Greek Business Deposits Rise in May, Household Deposits Drop

Thursday, June 29th, 2017
Last Update: 10:42

Greek private sector bank deposits increased overall in May, mainly due to higher business deposits, while household deposits dropped, according to Bank of Greece data released on Wednesday.

Business and household deposits rose to 119.42 billion euros, compared to 118.99 billion in April.

“In May, private sector deposits increased by 638 million euros, compared with a decrease of 139 million euros in the previous month, and the annual growth rate stood at 3.4% from 3.1% in the previous month,” the Bank of Greece said.

Total deposits in May rose by 334 million euros, compared with a negative net flow of 49 million in April 2017. The annual rate of change of total deposits, remained unchanged at 4.7% compared to the previous month.

In May 2017, the annual rate of change in total financing of the economy remained unchanged at -1.6% compared to the previous month and the monthly net flow of total funding was negative by 301 million euros  against a positive net flow of 1.029 billion euros in the previous month.

Analytically, the change in deposits in the banking system in May is as follows:

General government: General government declined by 305 million euros in May 2017, compared with an increase of 91 million in the previous month and the annual rate of change was 22.1% from 27.4% in the previous year.

Private sector: Private sector deposits increased by 638 million in May 2017, compared with a decrease of 139 million in the previous month, and the annual rate of change stood at 3.4% from 3.1% in the previous month.

Businesses: In May 2017, an increase of 852 million euros was recorded in total business deposits, down from 583 million in the previous month, while the annual rate of change was 12.9% from 14.5% in the previous month. In particular, deposits of non-financial corporations increased by 665 million euros, compared with a decrease of 935 million in the previous month and deposits of insurance companies and other financial institutions increased by 186 million euros in May 2017, compared with an increase by 352 million in the previous month.

Households: Decrease in deposits by 214 million in households and private non-profit institutions in May 2017, compared with an increase of 444 million in the previous month, while the annual rate of change stood at 1.5% from 0.9% in the previous month.

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