Deposits: decreased by 5.2 billion euros in January – Bank of Greece data – Economic Mail

A decrease of 5.2 billion euros in household and corporate deposits was recorded with… Good morning in 2024, indicating that citizens are putting their “hands” at the ready in order to fulfill their increasing obligations. Widespread resolution across the country saw businesses withdraw €3.167 billion in January, while households “withdrew” almost €2.07 billion.

In particular, according to data from the Bank of Greece, in January 2024, private sector deposits showed a decrease of 5,238 million euros, compared to an increase of 6,374 million euros in the previous month, while the annual rate of change fell to 2.7% from 3.0% in the previous month.

The monthly net flow of total deposits was negative by 3,702 million euros in January 2024, compared to a positive net flow of 5,314 million euros in December 2023.

Banks: Most Greeks deposit €1,000

General government deposits increased by €1,536 million in January 2024, compared to a decrease of €1,060 million in the previous month, and the annual rate of change rose to 2.9% from -14.6% in the previous month.

Business

In January 2024, business deposits showed a decrease of 3,167 million euros, compared to an increase of 3,291 million euros in the previous month, while the annual change rate remained unchanged at 1.6% compared to the previous month. In particular, MXE deposits decreased by €3,382 million, compared to an increase of €2,650 million in the previous month. Deposits of insurance companies and other financial institutions rose by 214 million euros, compared to an increase of 642 million euros in the previous month.

Households and private non-profit institutions

Deposits of households and private non-profit institutions decreased by 2,070 million euros in January 2024, compared to an increase of 3,083 million euros in the previous month, while the annual rate of change fell to 3.1% from 3.5% last month.

Increased liabilities

It is a fact that citizens' debts are particularly high. According to the latest figures from AADE, nearly 4 million citizens owe €105 billion, with €26.3 billion considered uncollectible and around €79 billion the actual overdue amount.

At the same time, as recorded in the latest report of KEAO, the current debt balance of insurance funds at the end of September 2023 amounted to EUR 47,168,970,757. Most of the debts relate to a small number of large debtors with debts of more than €1 million (2,605 debtors owe €11 billion).

Also, for banks, Greek households and companies have overdue debts amounting to EUR 12.73 billion, which represents 8.6% of total bank loans (EUR 148.099 billion). The debt owed to funds and services amounts to 71.16 billion euros, according to the latest data issued by the Central Bank.