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Bank of Greece-Bank credit and deposits: August 2020

09/28/2020 | 07:36am

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 EUR1,394 million, compared with a positive net flow of EUR3,097 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 EUR128 million, compared with a positive net flow of EUR3,135 million in July 2020.


I. Credit to the domestic economy


-.1 Credit to the general government[1]


In August 2020, the monthly net flow of credit to the general government was positive by EUR1,163 million, compared with a positive net flow of EUR1,982 million in the previous month; the annual growth rate increased to 49.9% from 45.9% in the previous month.


-.2 Credit to the private sector


In August 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 EUR231 million, compared with a positive net flow of EUR1,114 million in the previous month.


-.2.1 Credit to corporations


In August 2020, the monthly net flow of credit to corporations was positive by EUR324 million, compared with a positive net flow of EUR1,118 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 EUR403 million, compared with a positive net flow of EUR1,320 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 EUR79 million, compared with a negative net flow of EUR202 million in the previous month.


-.2.2 Credit to sole proprietors and unincorporated partnerships


In August 2020, the monthly net flow of credit to sole proprietors and unincorporated partnerships was positive by EUR21 million, compared with a positive net flow of EUR119 million in the previous month; the annual growth rate increased to 0.2% from -0.3% in the previous month.


-.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 EUR114 million, compared with a negative net flow of EUR123 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 EUR19,891 million. In particular, loan moratoria correspond to housing loans (EUR8,377 million), loans to NFCs (EUR8,277 million), consumer loans (EUR1,832 million), loans to sole proprietors and unincorporated partnerships (EUR1,402 million) and other loans to households (EUR3 million).


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


--.1 Deposits placed by the general government


In August 2020, deposits placed by the general government decreased by EUR292 million, compared with a decrease of EUR183 million in the previous month, while the annual growth rate stood at -11.2% from -11.9% in the previous month.


--.2 Deposits placed by the private sector


In August 2020, deposits placed by the private sector increased by EUR420 million, compared with an increase of EUR3,318 million in the previous month; the annual growth rate decreased to 9.0% from 9.5% in the previous month.


--.2.1 Corporate deposits


In August 2020, corporate deposits increased by EUR255 million, compared with an increase of EUR2,649 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 EUR338 million, against an increase of EUR2,484 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries decreased by EUR83 million, compared with an increase of EUR165 million in the previous month.


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


In August 2020, deposits placed by households and private non-profit institutions increased by EUR165 million, compared with an increase of EUR669 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.


(C) 2020 Electronic News Publishing, source ENP Newswire

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