According to data from the domestic bank system, from May until December 2017 the private sector made deposits to banks amounting to 7.4 billion euros, with 4.8 billion euros coming from households. According to bank sources, half of these deposits came out from safe deposit boxes and chests, reversing the tendency of the past years.

Another feature that also shows the improvement of the economic sentiment is the increase of “new money”, that is of new deposits that are not subject to capital restrictions after the loosening of capital controls in the summer of 2016. From around 15 billion euros last year, the new money has at least doubled, which shows a return to normality. Bank executives foresee that in the coming months, as the positive assessment on the economy will be verified and the conclusion of the financing program will be one step closer, the conditions will allow a further acceleration of the rate of deposits return.

Translation: Eleni Gogou