The ECB released its monetary development statistics for June 2012. The table which is most interesting is the one concerning credit growth:

Loans to households are still negative (if adjusted for sales and securitisation) although the positive growth in loans for house purchase  is an encouraging sign. Non-financial corporations are still deleveraging.

MFI balance sheet data was also released. I will focus on Germany, Italy and Spain:

  • Germany: Loans and holdings of securities of MFIs fell considerably, while holdings of government securities increased substantially by €27bn. It would by interesting to know who which the issuing country of these securities. External assets also posted a large drop of almost €35bn.
  • Italy: Italian banks managed to increase loans to MFIs and other financial intermediaries, as well holdings of securities by MFIs and general government (an increase of €7.6bn in the latter case). Overall it seems that the banking system is still in a position to offer interbank loans and support the government debt securities market.
  • Spain: Spanish banks also managed to increase their interbank and MFI securities assets. Their holdings of government securities were steady while their loans (to general government) increased by €17bn, after an increase of €11.8bn in May. Maybe loans to regional governments?

Bank of Greece

Bank of Greece released data on deposits and loans. The loan data was quite positive since in aggregate bank lending increased €851mn, after dropping €940mn in May and €1997mn in April, a visibly positive path. Only looking at non-financial corporations data, the path was quite positive. In the case of households, credit growth is still negative although there are clear signs of slow stabilization in that sector as well.

Although it is too early to draw any conclusions, the growth figures are very encouraging. On the deposit side though, things did not go so good, with both general elections (in May and June) casting a heavy shadow on the total amounts figures with very large euro outflows: