Greek private sector deposits rise in May

Greek private sector bank deposits rose in May after a small drop in the previous month, remaining at levels last seen 16 years ago, central bank data showed on Wednesday.

Business and household deposits rose to 119.42 billion euros, their lowest level since November 2001, from 118.99 billion in April.

Greek banks have seen small deposit inflows over the space of a year after the country clinched a third bailout to stay in the eurozone. They remain dependent on central bank borrowing to plug their funding gaps.

“In May, deposits of the private sector increased by 638 million euros, compared with a decrease of 139 million euros in the previous month, and the annual growth rate stood at 3.4 percent from 3.1 percent in the previous month,” the Bank of Greece said.

[Reuters]