Bank credit to the domestic private sector remained negative in July, with the annual growth rate of total credit extended to the domestic private sector at -3.7%, from -3.5% in the previous month, Bank of Greece (BoG) said on Thursday. The central bank, in a monthly report, said that the net flow of total credit to the domestic private sector was negative, amounting to 1,160 million euros (July 2013: negative net flow of 855 million). The net flow of credit to corporations was negative in July 2014,, amounting to 707 million euros (July 2013: negative net flow of 482 million), and the annual growth rate of credit stood at -4.9%, compared to -4.7% in the previous month. In particular, the annual growth rate of credit to non-financial corporations stood at -4.8%, compared to -4.7% in the previous month, while the net flow of credit to non-financial corporations was negative and equal to 465 million euros (July 2013: negative net flow of 449 million). The annual growth rate of credit to insurance corporations and other financial intermediaries stood at -7.4% in July 2014, compared to -4.1% in June 2014. In July 2014, the net flow of credit to individuals and private non-profit institutions was negative, amounting to 322 million euros (July 2013: negative net flow of 412 million) and its annual growth rate stood at -2.9%, from -3.0% in the previous month. A continuing reduction of bank credit cut the total debt of enterprises and individuals to banks to 213.8 billion euros in July 2014, from 222.4 billion a year earlier. Mortgage loan debt fell to 70.3 billion euros from 72.2 billion euros, while consumer loan and credit card debt eased to 27.6 billion euros from 29.2 billion in July 2013. (source: ana-mpa)
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