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Bank credit and deposits: July 2020

27/08/2020 - Press Releases

In July 2020, the annual growth rate of total credit extended to the domestic economy increased to 8.2% from 6.0% in the previous month, while the monthly net flow was positive by €3,192 million, compared with a positive net flow of €3,713 million in the previous month.
The annual growth rate of total deposits increased to 7.7% from 4.6% in the previous month; the monthly net flow was positive by €3,139 million, compared with a positive net flow of €270 million in June 2020.  
 

I. Credit to the domestic economy

Ι.1 Credit to the general government[1]

In July 2020, the monthly net flow of credit to the general government was positive by €2,052 million, compared with a positive net flow of €3,354 million in the previous month; the annual growth rate increased to 46.1% from 38.6% in the previous month.

Ι.2 Credit to the private sector

In July 2020, the annual growth rate of credit to the private sector increased to 1.5% from 0.4% in the previous month. The monthly net flow of credit to the private sector was positive by €1,140 million, compared with a positive net flow of €359 million in the previous month.

Ι.2.1 Credit to corporations

In July 2020, the monthly net flow of credit to corporations was positive by €1,144 million, compared with a positive net flow of €307 million in the previous month; the annual growth rate increased to 5.8% from 3.7% in the previous month. In particular, the annual growth rate of credit to non-financial corporations (NFCs) increased to 6.5% from 3.8% in the previous month; the monthly net flow was positive by €1,346 million, compared with a positive net flow of €250 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries decreased to -1.0% from 2.7% in the previous month; the monthly net flow was negative by €202 million, compared with a positive net flow of €57 million in the previous month.

Ι.2.2 Credit to sole proprietors and unincorporated partnerships

In July 2020, the monthly net flow of credit to sole proprietors and unincorporated partnerships was positive by €119 million, compared with a positive net flow of €42 million in the previous month; the annual growth rate stood at -0.3% from -1.9% in the previous month.

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

In July 2020, the monthly net flow of credit to individuals and private non-profit institutions was negative by €123 million, compared with a positive net flow of €10 million in the previous month; the annual growth rate stood at -2.6% from -2.7% 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 July 2020, the outstanding amount of loans subject to a temporary suspension of principal and interest repayments reached €19,762 million. In particular, loan moratoria correspond to housing loans (€8,694 million), loans to NFCs (€7,892 million), consumer loans (€1,733 million), loans to sole proprietors and unincorporated partnerships (€1,439 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

In July 2020, deposits placed by the general government decreased by €183 million, compared with a decrease of €178 million in the previous month, while the annual growth rate stood at -11.9% from -28.0% in the previous month.

ΙΙ.2       Deposits placed by the private sector

In July 2020, deposits placed by the private sector increased by €3,322 million, compared with an increase of €448 million in the previous month; the annual growth rate increased to 9.5% from 8.4% in the previous month.

ΙΙ.2.1 Corporate deposits

In July 2020, corporate deposits increased by €2,653 million, compared with an increase of €398 million in the previous month; the annual growth rate increased to 24.8% from 19.3% in the previous month. In particular, deposits from NFCs increased by €2,483 million, against an increase of €461 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries increased by €170 million, compared with a decrease of €63 million in the previous month.

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

In July 2020, deposits placed by households and private non-profit institutions increased by €669 million, compared with an increase of €50 million in the previous month; the annual growth rate stood at 6.0%, unchanged from the previous month.

 

Note: The next Press Release on “Bank credit and deposits” for August 2020 will be published on 25 September 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] It concerns 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.

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