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Athens News Agency: News in English, 08-01-30

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] Credit expansion slows in Nov.

  • [01] Credit expansion slows in Nov.

    Greek households' debt to commercial banks totalled 102.384 billion euros, or 44.6 percent of the country's Gross Domestic Product, at the end of November 2007, an increase of 22.9 percent from the same period in 2006, the Bank of Greece announced on Wednesday.

    The central bank, in its monthly report, said Greek businesses' debts to banks reached 105.6 billion euros in the same period, raising the total value of debt to 208 billion euros, up 21.4 pct from the same month in 2006.

    Lending to the public and private sector grew steadily in November, with credit expansion growing by an annual rate of 13.5 percent in the 11-month period from January to November, up from 12.7 pct in the same period in 2006.

    The central bank said Greek households' debt was comprised of mortgage loans (68 billion euros) as well as consumer loans and credit cards (34.3 billion euros). Mortgage loans' growth slowed in November to 22.6 percent, down from 23.4 pct in October 2007.

    Consumer loans also slowed to 22.4 pct, down from 23.1 pct in October.

    Greek banks securitized around 3.5 billion euros of their consumer credit portfolios.

    Caption: ANA-MPA file photo / P. SAITAS.


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