Bank credit to private sector remained unchanged at -3.5 pct in June

The annual rate of total credit extended to the domestic private sector stood at -3.5% in June, unchanged compared to the previous month, the Bank of Greece said on Friday.

The central bank, in a monthly report, said that the net flow of total credit to the domestic private sector was negative, amounting to 324 million euros (June 2013: negative net flow of 212 million).

The net flow of credit to corporations, in June 2014, was negative, amounting to 266 million euros (June 2013: negative net flow of 63 million), and the annual growth rate of credit stood at -4.7%, compared with -4.5% in the previous month. In particular, the annual growth rate of credit to non-financial corporations stood at -4.7% compared with -4.4% in the previous month, while the net flow of credit to non-financial corporations was negative and equal to 319 million euros (June 2013: negative net flow of 42 million). The annual growth rate of credit to insurance corporations and other financial intermediaries stood at -4.1%, in June 2014, compared with -5.2% in May 2014.

In June 2014, the net flow of credit to individuals and private non-profit institutions was negative, amounting to 128 million euros, (June 2013: negative net flow of 161 million) and its annual growth rate stood at -3.0%, unchanged from the previous month.