Bank credit and deposits: August 2020

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Bank credit and deposits: August 2020 25/09/2020 - Press Releases

In August 2020, the annual growth rate of total credit extended to the domestic economy increased to 9.2% from 8.2% in the previous month, while the monthly net flow was positive by €1,394 million, compared with a positive net flow of €3,097 million in the previous month.

The annual growth rate of total deposits decreased to 7.4% from 7.7% in the previous month; the monthly net flow was positive by €128 million, compared with a positive net flow of €3,135 million in July 2020.

I. Credit to the domestic economy

Ι.1 Credit to the general government[1]

InAugust 2020, the monthly net flow of credit to the general government was positive by €1,163 million, compared with a positive net flow of €1,982 million in the previous month; the annual growth rate increased to 49.9% from 45.9% in the previous month.

Ι.2 Credit to the private sector

InAugust 2020, the annual growth rate of credit to the private sector increased to 1.9% from 1.5% in the previous month. The monthly net flow of credit to the private sector was positive by €231 million, compared with a positive net flow of €1,114 million in the previous month.

Ι.2.1 Credit to corporations

InAugust 2020, the monthly net flow of credit to corporations was positive by €324 million, compared with a positive net flow of €1,118 million in the previous month; the annual growth rate increased to 6.5% from 5.8% in the previous month. In particular, the annual growth rate of credit to non-financial corporations (NFCs) increased to 7.2% from 6.4% in the previous month; the monthly net flow was positive by €403 million, compared with a positive net flow of €1,320 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries stood at -1.5% from -1.0% in the previous month; the monthly net flow was negative by €79 million, compared with a negative net flow of €202 million in the previous month.

Ι.2.2 Credit to sole proprietors and unincorporated partnerships

InAugust 2020, the monthly net flow of credit to sole proprietors and unincorporated partnerships was positive by €21 million, compared with a positive net flow of €119 million in the previous month; the annual growth rate increased to 0.2% from -0.3% in the previous month.

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

In August 2020, the monthly net flow of credit to individuals and private non-profit institutions was negative by €114 million, compared with a negative net flow of €123 million in the previous month; the annual growth rate stood at -2.5% from -2.6% in the previous month.

I.3 Loans subject to suspended principal and interest repayments[2]

According to data from the four systemic credit institutions up to August 2020, the outstanding amount of loans subject to a temporary suspension of principal and/or interest repayments grew to €19,891 million. In particular, loan moratoria correspond to housing loans (€8,377 million), loans to NFCs (€8,277 million), consumer loans (€1,832 million), loans tosole proprietors and unincorporated partnerships (€1,402 million) and other loans to households (€3 million).

II. Deposits[3] by the domestic economy with the domestic credit institutions[4]

ΙΙ.1 Deposits placed by the general government

InAugust 2020, deposits placed by the general government decreased by €292 million, compared with a decrease of €183 million in the previous month, while the annual growth rate stood at -11.2% from -11.9% in the previous month.

ΙΙ.2 Deposits placed by the private sector

InAugust 2020, deposits placed by the private sector increased by €420 million, compared with an increase of €3,318 million in the previous month; the annual growth rate decreased to 9.0% from 9.5% in the previous month.

ΙΙ.2.1 Corporate deposits

InAugust 2020, corporate deposits increased by €255 million, compared with an increase of €2,649 million in the previous month; the annual growth rate increased to 25.9% from 24.8% in the previous month. In particular, deposits from NFCs increased by €338 million, against an increase of €2,484 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries decreased by €83 million, compared with an increase of €165 million in the previous month.

ΙΙ.2.2 Deposits placed by households and private non-profit institutions

InAugust 2020, deposits placed by households and private non-profit institutions increased by €165 million, compared with an increase of €669 million in the previous month; the annual growth rate decreased to 5.2% from 6.0% in the previous month.

Note: The next Press Release on 'Bank credit and deposits' for September 2020 will be published on 27 October 2020, in accordance with the Advance release calendars, published on the Bank of Greece website (Credit Aggregates, Bank Deposits).

[1] The general government includes central government, local government and social security funds.

[2] Regarding loans to corporations and households that have been affected by the COVID-19 pandemic, for which measures have been taken in order to combat its economic impact, in accordance with the Act of Legal Content of 30/3/2020.

[3] Including repos.

[4] Excluding the Bank of Greece.