Greek deposits increase over EUR 1 billion in August

Greek deposits increase over EUR 1 billion in August

Households’ deposits increased by more than EUR 1 billion in August, bringing their total balance to EUR 114.2 billion. It is worth noting that the inflow of new deposits in the June-August quarter approached EUR 2.7 billion (EUR 2.684 billion).

According to data from the Bank of Greece, private sector deposits increased by EUR 1.021 billion in August 2019, compared to an increase of EUR 1.604 billion last month, with the annual rate of change being 6.2% from 6, 5% last month. Their total balance stood at EUR 139.7 billion at the end of August.

On the lending side, the BoG data show that in August 2019 the annual rate of change in the total financing of the domestic economy stood at -0.7% from -0.4% in the previous month, while the monthly net flow was negative by EUR 555 million, against a negative net flow of EUR 908 million last month.

Negative credit expansion

The annual rate of change in total private sector financing stood at -0.1%, unchanged from the previous month. The monthly net flow of total financing to the private sector was negative by EUR 402 million, against a negative net flow of EUR 721 million last month. The monthly net flow of business financing in August 2019 was negative by EUR 189 million, against a negative net flow of EUR 437 million last month, while the annual rate of change was 2.7% from 2.8% last month. In particular, the annual rate of change in the financing of non-financial corporations stood at 2.9%, unchanged from the previous month, while their monthly net financing flow was negative by EUR 138 million, against a negative net flow of EUR 476 million last month.

The annual rate of change in the financing of insurance companies and other financial institutions stood at -0.2% from 0.9% in the previous month and their monthly net financing flow was negative by EUR 51 million, against a positive net flow EUR 38 million last month.

Net flow of funding to freelancers, farmers and individual businesses was negative by EUR 35 million

Finally, the negative net flow of funding to individuals and private non-profit institutions in August 2019 was negative by EUR 178 million, against a negative net flow of EUR 228 million last month. The annual rate of change in their financing stood at -2.8%./ibna