FRANKFURT (AFX) - Credit to the private sector grew 9.6 pct year-on-year in February, down from a growth rate of 10.0 pct in January.
Loans to the private sector, which account for the bulk of private sector credit, grew 8.8 pct year-on-year, compared with a growth rate of 9.2 pct the month before.
Credit to general government fell 6.3 pct year-on-year. Total credit to euro area residents -- which consists of private sector credit and credit to general government --- consequently grew 5.6 pct year-on-year in February.
Month-on-month M3 rose a seasonally-adjusted 0.7 pct in February, after growing 0.2 pct in February, resulting in an average seasonally-adjusted month-on-month increase over the December-February period of 0.4 pct.
Currency in circulation and overnight deposits (M1) rose 1.6 pct month-on-month, while other short-term deposits (M2-M1) grew 0.6 pct and marketable instruments (M3-M2) declined 0.9 pct.
Year-on-year M1 grew 1.8 pct in January, M2-M1 was unchanged at 3.5 pct and M3-M2 was at 15.7 pct.