Bank deposits continue to rise in Nov. 2017

Friday, 29 December 2017 16:37
UPD:16:56
REUTERS/MARKO DJURICA

The Bank of Greece (BoG) on Friday announced that deposits in the recession-battered country increased in November 2017 by 7 percent, on an annual basis, up from 6.6 percent from the previous month, October 2017.

In absolute terms, the net flow was 1.760 billion euros higher in Greek banks’ vaults, a slower trend from the previous month, when net gains in terms of deposits were up by 3.718 billion euros.

The BoG press release reads:

In November 2017, the annual growth rate of total credit extended to the economy stood at -1.6% from -1.5% in the previous month and the monthly net flow was negative at €214 million, compared with a positive net flow of €540 million in the previous month.

The annual growth rate of total deposits stood at 7.0% from 6.6% in the previous month and the monthly net flow was positive at €1,760 million, compared with a positive net flow of €3,718 million in October 2017.

I. Credit to the domestic economy

Ι.1 Credit to the general government

In November 2017, the monthly net flow of credit to the general government was negative at €251 million, compared with a positive net flow of €1,153 million in the previous month. The annual growth rate of credit to the general government stood at -5.1% from -4.9% in the previous month.

Ι.2 Credit to the private sector

In November 2017, the annual growth rate of credit to the private sector stood at -0.9%, unchanged from the previous month. The monthly net flow of credit to the private sector was positive at €37 million, compared with a negative net flow of €614 million in the previous month.

Ι.2.1 Credit to corporations

In November 2017, the monthly net flow of credit to corporations was positive at €200 million, compared with a negative net flow of €351 million in the previous month and the annual growth rate of credit stood at 0.2%, unchanged from the previous month. In particular, the annual growth rate of credit to non-financial corporations stood at 0.0%, unchanged from the previous month and the monthly net flow of credit was positive at €280 million, against a negative net flow of €75 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries stood at 2.0% in November 2017, from 4.0% in the previous month, while the monthly net flow was negative at €80 million, compared with a negative net flow of €276 million in the previous month.

Ι.2.2 Credit to sole proprietors and unincorporated partnerships

In November 2017, the monthly net flow of credit to sole proprietors and unincorporated partnerships was negative at €22 million, compared with a negative net flow of €65 million in the previous month; the annual growth rate stood at -0.1% from 0.0% in the previous month.

Ι.2.3 Credit to individuals and private non-profit institutions

In November 2017, the monthly net flow of credit to individuals and private non-profit institutions was negative at €140 million, compared with a negative net flow of €197 million in the previous month; the annual growth rate stood at -2.2% from -2.3% in the previous month.

II. Deposits of the domestic economy to domestic credit institutions

ΙΙ.1 Deposits of the general government

In November 2017, deposits of the general government increased by €1,487 million, compared with an increase of €2,681 million in the previous month, while the annual growth rate stood at 31.2% from 30.5% in the previous month.

ΙΙ.2 Deposits of the private sector 

In November 2017, deposits of the private sector increased by €273 million, compared with an increase of €1,037 million in the previous month, while the annual growth rate stood at 4.8% from 4.6% in the previous month.

ΙΙ.2.1 Corporate deposits

In November 2017, corporate deposits increased by €206 million, compared with an increase of €452 million in the previous month and the annual growth rate stood at 12.5% from 13.9% in the previous month. In particular, deposits from non-financial corporations increased by €173 million, against a decrease of €85 million in the previous month and deposits of insurance corporations and other financial intermediaries increased by €33 million in November 2017, compared with an increase of €537 million in the previous month.

ΙΙ.2.2 Deposits of households and private non-profit institutions

In November 2017, deposits of households and private non-profit institutions increased by €67 million, compared with an increase of €585 million in the previous month, while the annual growth rate stood at 3.1% from 2.6% in the previous month. 

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