Seen from a long-term perspective , in 2003 the average annual growth rate of loans to the private sector was , in real terms , about 1 ¼ percentage points below its long-term Chart 5 Movements in M3 and its counterparts ( annual flows ;
G r á f i c o 5 M ov i m i e n t o s d e M 3 y d e s u s contrapartidas ( flujos interanuales ;