Developments in Greece regarding personal savings and deposit outflows - iefimerida.gr

Developments in Greece regarding personal savings and deposit outflows

NEWSROOM IEFIMERIDA.GR

According to Capital.gr the reported number of individual savings accounts at Greek commercial banks is 26,158,285, the number of current accounts is 7,100,264, the number of deposit accounts is 1,457,158 and the number of repurchase agreements (repos) is 12.

According to sources the flight of deposits will amount to 5 – 6 billion euros, compared to 3,388 billion euros in March. Apparently things have settled as the outflow of deposits on March was far smaller than on the previous months. Deposits and the credit system have been taken a big blow in the last few months due to political and economic uncertainty as well as the absence of any progress toward finding a solution to the stalemate between Greece and its international creditors.

Banks estimate that the deposits of households and enterprises have declined by as much as 25.741 billion euros since the end of November.

Bank of Greece data showed that deposits shrank by 4 million euros in December and went on to drop by 12 million in January. Bankers estimate that the outflow has amounted to another 10 billion euros since February. Therefore deposits have declined to their lowest level since the outbreak of the financial crisis in 2010, while banks' smooth operation is secured by the funding of the Eurosystem.

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