September 27, 2017 / 8:17 AM / a year ago

Euro zone lending growth stable in Aug but M3 jumps

FRANKFURT, Sept 27 (Reuters) - Growth in the amount of money circulating in the euro zone, which is seen as a precursor of inflation, surged last month, while bank lending was little changed, European Central Bank data showed on Wednesday.

The annual growth rate of the M3 measure of money supply in the 19-country euro zone, accelerated to 5.0 percent in August from 4.5 percent in July, beating market expectations for 4.6 percent and reversing the previous month’s tumble.

Growth in corporate lending picked up to 2.5 percent in August from 2.4 percent a month ago, moving sideways for much of this year, while household lending held steady at 2.7 percent.

Although lending has been at or near its best levels since global financial crisis, banks are still flush with cash, parking much of their deposits with the European Central Bank rather than lending it to the real economy.

For more detail on this data, click on: here (Reporting by Balazs Koranyi; Editing by Francesco Canepa)

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