The increase of bank deposits in December 2017 and generally in the second half of 2017 reduces dependence of Greek banks on emergency liquidity assistance (ELA) and is a positive credit event for their credit rating, reads a report of Moody’s.
The deposits by households and non-profit bodies increased by 5.9 billion euros in the second half of 2017, while an increase of 2.6 billion euros was recorded only in December 2017. This increase in December is due to the payment of liabilities, including the Christmas bonus paid by companies, according to Moody’s. The report also states that the increase of deposits, which reached 126.3 billion euros at the end of 2017, is a record high since the implementation of the capital controls in June 2015.
Translation: Eleni Gogou