Bank credit and deposits: October 2020

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Bank credit and deposits: October 2020 26/11/2020 - Press Releases

In October 2020, the annual growth rate of total credit extended to the domestic economy increased to 11.5% from 10.6% in the previous month, while the monthly net flow was positive by €2,258 million, compared with a positive net flow of €2,537 million in the previous month.

The annual growth rate of total deposits increased to 8.5% from 7.0% in the previous month; the monthly net flow was positive by €2,320 million, compared with a positive net flow of €1,007 million in September 2020.

I. Credit to the domestic economy

Ι.1 Credit to the general government[1]

InOctober 2020, the monthly net flow of credit to the general government was positive by €2,505 million, compared with a positive net flow of €1,914 million in the previous month; the annual growth rate increased to 57.0% from 54.0% in the previous month.

Ι.2 Credit to the private sector

InOctober 2020, the annual growth rate of credit to the private sector increased to 2.5% from 2.4% in the previous month. The monthly net flow of credit to the private sector was negative by €247 million, compared with a positive net flow of €623 million in the previous month.

Ι.2.1 Credit to corporations

InOctober 2020, the monthly net flow of credit to corporations was negative by €55 million, compared with a positive net flow of €714 million in the previous month; the annual growth rate stood at 7.5%, unchanged from the previous month. In particular, the annual growth rate of credit to non-financial corporations (NFCs) increased to 8.6% from 8.3% in the previous month; the monthly net flow was positive by €72 million, compared with a positive net flow of €660 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries stood at -3.9% from -1.0% in the previous month; the monthly net flow was negative by €127 million, compared with a positive net flow of €54 million in the previous month.

Ι.2.2 Credit to sole proprietors and unincorporated partnerships

InOctober 2020, the monthly net flow of credit to sole proprietors and unincorporated partnerships was negative by €17 million, compared with a negative net flow of €3 million in the previous month; the annual growth rate increased to 0.5% from -0.2% in the previous month.

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

In October 2020, the monthly net flow of credit to individuals and private non-profit institutions was negative by €175 million, compared with a negative net flow of €88 million in the previous month; the annual growth rate stood at -2.4% from -2.5% 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 October 2020, the outstanding amount of loans subject to a temporary suspension of principal and/or interest repayments grew to €20,673 million. In particular, loan moratoria correspond to housing loans (€8,343 million), loans to NFCs (€9,170 million), consumer loans (€1,769 million), loans tosole proprietors and unincorporated partnerships (€1,387 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

InOctober 2020, deposits placed by the general government decreased by €206 million, compared with a decrease of €153 million in the previous month, while the annual growth rate stood at -23.4% from -25.1% in the previous month.

ΙΙ.2 Deposits placed by the private sector

InOctober 2020, deposits placed by the private sector increased by €2,526 million, compared with an increase of €1,160 million in the previous month; the annual growth rate increased to 11.6% from 10.3% in the previous month.

ΙΙ.2.1 Corporate deposits

InOctober 2020, corporate deposits increased by €968 million, compared with an increase of €877 million in the previous month; the annual growth rate increased to 36.1% from 33.2% in the previous month. In particular, deposits from NFCs increased by €143 million, against an increase of €1,047 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries increased by €825 million, compared with a decrease of €170 million in the previous month.

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

InOctober 2020, deposits placed by households and private non-profit institutions increased by €1,558 million, compared with an increase of €283 million in the previous month; the annual growth rate increased to 6.3% from 5.4% in the previous month.

Note: The next Press Release on 'Bank credit and deposits' for November 2020 will be published on 5 January 2021, 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.