Annual growth in M3 continues to be mainly supported by its most liquid components, with the narrow monetary aggregate M1 growing at an annual rate of 10.5% in January, after 10.8% in December. 2  BIS central bankers’ speeches  Loan dynamics continued the path of gradual recovery observed since the beginning of 2014.
The annual rate of change of loans to non-financial corporations (adjusted for loan sales and securitisation) increased to 0.6% in January 2016, up from 0.1% in December 2015. Developments in loans to enterprises continue to reflect the lagged relationship with the business cycle, credit risk and the ongoing adjustment of financial and non-financial sector balance sheets.