Bank credit and deposits: September 2020

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Bank credit and deposits: September 2020 27/10/2020 - Press Releases

In September 2020, the annual growth rate of total credit extended to the domestic economy increased to 10.6% from 9.2% in the previous month and the monthly net flow was positive by €2,537 million, compared with a positive net flow of €1,394 million in the previous month.

The annual growth rate of total deposits decreased to 7.0% from 7.4% in the previous month; the monthly net flow was positive by €1,007 million, compared with a positive net flow of €128 million in August 2020.

I. Credit to the domestic economy

Ι.1 Credit to the general government[1]

InSeptember2020, the monthly net flow of credit to the general government was positive by €1,914 million, compared with a positive net flow of €1,163 million in the previous month; the annual growth rate increased to 54.0% from 49.9% in the previous month.

Ι.2 Credit to the private sector

InSeptember2020, the annual growth rate of credit to the private sector increased to 2.4% from 1.9% in the previous month. The monthly net flow of credit to the private sector was positive by €623 million, compared with a positive net flow of €231 million in the previous month.

Ι.2.1 Credit to corporations

InSeptember2020, the monthly net flow of credit to corporations was positive by €714 million, compared with a positive net flow of €324 million in the previous month; the annual growth rate increased to 7.5% from 6.5% in the previous month. In particular, the annual growth rate of credit to non-financial corporations (NFCs) increased to 8.3% from 7.2% in the previous month; the monthly net flow was positive by €660 million, compared with a positive net flow of €403 million in the previous month. The annual growth rate of credit to insurance corporations and other financial intermediaries stood at -1.0% from -1.5% in the previous month; the monthly net flow was positive by €54 million, compared with a negative net flow of €79 million in the previous month.

Ι.2.2 Credit to sole proprietors and unincorporated partnerships

InSeptember2020, the monthly net flow of credit to sole proprietors and unincorporated partnerships was negative by €3 million, compared with a positive net flow of €21 million in the previous month; the annual growth rate stood at -0.2% from 0.2% in the previous month.

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

In September2020, the monthly net flow of credit to individuals and private non-profit institutions was negative by €88 million, compared with a negative net flow of €114 million in the previous month; the annual growth rate stood at -2.5%, unchanged from 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 September2020, the outstanding amount of loans subject to a temporary suspension of principal and/or interest repayments grew to €20,148 million. In particular, loan moratoria correspond to housing loans (€7,749 million), loans to NFCs (€9,287 million), consumer loans (€1,747 million), loans tosole proprietors and unincorporated partnerships (€1,361 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

InSeptember2020, deposits placed by the general government decreased by €153 million, compared with a decrease of €292 million in the previous month, while the annual growth rate stood at -25.1% from -11.2% in the previous month.

ΙΙ.2 Deposits placed by the private sector

InSeptember2020, deposits placed by the private sector increased by €1,160 million, compared with an increase of €420 million in the previous month; the annual growth rate increased to 10.3% from 9.0% in the previous month.

ΙΙ.2.1 Corporate deposits

InSeptember2020, corporate deposits increased by €877 million, compared with an increase of €255 million in the previous month; the annual growth rate increased to 33.2% from 25.9% in the previous month. In particular, deposits from NFCs increased by €1,047 million, against an increase of €339 million in the previous month. Deposits placed by insurance corporations and other financial intermediaries decreased by €170 million, compared with a decrease of €84 million in the previous month.

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

InSeptember2020, deposits placed by households and private non-profit institutions increased by €283 million, compared with an increase of €165 million in the previous month; the annual growth rate stood at 5.4% from 5.2% in the previous month.

Note: The next Press Release on 'Bank credit and deposits' for October 2020 will be published on 26 November 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] 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.