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Bank credit and deposits: June 2020

27/07/2020 - Press Releases

In June 2020, the annual growth rate of total credit extended to the domestic economy increased to 6.0% from 4.0% in the previous month and the monthly net flow was positive by €3,713 million, compared with a positive net flow of €3,037 million in the previous month.

The annual growth rate of total deposits decreased to 4.6% from 6.1% in the previous month; the monthly net flow was positive by €270 million, compared with a negative net flow of €200 million in May 2020.

I. Credit to the domestic economy

Ι.1 Credit to the general government[1]

In June 2020, the monthly net flow of credit to the general government was positive by €3,354 million, compared with a positive net flow of €2,681 million in the previous month; the annual growth rate increased to 38.6% from 22.4% in the previous month.

Ι.2 Credit to the private sector

In June 2020, the annual growth rate of credit to the private sector decreased to 0.4% from 0.7% in the previous month. The monthly net flow of credit to the private sector was positive by €359 million, compared with a positive net flow of €356 million in the previous month.

Ι.2.1 Credit to corporations

In June 2020, the monthly net flow of credit to corporations was positive by €307 million, compared with a positive net flow of €429 million in the previous month; the annual growth rate decreased to 3.7% from 4.7% in the previous month. In particular, the annual growth rate of credit to non-financial corporations (NFC’s) decreased to 3.8% from 4.6% in the previous month; the monthly net flow was positive by €250 million, compared with a positive net flow of €386 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries decreased to 2.7% from 5.9% in the previous month; the monthly net flow was positive by €57 million, compared with a positive net flow of €42 million in the previous month.

Ι.2.2 Credit to sole proprietors and unincorporated partnerships

In June 2020, the monthly net flow of credit to sole proprietors and unincorporated partnerships was positive by €42 million, compared with a positive net flow of €16 million in the previous month; the annual growth rate stood at -1.9% from -2.3% in the previous month.

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

In June 2020, the monthly net flow of credit to individuals and private non-profit institutions was positive by €10 million, compared with a negative net flow of €89 million in the previous month; the annual growth rate stood at -2.7% from -2.8% in the previous month.

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

According to data from the four systemic credit institutions, the outstanding amount of loans subject to a temporary suspension of principal and interest repayments was €18,043 million, in June 2020. In particular, loan moratoria correspond to housing loans (€8,723 million), loans to NFCs (€6,596 million), consumer loans (€1,320 million), loans to sole proprietors and unincorporated partnerships (€1,402 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 June 2020, deposits placed by the general government decreased by €178 million, compared with a decrease of €1,917 million in the previous month, while the annual growth rate stood at -28.0% from -24.0% in the previous month.

ΙΙ.2 Deposits placed by the private sector

In June 2020, deposits placed by the private sector increased by €448 million, compared with an increase of €1,717 million in the previous month; the annual growth rate decreased to 8.4% from 9.4% in the previous month.

ΙΙ.2.1 Corporate deposits

In June 2020, corporate deposits increased by €398 million, compared with an increase of €1,523 million in the previous month; the annual growth rate decreased to 19.3% from 21.1% in the previous month. In particular, deposits from NFCs increased by €461 million, against an increase of €1,458 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries decreased by €63 million, compared with an increase of €65 million in the previous month.

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

In June 2020, deposits placed by households and private non-profit institutions increased by €50 million, compared with an increase of €194 million in the previous month; the annual growth rate stood at 6.0% from 7.0% in the previous month.


Note: The next Press Release on “Bank credit and deposits” for July will be published on 27 August 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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