BoG: Greek banks’ deposits by households and enterprises up slightly in February

Greek banks’ deposits by households and enterprises rose slightly to 124.9 billion euros in February from 124.7 billion in January, with the annual growth rate of deposits rising to 5.6 pct from 4.9 pct over the same periods, respectively, the Bank of Greece said on Tuesday.

More specifically, the central bank, in a monthly report, said that in February 2018, deposits by the general government increased by 469 million euros, compared with an increase of 2,892 million euros in the previous month, while the annual growth rate stood at 30.3 pct from 27.8 pct in the previous month.

Deposits placed by the private sector increased by 59 million euros, compared with a decrease of 1,401 million in the previous month and the annual growth rate stood at 5.6 pct from 4.9 pct in the previous month.

In February 2018, corporate deposits decreased by 447 million euros, compared with a decrease of 341 million in the previous month and the annual growth rate stood at 9.8 pct from 11.4 pct in the previous month. In particular, deposits from non-financial corporations decreased by 609 million euros, against a decrease of 814 million in the previous month, while deposits placed by insurance corporations and other financial intermediaries increased by 162 million euros, compared with an increase of 473 million in the previous month.

Deposits placed by households and private non-profit institutions increased by 505 million euros, compared with a decrease of 1,060 million in the previous month and the annual growth rate stood at 4.8 pct from 3.6 pct in the previous month.

The annual growth rate of total deposits stood at 7.7 pct from 6.8 pct in the previous month, while the monthly net flow was positive at 528 million, compared with a positive net flow of 1,491 million in January 2018.

Credit expansion

In February 2018, the annual growth rate of total credit extended to the economy stood at -1.8 pct from -1.6 pct in the previous month, while the monthly net flow was negative at 1,202 million euros, compared with a negative net flow of 1,237 million in the previous month.

The monthly net flow of credit to the general government was negative at 759 million euros, compared with a negative net flow of 412 million in the previous month. The annual growth rate of credit to the general government stood at -7.0 pct from -6.7 pct in the previous month. The annual growth rate of credit to the private sector stood at -1.0 pct from -0.8 pct in the previous month. The monthly net flow of credit to the private sector was negative at 443 million euros, compared with a negative net flow of 825 million in the previous month. In February 2018, the monthly net flow of credit to corporations was negative at 233 million, compared with a negative net flow of 549 million in the previous month, while the annual growth rate of credit stood at 0.2 pct from 0.6 pct in the previous month.