 2014 | NOVEMBER 2014 | DECEMBER 2014 | |
(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) | 3.4 0.5 2.9 -0.8 -0.1 | 3.8 0.5 3.3 -0.7 0.0 | 4.3 0.6 3.7 -1.0 0.3 |
(4) M3 (= items 1, 2 and 3) | 2.5 | 3.1 | 3.6 |
a) Figures may not add up due to rounding.
4 Breakdown of loans as counterpart to M3 by borrowing sector, type and original maturity: DECEMBER 2014
(EUR billions and annual percentage changes; data adjusted for seasonal effects a) )
END-OF- MONTH LEVEL | MONTHLY FLOW b) | ANNUAL GROWTH RATE | ||||
DECEMBER 2014 | OCTOBER 2014 | NOVEMBER 2014 | DECEMBER 2014 | OCTOBER 2014 | NOVEMBER 2014 | DECEMBER 2014 |
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 g) 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 corporations except insurance corporations and pension funds g), h) (4) Loans to insurance corporations and pension funds | 5194 ND 562 3852 779 394 4285 ND 1082 725 2477 898 126 | 4 -1 1 6 5 2 2 -1 -5 4 0 4 -2 0 2 -2 0 -3 -2 -4 11 -2 -3 11 -2 -13 10 -1 11 -3 0 -2 5 -5 3 6 0 5 1 | -0.4 -0.4 -0.3 0.6 0.7 0.8 0.1 0.1 -0.9 -0.2 -0.2 -0.1 -1.8 -1.3 -0.8 -1.4 -1.3 -1.9 -1.8 -1.7 -1.3 -1.6 -1.4 -1.0 -1.0 -1.5 -1.0 -3.4 -1.8 0.0 -1.7 -1.7 -1.8 -2.4 -1.0 0.8 5.8 8.0 9.9 |
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) In accordance with the ESA 2010, in December 2014 holding companies of non-financial groups were reclassified from the non-financial corporations sector to the financial corporations sector. These entities are included in MFI balance sheet statistics with financial corporations other than MFIs and insurance corporations and pension funds (ICPFs).
h) Excludes reverse repos to central counterparties.
ECB Monetary developments in the euro area
January 2015
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