Bank credit and deposits: December 2020

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Bank credit and deposits: December 2020 29/01/2021 - Press Releases

In December 2020, the annual growth rate of total credit extended to the domestic economy increased to 13.7% from 12.5% in the previous month, while the monthly net flow was positive by €2,683 million, compared with a positive net flow of €1,879 million in the previous month.

The annual growth rate of total deposits decreased to 9.3% from 9.8% in the previous month; the monthly net flow was positive by €4,902 million, compared with a positive net flow of €2,724 million in November 2020.

I. Credit to the domestic economy

Ι.1 Credit to the general government[1]

InDecember 2020, the monthly net flow of credit to the general government was positive by €1,324 million, compared with a positive net flow of €1,649 million in the previous month; the annual growth rate increased to 65.5% from 63.2% in the previous month.

Ι.2 Credit to the private sector

InDecember 2020, the annual growth rate of credit to the private sector increased to 3.4% from 2.6% in the previous month. The monthly net flow of credit was positive by €1,359 million, compared with a positive net flow of €230 million in the previous month.

Ι.2.1 Credit to corporations

InDecember 2020, the monthly net flow of credit to corporations was positive by €1,446 million, compared with a positive net flow of €367 million in the previous month; the annual growth rate increased to 9.1% from 7.6% in the previous month. In particular, the annual growth rate of credit to non-financial corporations (NFCs) increased to 9.9% from 8.7% in the previous month; the monthly net flow was positive by €1,218 million, compared with a positive net flow of €311 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries increased to 0.3% from -3.5% in the previous month; the monthly net flow was positive by €228 million, compared with a positive net flow of €56 million in the previous month.

Ι.2.2 Credit to sole proprietors and unincorporated partnerships

InDecember 2020, the monthly net flow of credit to sole proprietors and unincorporated partnerships was positive by €198 million, compared with a positive net flow of €50 million in the previous month; the annual growth rate increased to 3.1% from 1.3% in the previous month.

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

In December 2020, the monthly net flow of credit to individuals and private non-profit institutions was negative by €284 million, compared with a negative net flow of €187 million in the previous month; the annual growth rate stood at -2.7% from -2.5% in the previous month.

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

According to data from the four systemic credit institutions up to December 2020, the outstanding amount of loans subject to a temporary suspension of principal and/or interest repayments grew to €18,376 million. In particular, loan moratoria correspond to loans to NFCs (€7,969 million), housing loans (€7,520 million), consumer loans (€1,652 million), loans tosole proprietors and unincorporated partnerships (€1,231 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

InDecember 2020, deposits placed by the general government increased by €457 million, compared with a decrease of €432 million in the previous month; the annual growth rate stood at -34.6% from -30.9% in the previous month.

ΙΙ.2 Deposits placed by the private sector

InDecember 2020, deposits placed by the private sector increased by €4,445 million, compared with an increase of €3,156 million in the previous month; the annual growth rate increased to 14.2% from 14.0% in the previous month.

ΙΙ.2.1 Corporate deposits

InDecember 2020, corporate deposits increased by €1,014 million, compared with an increase of €1,871 million in the previous month; the annual growth rate decreased to 39.1% from 45.1% in the previous month. In particular, deposits from NFCs increased by €1,860 million, against an increase of €934 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries decreased by €846 million, compared with an increase of €937 million in the previous month.

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

InDecember 2020, deposits placed by households and private non-profit institutions increased by €3,431 million, compared with an increase of €1,285 million in the previous month; the annual growth rate increased to 8.6% from 7.3% in the previous month.

Note: The next Press Release on 'Bank credit and deposits' for January 2021 will be published on 25 February 2021, 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] Regarding 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.