From the perspective of the holding sectors of deposits in M3, the annual growth rate of deposits placed by households stood at 4.1% in October, compared with 4.2% in September, while the annual growth rate of deposits placed by non-financial corporations stood at 6.0% in October, compared with 5.9% in September.
The annual growth rate of deposits placed by non-monetary financial corporations (excluding insurance corporations and pension funds) decreased to 7.0% in October from 18.1% in September.
According to the ECB, the annual growth rate of the broad monetary aggregate M3 decreased to 5.1% in October 2022 from 6.3% in September, averaging 5.8% in the three months up to October, according to recently unveiled data from the European Central Bank.
The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 3.8% in October from 5.6% in September. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) increased to 9.9% in October from 8.1% in September. The annual growth rate of marketable instruments (M3-M2) decreased to 3.2% in October from 7.8% in September.
The dynamics of credit, the annual growth rate of total credit to euro area residents decreased to 5.0% in October 2022 from 5.5% in the previous month.
The annual growth rate of credit to general government decreased to 4.6% in October from 5.0% in September, while the annual growth rate of credit to the private sector decreased to 5.2% in October from 5.7% in September.
The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan sales, securitisation and notional cash pooling) decreased to 6.5% in October from 7.0% in September.
Among the borrowing sectors, the annual growth rate of adjusted loans to households decreased to 4.2% in October from 4.4% in September, while the annual growth rate of adjusted loans to non-financial corporations stood at 8.9% in October, unchanged from the previous month.
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