Greek deposit outflows at a new historic high of €9.2bn in May

Deposits (domestic enterprises & households) substantially eased 5.1% m-o-m, 9.6% y-t-d and 18.0% y-o-y in May (Apr: -15.7% y-o-y) reaching €157.4bn.

Deposit outflows reached a new historic high of €9.2bn in May, from inflows of €0.14bn in April and €1.23bn in March, on heightening sovereign risk due to the political uncertainty related to the May 6 election outcome. It is noteworthy that May outflows are primarily attributed to household and non-financial companies’ deductions of €7.5bn and €1.7bn respectively. Furthermore, y-t-d outflows amount to €17.5bn, on time and savings deductions of €9.4bn and €5.1bn respectively.

Total deposits (euro and non-euro area residents) stood at €184.5bn, down 4.7% m-o-m, 8.7% y-t-d and 17.7% y-o-y (Apr: -18.6% y-o-y), corresponding to 87.4% of GDP. Monthly outflows jumped to €9.1bn in May, from inflows of €2.0bn in April and outflows of €1.0bn in March, also influenced by general government and non-euro area residents’ inflows of €0.4bn each.

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