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The Eurozone's money supply
continued to grow at a slow pace in July, with the main M3 indicator - - a
broad measure of money and credit in the region's economy - -showing the annual
growth rate staying unchanged from June at 0.2%.
The three-month average of the annual rates of change of M3 over
the period May 2010 - July 2010 stood at 0.1%, compared with 0.0% in the period
April 2010 - June 2010.
The European
Central Bank said the annual rate of growth in lending to
the private sector accelerated to 0.9%, its fastest rate in
a year, from a revised 0.5% in June. However, while
household lending rose by a seasonally adjusted €6m in July
from June, lending to non-financial corporations fell by
€10m. The latter is only half as large as the €20m fall in
June, but its still at a low level.
The ECB said the annual rate of growth of credit extended to
general government decreased to 7.6% in July, from 8.1% in June, while the
annual growth of credit extended to the private sector increased to 0.6% in
July, from 0.1% in the previous month. Among the components of the latter, the
annual rate of change of loans to the private sector increased to 0.9% in July,
from 0.5% in the previous month (adjusted for loan sales and securitisation the
annual growth rate of loans to the private sector increased to 1.0%, from 0.5%
in the previous month).
The annual rate of change of loans
to non-financial corporations increased to -1.3% in July, from -1.6% in June.
The annual growth rate of loans to households stood at 2.8% in July, unchanged
from the previous month. The annual rate of growth of lending for house purchase
increased to 3.5% in July, from 3.3% in the previous month. The annual rate of
change of consumer credit decreased to -0.6% in July, from -0.4% in June, while
the annual growth rate of other lending to households decreased to 2.6% in July,
from 3.0% in the previous month.
Finally, the annual rate of growth of loans to non-monetary
financial intermediaries (except insurance corporations and pension funds)
increased to 2.2% in July, from 1.0% in the previous month.
