Credit to the private sector grew 6.8 pct year-on-year in October, down from a growth rate of 7.0 pct in September. Loans to the private sector, which account for the bulk of private sector credit, grew 6.4 pct year-on-year, compared with a growth rate of 6.7 pct the month before. Credit to general government fell 0.9 pct year-on-year. Total credit to euro area residents -- which consists of private sector credit and credit to general government --- consequently grew 5.1 pct year-on-year in October. The year-on-year rate of growth of currency in circulation and overnight deposits (M1) rose to 5.3 pct in October from 5.1 pct in September. Growth in other short-term deposits (M2-M1) rose to 5.4 pct from 5.3 pct the month before. The growth rate of marketable instruments (M3-M2) rose to 20.8 pct in October from 18.5 pct in September.