Decline in bank deposits in January, especially of businesses

The deposit base in Greek banks declined by 1.55bn euros in January, with the largest drop being in the balances of businesses.

The decline was expected as customarily there are outflows in the early days of the year after the positive balance in December.

More specifically, there was a 1.547bn euro drop in private sector deposits in January, 2019, as compared to a 3.151bn euro rise in December, 2018. The rate of change on an annual basis was 6.2 percent, compared to 6.3 percent the previous month.

The total amount of business deposits in January dropped by 1.008bn euros compared to an 862mn euro rise the previous month, while the rate of change was 6.4 percent as compared to 9.3 percent the previous month.

The deposits of non-financial sector businesses dropped by 1.3bn euros compared to a 1.175bn euro increase the previous month.

The deposits of insurance enterprises and other financial institutions rose by 297mn euros, as compared to a 312mn euro drop the previous month.

The deposits of households and of non-profit institutions dropped by 539mn euros in January, 2019, as compared to a 2.288bn euro rise the previous month.