BRUSSELS (dpa-AFX) - Bank loans to Eurozone businesses grew at a slower pace in August, the European Central Bank said Friday.
Adjusted loans to businesses rose at a pace of 4.2 percent compared to 4.4 percent in July. At the same time, annual growth in loans to households remained unchanged at 3.1 percent.
Overall, growth in lending to the private sector improved to 4.3 percent from 4.1 percent a month ago.
The broad monetary aggregate M3 expanded 3.5 percent on a yearly basis, following a slower growth of 3.4 percent in July. Meanwhile, growth in the narrow measure M1 eased to 2.9 percent from 3.1 percent.
In the three months to August, M3 growth averaged 3.4 percent.
ING economist Peter Vanden Houte said broad money growth picked up slightly in August, while loan growth maintained a steady pace, suggesting that tighter financing conditions have so far had only a limited impact.
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