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Bank credit to domestic enterprises and households - June 2010

28/07/2010 - Press Releases

The annual growth rate of total credit expansion to domestic enterprises and households decreased further to 2.5% in June 2010, from 2.8% in May 2010 and 4.2% in December 2009. Compared with May 2010, credit expansion to enterprises remained unchanged while the growth rate of credit to households further slowed down.

Credit to domestic enterprises

More specifically, the net flow of credit to domestic enterprises in June 2010 amounted to €469 million (June 2009: €602 million) and the annual rate of credit expansion remained unchanged to 3.4% (December 2009: 5.1%).

The analysis of credit to enterprises by branch of economic activity showed that in June 2010 there was an acceleration in the credit extended to industry, where the annual growth rate continued to depict a negative value (June 2010: -0.6%, May 2010: -2.0%, December 2009: -3.5%), to shipping (June 2010: 6.0%, May 2010: 3.2%, December 2009: 4.0%), to electricity-gas-water (June 2010: 36.4%, May 2010: 23.0%, December 2009: 14.7%) and to the remaining branches (June 2010: 6.5%, May 2010: 5.6%, December 2009: 10.4%). On the contrary, deceleration was recorded in the annual growth rate of credit to trade (June 2010: -1.6%, May 2010: -1.3%, December 2009: 4.2%) where credit expansion continued to depict a negative annual growth rate, to construction (June 2010: 2.2%, May 2010: 2.4%, December 2009: 2.7%), to tourism (June 2010: 4.3%, May 2010: 5.7%, December 2009: 7.8%), to communication and transport services excluding shipping (June 2010: 23.4%, May 2010: 26.1%, December 2009: 25.5%), to agriculture (June 2010: 1.1%, May 2010: 1.7%, December 2009: 3.7%), and to other financial institutions (June 2010: -3.4%, May 2010: 13.0%, December 2009: 5.8%) due to intra-group transactions.

Credit to domestic households

The net flow of credit to households in June 2010 was negative, amounting to minus €133 million (June 2009: plus €460 million) and the annual rate of credit expansion decelerated further (June 2010: 1.5%, May 2010: 2.0%, December 2009: 3.1%).

More specifically, the net flow of housing loans was positive €34 million in June 2010 (June 2009: €396 million) while its annual growth rate decelerated (June 2010: 2.5%, May 2010: 3.0%, December 2009: 3.7%).

Consumer credit depicted also a positive net flow of €88 million (June 2009: €63 million) while the annual growth rate remained basically unchanged at the level of the previous month (June 2010: 0.0%, May 2010: -0.1%, December 2009: 2.0%).

Finally, the net flow of “other loans” to households was minus €256 million in June 2010 (June 2009: plus €1 million), and the annual rate of change declined to -5,9% from 2.8% in May 2010 (December 2009: -1.1%).

Bank credit to domestic enterprises and households - June 2010 - Table

Note: The statistics on credit expansion to domestic enterprises and households for the reference month of July 2010 will be published on 26 August 2010.

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