De­posits slump to a new 15-year low

Kathimerini English - - Focus -

Greek pri­vate sec­tor bank de­posits de­clined in Jan­uary for the sec­ond month in a row, cen­tral bank data showed yes­ter­day, as wor­ries over the coun­try’s drawnout bailout re­view led to with­drawals. Busi­ness and house­hold de­posits fell by 1.63 bil­lion eu­ros, or 1.34 per­cent mon­thon-month, to 119.75 bil­lion eu­ros, their low­est level since Novem­ber 2001. They had de­creased by 3.42 bil­lion eu­ros to 121.38 bil­lion in De­cem­ber. Start­ing in De­cem­ber, the Bank of Greece stopped count­ing de­posits of 4.2 bil­lion eu­ros held in the Loans & Con­sign­ment Fund and an­other 2.1 bil­lion eu­ros in the De­posit Guar­an­tee Fund (TEKE) as pri­vate sec­tor de­posits. Its move fol­lowed a re­clas­si­fi­ca­tion by the coun­try’s statistics ser­vice ELSTAT, which groups the two in­sti­tu­tions un­der the gen­eral gov­ern­ment

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