According to latest BoG data, deposit [private sector] flow remained positive for second consecutive month in October with inflows at €1.0bn from €1.16bn in September and slight outflows of €0.24bn in August. October net additions are fully attributed to time inflows of €1.74bn, while savings and sight recorded outflows of €0.61bn and €0.11bn respectively. Note that savings flow remained on negative grounds for sixth month in a row.

More specifically, time deposits rose 1.8% m-o-m and slipped 7.4% y-o-y to €94.8bn. Monthly flow remained positive for fourth consecutive month with net additions at €1.74bn in October from €1.0bn in September. Savings retreated 1.4% m-o-m and 18.6% y-o-y to €44.5bn on outflows of €0.61bn in October from €0.35bn in September. Sight deposits slipped 0.7% m-o-m and 17.6% y-o-y to €15.8bn. Monthly flow turned slightly negative with outflows of €0.11bn in October from inflows of €0.5bn in September.

Overall, deposits [private sector] rose 0.6% m-o-m and eased 12.0% y-o-y to €155.2bn in October, corresponding to 79.0% of GDP from 83.5% at YE’11. It is also noteworthy that total deposits [euro and non-euro area residents] also increased by €0.5bn or 0.3% m-o-m to €181.1bn, also reflecting general government outflows of €0.4bn.

It is also noteworthy that deposit inflows amounted to €5bn in the four-month period (Jul-Oct) post elections, entirely due to time additions of €7bn, more than offsetting savings outflows of €2bn. Furthermore, y-t-d outflows stand at €19.2bn, on savings and time net deductions of €8.9bn and €6.5bn respectively, corresponding to a 10.9% drop on YE’11 balance.