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Deposit Inflows of €1.02bn in Aug’19/EUROXX

money-for-nothing…

According to the latest data released by BoG, deposits (domestic enterprises & households) increased by 0.8% m-o-m to €139.7bn in Aug’19 (+6.2% y-o-y). Moreover, deposit net flows remained positive, on inflows of €1.02bn in Ayg’19, from inflows of €1.61bn in Jul’19 (thus bringing cumulative deposit outflows at €18.6bn since end-Nov’14). Tellingly, since the imposition of capital controls on 29June’15, the deposit balance remains positive on cumulative inflows of €25.8bn (+€23.2bn since YE’15). In particular:

Ø  Time deposits increased by 0.5% m-o-m, while increased by 1.2% y-o-y (Jul‘19: +1.7% y-o-y) to €50.7bn in Aug’19, accounting for 36.3% of deposits.

Ø  Savings increased by 0.9% m-o-m, while were up by 7.2% y-o-y (Jul‘19: +7.0% y-o-y) to €54.6bn, comprising 39.0% of total deposits.

Ø  Sight deposits increased by 1.0% m-o-m, while were up by 12.6% y-o-y (Jul‘19: +13.6% y-o-y) to €34.3bn in Aug‘19, accounting for 24.5% of deposits.

Furthermore, total deposits (euro and non-euro area residents) settled at €160.4bnup by 0.5% m-o-m and up by 4.2% y-o-y (Jul‘19: +5.1% y-o-y). Euro & non-euro area residents’ flows turned positive on inflows of €0.83bn in Aug’19 from outflows of €1.22bn in Jul‘19.

Our view

An increase in customer deposits in recent years and access to interbank repo market helped Greek banks to eliminate their ELA balance in Mar’19 from an outstanding balance of €87m or c22% of total banking assets in Jun’15.Going forward, the announcement of full lifting of capital controls (effective on 1Sep’19), political stability and an accelerated economic recovery should improve depositor’s confidence and support the further return of deposit into the system.

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