A decrease in deposits and an increase in loans was recorded by Bank of Greece data for November 2023.
According to official data, the decline in household and business deposits continued in November. In particular, deposits from households and non-profit organizations decreased by 156 million euros (compared to a decrease of 100 million euros in the previous month).
At the same time, the annual rate of change was 3.7% from 3.5% in the previous month. Business deposits also fell by €748 million in November 2023, compared with a decline of €2.044 million in the previous month, with an annual rate of change of -1.6% from -0.4% in the previous month.
In particular, deposits of non-financial enterprises (NFCs) decreased by 626 million euros compared to a decrease of 2.226 million euros in the previous month. Deposits from insurance companies and other financial institutions fell by 123 million euros, compared with an increase of 183 million euros in the previous month.
In total, private sector deposits fell by €904 million (compared to a decline of €2.143 million in the previous month), while the annual rate of change was 2.4% from 2.5% in the previous month.
On the credit side, the annual rate of change in total private sector financing increased to 2.8% from 2.1% in the previous month. The monthly net flow of total funding to the private sector was positive at €792 million, compared with a negative net flow of €856 million in the previous month.
Monthly net corporate funding flow in November 2023 was positive at €777 million, compared with a negative net flow of €669 million in the previous month, and the annual rate of change increased to 6.0% from 4.9% last month.
The annual rate of change in financing of non-financial corporations (NFCs) remained virtually unchanged and amounted to 5.1% from 5.0% in the previous month. Their monthly net funding flow was positive by €85 million, compared to a negative net flow of €430 million in the previous month. The annual rate of change in funding for insurance companies and other financial institutions increased to 13.8% from 4.1% in the previous month. Their monthly net funding flow was positive by €692 million, compared to a negative net flow of €239 million in the previous month.
Monthly net funding flow to individuals and private non-profit organizations was positive by €7 million in November 2023, compared to a negative net flow of €121 million in the previous month. The annual rate of change in their funding was -2.3% from -2.2% in the previous month.
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