Euro-zone M3 up, private loan growth slows in March

Mon Apr 30, 2012 4:28am EDT

FRANKFURT, April 30 (Reuters) - Money supply growth
accelerated and loan growth to the private sector slowed in
March, the European Central Bank said on Monday.  
    The ECB gave the following percentage changes in growth, 
seasonally adjusted:    
                                         MARCH  FEB       Prior 
 M3 annual growth rate                   3.2    2.8       (2.8) 
 M3 3-month moving avg 12-mo growth      2.8    2.3       (2.3) 
 Annual total credit growth              1.8    1.4       (1.4) 
 Annual credit growth private sector     0.5    0.4       (0.3) 
  -- of which loans                      0.6    0.8       (0.7) 
 Breakdown of Loans, pct annual growth rate:     
 Loans to households                     0.6    1.2       (1.2) 
  -- consumer credit                    -2.0   -1.8      (-1.8) 
  -- for home purchases                  1.1    1.8       (1.8) 
 Loans to non-financial corporations     0.3    0.6       (0.4) 
 Monthly loan flow to firms (bln eur)     -5     -2       (-3)   
     
    FORECAST:  
    A Reuters poll showed 36 economists on average expected 
12-month M3 growth of 2.8 percent, with forecasts ranging from 
2.4 percent to 3.2 percent. For private loan growth, economists 
on average expected 0.7 percent growth, with a forecast range of
0.3 percent to 1.0 percent.   
     
    For a copy of the report, please click here 
   NOTES: The data are adjusted to exclude holdings of money 
market fund shares or units by residents outside the euro area 
and non-resident holdings of money market paper and debt 
securities with an initial maturity of up to two years.       
   Previously reported data from the prior month are in 
brackets.   
   The ECB has set a reference rate of 4.5 percent for the 
three-month moving average of annual money supply growth, above 
which the bank sees dangers to medium-term price stability.