Bank of Greece (BoG) released August 2014 loan and deposit data showing continuous deleveraging and a rise of private deposits. Loan balances declined by 3.7% yoy and by 0.15% m-o-m at Eur213.5 bn (-3.5% yoy on an adjusted basis for write-offs and FX changes).

Mortgages dropped by 2.7% yoy and by 0.4% m-o-m; business loans were down 3.8% yoy and flat m-o-m; and consumer loans fell by 5.7% yoy and by 0.14% m-o-m.

Loans have declined by Eur4.4 bn or by 2.0% ytd. Total deposits  were marginally lower, down 0.3% yoy and 0.32% lower m-o-m (Eur0.6 bn deposit outflow) at Eur178.6 bn attributable to the decline of general govt deposits by Eur1.6 bn m-o-m (we remind that govt deposits were up Eur1.4 bn m-o-m in July).

Deposits have increased by Eur1.6 bn or by 0.9% ytd. Private deposits increased by 1.2% yoy and by 0.6% m-o-m or Eur1.0 bn of monthly deposit inflows at Eur164.2 bn. Private deposits have increased by Eur1.0 bn ytd. Since end-2010, loan balances have declined by Eur48 bn. Since end-2009, deposit balances have declined by Eur66.9 bn.