According to latest BoG data, deposit [private sector] flow remained positive for third consecutive month in November with inflows easing to €0.67bn from €1.0bn in October and €1.16bn in September. November net additions are almost entirely attributed to time inflows of €1.30bn, while savings recorded outflows of €0.81bn. Note that savings flow remained on negative grounds for seventh month in a row.

More specifically, time deposits rose 1.3% m-o-m and slipped 4.7% y-o-y to €96.1bn. Monthly flow remained positive for fifth consecutive month with net additions at €1.30bn in November from €1.74bn in October. Savings retreated 1.4% m-o-m and 17.9% y-o-y to €43.7bn on outflows of €0.81bn in November from €0.61bn in October. Sight deposits rose 1.1% m-o-m and slipped 14.4% y-o-y to €16.0bn. Monthly flow turned slightly positive with inflows of €0.17bn in November from outflows of €0.11bn in October.

Overall, deposits [private sector] rose 0.4% m-o-m and eased 9.8% y-o-y to €155.9bn in November, corresponding to 79.9% of GDP from 83.5% at YE’11. It is also noteworthy that total deposits [euro and non-euro area residents] also increased by €1.0bn or 0.6% m-o-m to €182.4bn, also reflecting non-euro area residents’ inflows of €0.28bn.

It is also noteworthy that deposit inflows amounted to €5.63bn in the 5-month period (Jul-Nov) post elections, entirely due to time additions of €8.35bn more than offsetting savings outflows of €2.77bn. Furthermore, y-t-d outflows stand at €18.5bn, on savings and time net deductions of €9.7bn and €5.2bn respectively, corresponding to a 10.5% drop on YE’11 balance.