Mubasher: Bank lending to households in the Eurozone posted the fastest growth since more than a decade and a half in July, while money supply growth picked up, the European Central Bank (ECB) said on Wednesday.

Loans to households climbed by 3.4% year-on-year last July, slightly higher pace than 3.3% in June, but the fastest since January 2009.

Lending to non-financial corporations grew at an unchanged pace of 3.9%.

Credit to general government inched down by 0.5% in July, with growth in credit to the private sector retreating to 2.9% down from 3.1% in the preceding month.

Adjusted loans to the private sector rose by 3.6% last month, compared with 3.5% increase in the prior month.

The broader monetary aggregate M3 jumped by 5.2% year-on-year in July, faster than the 4.5% growth in June.

Moreover, growth in the narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, picked steam at 7.8% from 7.2%.

By 10:46 am GMT, the EUR/USD pair ticked up by 0.03% to $1.1093.