Bank of Greece: Deposits decreased, loans increased in November

Deposits of households and private non-profit institutions decreased by 409 million euros in November 2022, according to data from the Bank of Greece, compared to an increase of 121 million euros the previous month, while the annual rate of change remained almost unchanged at 4.2% from 4.3% the previous month.

Deposits from businesses also showed a decrease of 182 million euros, compared to a decrease of 671 million euros in the previous month. Thus overall deposits from the private sector showed a decrease of 591 million euros against a decrease of 550 million euros in the previous month, while the annual rate of change decreased to 4.5% from 5.9% in the previous month.

On the lending side, the monthly net flow of total financing to the private sector was positive by €81 million, compared to a negative net flow of €898 million in the previous month.

More specifically, the monthly net flow of funding to businesses in November 2022 was positive by €44 million, compared to a negative net flow of €665 million in the previous month, while the annual rate of change decreased to 10.4% from 11.3% in the previous month. In particular, the annual rate of change in financing of non-financial corporations (NFCs) decreased to 10.0% from 10.8% in the previous month. Their monthly net funding flow was positive by €34 million, compared to a negative net flow of €606 million the previous month. The annual rate of change in the funding of insurance companies and other financial institutions eased to 14.5% from 16.5% in the previous month. Their monthly net funding flow was positive by €10 million, compared to a negative net flow of €60 million the previous month.

As for individuals, in housing loans the net financing flow remained negative – for the third month in a row – by 86 million euros. The annual rate of change in funding decreased by 3%. In consumer loans, net financing was positive by 137 million euros, resulting in the annual financing rate increasing by 1.4%.

Overall, however (if the other financings are also added) the monthly net flow of financing to individuals and private non-profit institutions in November 2022 was positive by 44 million euros against a negative net flow of 153 million euros in the previous month. The annual rate of change in their funding was -2.1% from -2.3% in the previous month.

Finally, the monthly net flow of financing to general government in November 2022 was positive by €1.107 billion, compared to a positive net flow of €259 million in the previous month. The annual rate of change in general government funding eased to 7.4% from 7.6% in the previous month.

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