Quick update on Greek deposits

Economy View

This will be a quick update on Greek deposits based on relevant Bank of Greece statistical data (the table below provides monthly flows):

Greek deposit statistics Jan - Sep 2013

The (rather evident) observations are:

  • The overall increase in total deposits is attributed only to the increase in government deposits (due to inflows from abroad). Net of government deposits, the total change during the 3 quarter period is -€4.4bn.
  • The main driver has been the change in deposits of non-Euro area residents (-€4.2bn). It seems that immigrants are slowly moving their deposits abroad.
  • NFC have been losing deposits indicating that their financial position is still deteriorating.
  • Household monthly flows do not show any clear pattern. Nevertheless, flows were negative during the whole summer period with the loss escalating to almost €1bn in September.
  • As a whole the private sector has been losing deposits ever since June with no sign of a reversal in flows.

All in all…

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