Credit to the private sector grew 10.0 pct year-on-year in Jan, down from a growth rate of 10.2 pct in Dec. Loans to the private sector, which account for the bulk of private sector credit, grew 9.1 pct year-on-year, compared with a growth rate of 9.5 pct the month before.
Credit to general government fell 5.7 pct year-on-year. Total credit to euro area residents -- which consists of private sector credit and credit to general government --- consequently grew 6.1 pct year-on-year in Jan.
Month-on-month M3 rose a seasonally-adjusted 0.2 pct in Jan, after growing 0.4 pct in Dec, resulting in an average seasonally-adjusted month-on-month increase over the Nov-Jan period of 0.3 pct. Currency in circulation and overnight deposits (M1) fell 1.6 pct month-on-month, while other short-term deposits (M2-M1) grew 0.4 pct and marketable instruments (M3-M2) expanded 3.9 pct.
Year-on-year M1 grew 1.4 pct in Jan, M2-M1 rose 3.4 pct and M3-M2 increased by 18.3 pct.