Pace of eurozone lending edges higher in May: ECB

30th June 2011, Comments 0 comments

The rate of growth in eurozone bank loans to the private sector rose slightly in May, the European Central bank said on Thursday.

Lending was up by 2.7 percent in May compared to the same month last year, just up on the 2.6 percent registered in April.

The central bank said that eurozone money supply as measured by its M3 indicator grew by 2.4 percent in May, compared to 2.0 percent in April.

Analysts polled by Dow Jones Newswires had expected an M3 increase of 2.1 percent in May.

The ECB regards the M3 figure as a key guide to pressures likely to affect inflation in the medium term.

© 2011 AFP

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