The tables in this section present a detailed picture of credit extended to the Greek economy by domestic MFIs (excluding the Bank of Greece). There is a breakdown of loans and debt securities by economic sector (general government, corporations, and households) and a breakdown of loans by original (and not remaining) maturity. Moreover, credit to non financial corporations is broken down by branch of activity (agriculture, industry, etc). There is also an analysis of loan write-offs that allows an improved understanding of credit developments. It should be noted that credit growth is calculated without taking into account the reduction in the outstanding amount of loans caused by write-offs. Loan write-offs do not constitute a transaction, according to the European System of Accounts ESA95, since no exchange of cash takes place as in the case of loan repayments. Data on write-offs are available as of November 2002.
It should be noted that credit aggregates include securitised loans and corporate bonds, even though the amounts of these securitised assets are not included in the aggregated balance sheet of MFIs. When a credit institution carries out a traditional loan securitization operation, the outstanding amount of loans in its balance sheet is reduced as if there was a loan repayment. In practice however no repayment took place and debtors’ obligations to the bank have not been reduced. Securitised loans are simply transferred from the credit institution to another institution (‘special purpose vehicle’) that acquires the claim against the debtors. The amount the debtor owns is not affected and the debtor does not actually know that his/her debt has been securitised. In the Greek market securitization operations started in November 2003.
The data on credit aggregates are presented separately for the period 1998-2000 and for the post 2001 period. Moreover, in order to meet users’ needs, there is an additional table with historical series of credit to the private sector that goes back to 1980.
Α. Data for the period after the entry of Greece into the euro area (2001- )
Β. Data for the period before the entry of Greece into the euro area (1998-2000)
C. Historical series