Euro area M3 money supply grew 8.8 pct year-on-year in April, up from a downwardly revised 8.5 pct growth rate in March, the European Central Bank said, exceeding expectations Economists polled by AFX News had forecast a growth rate of 8.6 pct Last month, the ECB said the growth rate for March was 8.6 pct The three-month average of the annual growth rate of M3 over the February-April period stood at 8.4 pct, compared with 8.1 pct in January-March and above consensus of a 8.3 pct growth rate The figures exclude non-resident holdings of money market fund shares and units, money market paper and short-term debt securities. They are also adjusted for seasonal and end-of-month calendar effects The ECB said the annual growth rate of M1, which is the currency in circulation and overnight deposits, fell to 9.8 pct in April from 10.1 pct in March Loans to the private sector grew 11.3 pct year-on-year in April, up from an upwardly revised 10.8 pct growth rate in February