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Bank of Greece -Bank credit and deposits: September 2020

10/28/2020 | 04:43am

In September 2020, the annual growth rate of total credit extended to the domestic economy increased to 10.6% from 9.2% in the previous month and the monthly net flow was positive by EUR2,537 million, compared with a positive net flow of EUR1,394 million in the previous month.


The annual growth rate of total deposits decreased to 7.0% from 7.4% in the previous month; the monthly net flow was positive by EUR1,007 million, compared with a positive net flow of EUR128 million in August 2020.


I. Credit to the domestic economy


?.1 Credit to the general government[1]


In September 2020, the monthly net flow of credit to the general government was positive by EUR1,914 million, compared with a positive net flow of EUR1,163 million in the previous month; the annual growth rate increased to 54.0% from 49.9% in the previous month.


?.2 Credit to the private sector


In September 2020, the annual growth rate of credit to the private sector increased to 2.4% from 1.9% in the previous month. The monthly net flow of credit to the private sector was positive by EUR623 million, compared with a positive net flow of EUR231 million in the previous month.


?.2.1 Credit to corporations


In September 2020, the monthly net flow of credit to corporations was positive by EUR714 million, compared with a positive net flow of EUR324 million in the previous month; the annual growth rate increased to 7.5% from 6.5% in the previous month. In particular, the annual growth rate of credit to non-financial corporations (NFCs) increased to 8.3% from 7.2% in the previous month; the monthly net flow was positive by EUR660 million, compared with a positive net flow of EUR403 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries stood at -1.0% from -1.5% in the previous month; the monthly net flow was positive by EUR54 million, compared with a negative net flow of EUR79 million in the previous month.


?.2.2 Credit to sole proprietors and unincorporated partnerships


In September 2020, the monthly net flow of credit to sole proprietors and unincorporated partnerships was negative by EUR3 million, compared with a positive net flow of EUR21 million in the previous month; the annual growth rate stood at -0.2% from 0.2% in the previous month.


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


In September 2020, the monthly net flow of credit to individuals and private non-profit institutions was negative by EUR88 million, compared with a negative net flow of EUR114 million in the previous month; the annual growth rate stood at -2.5%, unchanged from 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 September 2020, the outstanding amount of loans subject to a temporary suspension of principal and/or interest repayments grew to EUR20,148 million. In particular, loan moratoria correspond to housing loans (EUR7,749 million), loans to NFCs (EUR9,287 million), consumer loans (EUR1,747 million), loans to sole proprietors and unincorporated partnerships (EUR1,361 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 September 2020, deposits placed by the general government decreased by EUR153 million, compared with a decrease of EUR292 million in the previous month, while the annual growth rate stood at -25.1% from -11.2% in the previous month.


??.2 Deposits placed by the private sector


In September 2020, deposits placed by the private sector increased by EUR1,160 million, compared with an increase of EUR420 million in the previous month; the annual growth rate increased to 10.3% from 9.0% in the previous month.


??.2.1 Corporate deposits


In September 2020, corporate deposits increased by EUR877 million, compared with an increase of EUR255 million in the previous month; the annual growth rate increased to 33.2% from 25.9% in the previous month. In particular, deposits from NFCs increased by EUR1,047 million, against an increase of EUR339 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries decreased by EUR170 million, compared with a decrease of EUR84 million in the previous month.


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


In September 2020, deposits placed by households and private non-profit institutions increased by EUR283 million, compared with an increase of EUR165 million in the previous month; the annual growth rate stood at 5.4% from 5.2% in the previous month.


Note: The next Press Release on 'Bank credit and deposits' for October 2020 will be published on 26 November 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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