Accordingly, the annual rate of growth of M1 declined to 5.0% in September, from 5.2% in August. At the same time, we have observed a strengthening in the deposit base of banks in some stressed countries, amid improvements in investors’ confidence in the euro area.
The annual growth rate of loans to the private sector (adjusted for loan sales and securitisation) declined further to –0.4% in September, from –0.2% in August. This development was mainly due to further net redemptions in loans to non-financial corporations, which led to an annual rate of decline in these loans of –1.2%, compared with –0.5% in August.