No 3 • February 2015
Banco de Portugal publishes statistics on banks’
balance sheet and interest rates for 2014
Banco de Portugal publishes today, in the Statistical
Bulletin, the statistics on balance sheet and interest
rates of banks for December 2014.
These statistics were compiled in accordance with the
new methodological guidelines of the European Central
Bank 1 , which, in line with the European System of National and Regional Accounts - ESA 2010, change the
sectoral classification of the entities that are counterparties in the banks’ transactions.
The main changes in balance sheet and interest rates
statistics of monetary financial institutions (MFIs) 2 were:
i)
ii)
iii)
Several public institutional units, which were
previously classified as financial corporations or
non-financial corporations, were integrated in
the general government sector;
This statistical press release presents the positions at
the end of December 2014, compiled in accordance
with ESA 2010. A series break was registered in December positions; the effect of changes in sector classification was registered as a reclassification in that
month and therefore had no influence in the monthly
transactions and in the annual growth rates 3.
Charts 1 and 2 illustrate the impacts of those changes
in the main indicators of banking credits and deposits
vis-à-vis institutional counterpart sectors.
Chart 1
Domestic credit ESA 95 vs. ESA 2010
End-of-period positions
The universe of non-financial corporations was
reduced, following the reclassification of entities under financial corporations and general
government;
109 euro
125
109
102
100
75
A substantial number of holding companies and
special purpose entities (SPEs), which were
previously classified as non-financial corporations, are now included in the financial corporations sector.
50
42
44
37
43
25
0
Dec-12
General government
Dec-13
Dec-14
(ESA 2010)
Non-monetary financial institutions
Dec-14
(ESA 95)
Non-financial corporations
1
Regulations No 1071/2013 (ECB/2013/33) and No 1072/2013 (ECB/2013/34) of the
European Central Bank, transposed into the Instruction No 25/2014 of Banco de
Portugal. This new legislation introduced, among other changes, the standardization of
these statistics with the new European System of National and Regional Accounts of
the European Union - SEC 2010. More information on these changes can be found on
Banco
de
Portugal
website,
at
http://www.bportugal.pt/enUS/Estatisticas/MetodologiaseNomenclaturasEstatisticas/AlteracoesMetodológicasSEC
2010BPM6/Pages/AlteracoesMetodológicasSEC2010BPM6.aspx
2
Includes information from Banco de Portugal, the other banks and money market
funds, which corresponds to the concept of Monetary Financial Institutions.
3
For more information on the calculation of the annual growth rate (agr) see the
Explanatory Notes of the Statistical Bulletin, available at http://www.bportugal.pt/enUS/Estatisticas/PublicacoesEstatisticas/BolEstatistico/Publications/notas-exp-be.pdf
2
STATISTICAL PRESS RELEASE •February 2015
Chart 2
Chart 3
Deposits ESA 95 vs. ESA 2010
Domestic credit
End-of-period positions
109 euro
109 euro
50
41
41
40
32
30
30
21
20
18
10
0
Dec-12
General government
Dec-13
Dec-14
(ESA 2010)
Non-monetary financial institutions
Dec-14
(ESA 95)
%
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Private individuals
Non-financial corporations
Non-monetary financial institutions
General government
Dec-13
40
35
30
25
20
15
10
5
0
-5
-10
-15
Dec-14
Domestic credit - annual growth rate (adjusted for
derecognised securitisation operations) (right-hand scale)
Non-financial corporations
For interest rate statistics, the impact of the introduction of the new regulation and the ESA 2010 classification was negligible.
Balance sheet statistics4
Assets
Domestic credit
In 2014, for the fourth consecutive year, the domestic
credit granted by the banking sector decreased.
At the end of 2014, the outstanding amount of domestic credit was 312 billion euro, corresponding to a yearon-year decrease of 18.7 billion euro (chart 3). Such
behaviour led to annual growth rates systematically
negative throughout the year 2014, even though an
upward trend was observed since April 2014. In December, the annual growth rate reached -5.6 per cent,
in line with the value recorded in the same period of
the previous year.
4
400
350
300
250
200
150
100
50
0
-50
-100
-150
Dec-05
Includes Banco de Portugal, other banks and money market funds. Data available in
tables A.8, A.9 and B.1.1 to B.1.3 of the Statistical Bulletin, and in BPstat | Statistics
online in the time series and multidimensional analysis.
The majority of the sectors have contributed to the
credit reduction, with the exception of the general
government. The credit granted to non-financial corporations, non-monetary financial institutions and private
individuals decreased by 14.1, 2.5 and 4.2 billion euro,
respectively. The credit to the general government
increased by 2.1 billion euro in 2014, when compared
to the end of 2013.
As in previous years, the decrease in credit to nonfinancial corporations was mainly driven by loans,
which have diminished 13.1 billion euro since the end
of 2013. The credit component related to debt securities and shares and other equity has decreased 1 billion euro. In December 2014, the annual growth rate of
credit to non-financial corporations was -7.8 per cent,
showing a reduction of 3.1 p.p. with respect to 2013.
Adjusted for the impact of loans portfolios’ sales, this
rate was set at -7.1 per cent at the end of 2014 (-2.9
per cent at the end of 2013).
Credit to private individuals maintained the downward
trend in all purposes, in particular in the housing segment, which presented a decrease of 3.9 billion euro
with respect to December 2013. This evolution implied
the maintenance of negative annual growth rates, not
only in the housing segment (-3.8 per cent), but also in
the case of consumption and other purposes (-2.2 and
-2.9 per cent, respectively).
The annual growth rate of loans, both to private individuals and non-financial corporations, has remained
at negative values since June 2011.
STATISTICAL PRESS RELEASE •February 2015
Net external assets of the monetary sector
In 2014, the net external assets (i.e. deducted of liabilities) of the monetary sector increased by 13.8 billion
euro, with the contributions of Banco de Portugal and
the other banks, with increases of 12.0 and 1.8 billion
euro, respectively. Despite this development, the net
external position of the monetary sector remained
negative, amounting to -13 billion euro in December
2014 (chart 4), reflecting essentially the negative net
external assets of Banco de Portugal.
3
(chart 5). At the end of 2014, the total amount of the
provision of liquidity operations was 31.2 billion euro.
Chart 5
Eurosystem financing to banks in Portugal
109 euro
70
60
50
40
30
20
10
0
Dec-05
Chart 4
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Provision of liquidity - Longer-term refinancing operations
Provision of liquidity - Main refinancing operations
Net external assets of the monetary sector
Provision of liquidity - Other operations
109 euro
40
20
Deposits
0
-20
-40
-60
-80
Dec-05
Dec-06
Dec-07
Net external assets
Dec-08
Dec-09
Dec-10
Dec-11
Net external assets - Banco de Portugal
Dec-12
Dec-13
Dec-14
In 2014, the deposits of the non-monetary sector
amounted to 224.7 billion euro, which represents a
decrease of 0.8 billion euro with respect to 2013 (chart
6).
Net external assets - Banks
Chart 6
Banks maintained the upward trend of their net external assets, presenting throughout 2014 positive net
external positions every month, reaching 3.2 billion
euro at the end of the year.
In contrast, and despite the increase in its net external assets (reflecting the reduction of the Eurosystem
financing to resident banks), Banco de Portugal continued to present a negative net external position, as
it has been occurring since mid-2010. At the end of
2014, the net external position of Banco de Portugal
amounted to -16.2 billion euro.
Liabilities
Eurosystem financing
During 2014 the Eurosystem financing to the Portuguese banks presented a decrease of 16.7 billion euro,
in particular in the longer-term refinancing operations
Domestic deposits
109 euro
250
200
150
100
50
0
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Private individuals
Non-financial corporations
Non-monetary financial institutions
General government
Dec-13
Dec-14
The deposits of the non-monetary private sector reduced by 1.4 billion euro, as a result of both the decrease of the deposits of non-monetary financial institutions (-3.0 billion euro) and the increase of the
deposits of non-financial corporations and private individuals (0.9 and 0.7 billion euro, respectively). On the
other hand, there was an increase in the general government deposits by 0.6 billion euro.
4
STATISTICAL PRESS RELEASE •February 2015
The increasing trend of the private individuals’ deposits
with maturities over two years, observed in the preceding years, has continued in 2014 (chart 7). These
deposits represented 31.5 per cent of the total deposits of the sector at the end of 2014 (which compares to
30.8 per cent in December 2013).
Investment and funding of the
monetary sector
In 2014, for the fourth consecutive year, there was a
reduction of the activity of the MFI sector (chart 9).
Chart 9
Investment and funding of the monetary sector
Investment
The increase in the deposits of private individuals led
to an annual growth rate of 0.8 per cent at the end of
2014, still below the 1.4 per cent observed at the end
of 2013.
Financing
Chart 7
Deposits of private individuals, by maturity
109 euro
%
150
15
125
13
100
10
75
8
50
5
25
3
0
0
-25
Dec-05
Dec-06
Dec-07
Deposits - up to 2 years
Dec-08
Dec-09
Deposits - over 2 years
Dec-10
Dec-11
Dec-12
Dec-13
-3
Dec-14
Deposits of private individuals - annual growth rate
(right-hand scale)
Securities issued
In 2014, debt securities issued by the resident banks
decreased for the second consecutive year (25.3 billion
euro). At the end of the year, debt securities amounted
to 60.7 billion euro (chart 8) and around 55 per cent of
those were held by the monetary sector itself.
Chart 8
Securities issued by banks
109 euro
100
80
60
40
20
Dec-06
Dec-07
Dec-08
Dec-09
1985
1990
1995
2000
2002
2005
Rest of the world
Non-specified sector (includes capital and reserves)
Non-financial institutions
2008
2009
2010
2011
2012
2013
2014
General government
Non-monetary financial institutions
Private individuals
Note: Since 2006, the rest of the world incorporates an estimate for the securities issued by banks and held by non-residents,
which, for earlier periods, was included in the non-monetary sector.
The main drivers for this evolution were both the decrease in credit granted to non-financial corporations –
which results in a decrease of this sector’s relevance in
terms of investment in the monetary sector – and the
decrease in credit granted to private individuals –
which, for the second consecutive year, were a financing sector of the monetary sector, representing 4 per
cent of the funds obtained by the banks.
The Rest of the World, once more, decreased its relative weight in the funds obtained by the resident MFI
sector. At the end of the year, the external sector represented 29.5 per cent of the total funding obtained by
the resident monetary sector, 7.8 p.p. less than in the
previous year.
However, the monetary sector used more own funds
and, as it had occurred in 2013, the relative weight of
capital and reserves in the financing of the sector
increased.
120
0
Dec-05
1980
Dec-10
Dec-11
Dec-12
Securities issued by banks and held by monetary sector
Securities issued by banks and held by other sectors
Dec-13
Dec-14
5
STATISTICAL PRESS RELEASE •February 2015
Interest rates5
Interest rates on new loans
In 2014, as it had happened in 2013, the interest rates
on new loans decreased.
The reduction in the interest rates was more significant in
new loans granted to non-financial corporations, where
the average interest rate for December 2014 was 4.09
per cent, representing a decrease of 99 basis points (b.p.),
compared to December 2013 (chart 10).
In 2014, the monthly average volume of new loans
granted to non-financial corporations was 3.4 billion
euro, which corresponds to a 0.7 billion euro decrease
compared to 2013. This development was essentially
justified by the decrease in new loans over 1 million
euro.
In 2014 and reversing the trend observed in the past
three years, the monthly average volume of new loans
granted to private individuals increased, amounting to
0.6 billion euro. The main contribution to this development was given by consumer credit.
Chart 11
New loans to private individuals
109 euro
3.5
2.5
8
2.0
6
1.5
4
1.0
2
0.5
Dec-06
Dec-07
Dec-08
Dec-09
New loans to non-financial corporations
euro
8
%
8
7
7
6
6
5
5
4
4
3
3
2
2
1
1
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
0
Dec-14
Loans over 1 million euro
Loans up to 1 million euro
Euribor 3M (monthly average, t-1) (right hand scale)
Interest rates on loans to non-financial corporations (right hand scale)
The interest rate on new loans granted to private individuals was 5.30 per cent in December 2014, which
represents a decrease of 80 b.p. compared to December 2013 (chart 11).
The reduction in the interest rate was observed in
housing, consumer credit and other purposes, being
more evident in the last two segments.
Dec-10
Dec-11
Dec-12
Euribor 6M (monthly average, t-1) (right hand scale)
Interest rates on loans to private individuals (right hand scale)
Interest rates on housing loans (right hand scale)
Interest rates on consumer credit (right hand scale)
Interest rates on other purposes loans (right hand scale)
Interest rates on new deposits
In 2014 and like in the previous year, the interest rates
on new deposits decreased. In December 2014, the
interest rates on new deposits of non-financial corporations and private individuals were 0.70 and 1.16 per
cent, respectively (chart 12).
Chart 12
New deposits
%
8
109 euro
25
7
20
6
5
15
4
10
3
2
5
1
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Non-financial corporations
Private individuals
Interest rates on non-financial corporations deposits (right hand scale)
Interest rates on private individuals deposits (right hand scale)
Includes banks (except Banco de Portugal). Data available in tables A.10, B.7.0 and
B.7.1.1 to B.7.1.4 of the Statistical Bulletin, and in BPstat | Statistics online in the time
series and multidimensional analysis.
0
Dec-14
Other purposes
0
Dec-05
5
Dec-13
Consumer credit
Housing
Chart 10
0
Dec-05
10
3.0
0.0
Dec-05
109
%
Dec-13
0
Dec-14
6
STATISTICAL PRESS RELEASE •February 2015
The monthly average volume of new deposits
amounted to 11.3 billion euro in 2014, which represents a decrease of 1.2 billion euro. Both non-financial
corporations and private individuals recorded reductions, with the monthly average volumes reaching 5.2
and 6.1 billion euro, respectively.
From the second half of 2014, the Euribor interest
rates decreased, and in December stood at about 20
b.p. below the values observed in the same period of
the previous year; the ECB reference rate was reduced
by 10 b.p., both in June and September, decreasing
from 0.25 per cent in the beginning of 2014 to 0.05 per
cent in December.