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Bank credit and deposits: November 2020

05/01/2021 - Press Releases

In November 2020, the annual growth rate of total credit extended to the domestic economy increased to 12.5% from 11.5% in the previous month, while the monthly net flow was positive by €1,879 million, compared with a positive net flow of €2,258 million in the previous month. 

The annual growth rate of total deposits increased to 9.8% from 8.5% in the previous month; the monthly net flow was positive by €2,724 million, compared with a positive net flow of €2,320 million in October 2020.

 

I. Credit to the domestic economy

Ι.1 Credit to the general government[1]

In November 2020, the monthly net flow of credit to the general government was positive by €1,649 million, compared with a positive net flow of €2,505 million in the previous month; the annual growth rate increased to 63.2% from 57.0% in the previous month.

 

Ι.2 Credit to the private sector

In November 2020, the annual growth rate of credit to the private sector increased to 2.6% from 2.5% in the previous month. The monthly net flow of credit was positive by €230 million, compared with a negative net flow of €247 million in the previous month.

Ι.2.1 Credit to corporations

In November 2020, the monthly net flow of credit to corporations was positive by €367 million, compared with a negative net flow of €55 million in the previous month; the annual growth rate stood at 7.6% from 7.5% in the previous month. In particular, the annual growth rate of credit to non-financial corporations (NFCs) increased to 8.7% from 8.6% in the previous month; the monthly net flow was positive by €311 million, compared with a positive net flow of €72 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries stood at -3.5% from -3.9% in the previous month; the monthly net flow was positive by €56 million, compared with a negative net flow of €127 million in the previous month.

Ι.2.2 Credit to sole proprietors and unincorporated partnerships

In November 2020, the monthly net flow of credit to sole proprietors and unincorporated partnerships was positive by €50 million, compared with a negative net flow of €17 million in the previous month; the annual growth rate increased to 1.3% from 0.5% in the previous month.

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

In November 2020, the monthly net flow of credit to individuals and private non-profit institutions was negative by €187 million, compared with a negative net flow of €175 million in the previous month; the annual growth rate stood at -2.5% from -2.4% 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 November 2020, the outstanding amount of loans subject to a temporary suspension of principal and/or interest repayments grew to €20,753 million. In particular, loan moratoria correspond to loans to NFCs (€9,029 million), housing loans (€8,534 million), consumer loans (€1,808 million), loans to sole proprietors and unincorporated partnerships (€1,379 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 November 2020, deposits placed by the general government decreased by €432 million, compared with a decrease of €206 million in the previous month and the annual growth rate stood at -30.9% from -23.4% in the previous month.

 

ΙΙ.2 Deposits placed by the private sector

In November 2020, deposits placed by the private sector increased by €3,156 million, compared with an increase of €2,526 million in the previous month; the annual growth rate increased to 14.0% from 11.6% in the previous month.

ΙΙ.2.1 Corporate deposits

In November 2020, corporate deposits increased by €1,871 million, compared with an increase of €968 million in the previous month; the annual growth rate increased to 45.1% from 36.1% in the previous month. In particular, deposits from NFCs increased by €2,334 million, against an increase of €143 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries decreased by €463 million, compared with an increase of €825 million in the previous month.

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

In November 2020, deposits placed by households and private non-profit institutions increased by €1,285 million, compared with an increase of €1,558 million in the previous month; the annual growth rate increased to 7.3% from 6.3% in the previous month.

 

Note: The next Press Release on “Bank credit and deposits” for December 2020 will be published on 29 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.

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