BRUSSELS (dpa-AFX) - Loans to the euro area private sector increased at a faster pace in July, data published by the European Central Bank showed on Thursday.
Adjusted loans to the private sector grew 4.1 percent year-on-year in July, faster than the 3.8 percent increase in June. Moreover, this was the quickest growth in three years.
Within overall credit, loans to households rose 3.1 percent, and loans to non-financial corporations climbed 4.4 percent, both accelerating from 3.1 percent and 4.0 percent, respectively, from the previous month.
Further, data showed that broad monetary aggregate M3 grew at a slightly faster pace of 3.4 percent after rising 3.3 percent in June, as expected. Meanwhile, growth in the narrow measure M1 slowed to 3.1 percent from 3.5 percent.
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