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Bank credit and deposits: May 2020

26/06/2020 - Press Releases

In May 2020, the annual growth rate of total credit extended to the domestic economy increased to 4.0% from 2.0% in the previous month and the monthly net flow was positive by €3,037 million, compared with a positive net flow of €2,512 million in the previous month.

The annual growth rate of total deposits decreased to 6.1% from 6.8% in the previous month; the monthly net flow was negative by €200 million, compared with a negative net flow of €2,683 million in April 2020.

 

I. Credit to the domestic economy

Ι.1 Credit to the general government[1]

In May 2020, the monthly net flow of credit to the general government was positive by €2,681 million, compared with a positive net flow of €2,585 million in the previous month; the annual growth rate increased to 22.4% from 12.0% in the previous month.

Ι.2 Credit to the private sector

In May 2020, the annual growth rate of credit to the private sector increased to 0.7% from 0.3% in the previous month. The monthly net flow of credit to the private sector was positive by €356 million, compared with a negative net flow of €74 million in the previous month.

Ι.2.1 Credit to corporations

In May 2020, the monthly net flow of credit to corporations was positive by €429 million, compared with a positive net flow of €195 million in the previous month; the annual growth rate increased to 4.7% from 4.0% in the previous month. In particular, the annual growth rate of credit to non-financial corporations increased to 4.6% from 3.8% in the previous month; the monthly net flow was positive by €386 million, the same as in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries increased to 5.9% from 5.6% in the previous month; the monthly net flow was positive by €42 million, compared with a negative net flow of €191 million in the previous month.

Ι.2.2 Credit to sole proprietors and unincorporated partnerships

In May 2020, the monthly net flow of credit to sole proprietors and unincorporated partnerships was positive by €16 million, compared with a negative net flow of €28 million in the previous month; the annual growth rate stood at -2.3% from -2.4% in the previous month.

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

 In May 2020, the monthly net flow of credit to individuals and private non-profit institutions was negative by €89 million, compared with a negative net flow of €241 million in the previous month; the annual growth rate stood at -2.8% from -3.0% in the previous month.

I.3 Loans subject to suspended principal and interest repayments[2]

According to data from the four systemic credit institutions, in May 2020 the outstanding amount of loans subject to a temporary suspension of principal and interest repayments was €14,888 million. In particular, loan moratoria refer to housing loans (€7,719 million), loans to NFCs (€4,358 million), consumption loans (€1,531 million), loans to sole proprietors and unincorporated partnerships (€1,277 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 May 2020, deposits placed by the general government decreased by €1,917 million, compared with a decrease of €4,112 million in the previous month, while the annual growth rate stood at -24.0% from -9.5% in the previous month.

ΙΙ.2       Deposits placed by the private sector

In May 2020, deposits placed by the private sector increased by €1,717 million, compared with an increase of €1,429 million in the previous month and the annual growth rate increased to 9.4% from 8.6% in the previous month.

ΙΙ.2.1 Corporate deposits

In May 2020, corporate deposits increased by €1,523 million, compared with a decrease of €125 million in the previous month and the annual growth rate increased to 21.1% from 15.8% in the previous month. In particular, deposits from non-financial corporations (NFCs) increased by €1,458 million, against a decrease of €177 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries increased by €65 million, compared with an increase of €52 million in the previous month.

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

In May 2020, deposits placed by households and private non-profit institutions increased by €194 million, compared with an increase of €1,554 million in the previous month; the annual growth rate stood at 7.0% from 7.1% in the previous month.

           

Note: The next Press Release on “Bank credit and deposits” for June 2020 will be published on 27 July 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 hit by the measures taken to combat the COVID-19 pandemic, also 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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