According to latest BoG data, deposits [private sector] rebounded in September with inflows of €1.16bn from slight outflows of €0.24bn in August and inflows of €3.0bn in July. September net additions are fully attributed to time and sight inflows of €1.0bn and €0.5bn respectively. On the contrary, savings flow remained on negative ground for fifth consecutive month with outflows reaching €0.35bn.

More specifically, time deposits rose 0.9% m-o-m and slipped 13.2% y-o-y to €93.1bn. Monthly flow remained positive for third month in a row with net additions at €1.0bn in September flat m-o-m. Savings retreated 0.9% m-o-m and 19.7% y-o-y to €45.2bn on outflows of €0.35bn in September from €0.54bn in August. Sight deposits increased 3.0% m-o-m and contracted 18.7% y-o-y to €15.9bn. Monthly flow turned positive with inflows of €0.5bn in September from outflows of €0.65bn in August.

Overall, deposits [private sector] rose 0.6% m-o-m and eased 15.8% y-o-y to €154.3bn in September, corresponding to 76.1% of GDP from 83.5% at YE’11. Furthermore, total deposits [euro and non-euro area residents] also increased by €0.9bn or 0.5% m-o-m to €180.6bn, also reflecting general government inflows of €0.92bn and non-euro area residents’ outflows of €0.87bn.

It is also noteworthy that deposits rose by €3.7bn or 2.5% in the three-month period post elections, entirely due to time inflows of €5.2bn, more than offsetting savings outflows of €1.4bn. Furthermore, y-t-d outflows amount to €20.2bn, on savings and time net deductions of €8.3bn and €8.2bn respectively, corresponding to an 11.4% drop on YE’11 balance.