By Hans Bentzien
FRANKFURT (Dow Jones)–The dynamics of lending to companies in the euro area was no longer negative in November. According to the European Central Bank (ECB), lending to non-financial companies stagnated at the same level as in the same month last year, after falling in October for the first time in eight years (minus 0.3 percent). Compared to the previous month, lending rose by 20 billion euros after stagnating in October.
The volume of loans to private households grew at an annual rate of 0.5 (0.6) percent, including loans for house purchases by 0.3 (0.3) percent and consumer loans by 2.6 (2, 8) percent.
Total lending in the euro area fell by 0.6 (minus 0.5) percent, with lending to private individuals increasing by 0.4 (0.4) percent, but lending to the state by 3.0 (minus 2.6) percent. percent fell.
The money supply M3, whose most important balance sheet counterpart is loans, fell in November at an annual rate of 0.9 (minus 1.0) percent. An unchanged minus of 1.0 percent was expected. The annual rate of change in the narrower money supply M1 increased to minus 9.5 (minus 10.0) percent. In addition to the cash in circulation, M1 includes sight deposits at banks.
Contact the author: hans.bentzien.de@dowjones.com
DJG/hab/cla
(END) Dow Jones Newswires
January 02, 2024 04:12 PM ET (09:12 GMT)
2024-01-02 21:24:16
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