N.º 2 • February 2014
Banco de Portugal publishes statistics on banks’
balance sheet and interest rates for 2013
Balance sheet statistics1
Assets
Credit to the domestic economy
In 2013, for the third consecutive year, the domestic
credit granted by the banking sector decreased.
At the end of 2013, the outstanding amount of
domestic credit was 330.8 billion euro, corresponding
to a year-on-year decrease of 13.6 billion euro (chart 1).
Such behaviour led to annual growth rates
systematically negative during 2013.
Nevertheless, there was a slowdown in credit
contraction, with the annual growth rate reaching
-5.6 per cent in December, representing an increase
of 4.1 percentage points (p.p.) compared to -9.7 per
cent in December 2012.
The credit contraction occurred in all sectors. The
credit to non-financial corporations and private
individuals decreased by 7.6 and 5.9 billion euro,
respectively.
1
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.
Chart 1
Domestic credit
109 euro
400
350
300
250
200
150
100
50
0
-50
-100
-150
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
%
40
35
30
25
20
15
10
5
0
-5
-10
-15
Dec-13
Private individuals
Non-financial corporations
Non-monetary financial institutions
General government
Domestic credit - annual growth rate (adjusted for derecognised
securitisation operations) (right-hand scale)
As in previous years, the reduction in credit to nonfinancial corporations was mainly driven by loans,
which reduced 6.1 billion euro compared to 2012. In
December 2013, the annual growth rate of credit to
non-financial corporations was -4.7 per cent, with an
increase of 1.9 p.p. with respect to 2012, reversing the
downward trend exhibited by this indicator since 2008.
Adjusted for the impact of loans portfolios’ sales, this
rate would be set at -3.0 per cent at the end of 2013
(-4.3 per cent at the end of 2012).
Credit to private individuals maintained the
downward trend in all purposes (with decreases of
3.9 billion euro in housing, 1.3 billion euro in
consumption and 0.7 billion euro in other purposes).
This evolution implied the maintenance of negative
annual growth rates (rates of -3.8, -7.2 and -4.7 per
cent, respectively).
2
STATISTICAL PRESS RELEASE • February 2014
In 2013, the credit to non-monetary financial sector
remained broadly unchanged. At the end of the year, the
credit to general government amounted to 39.9 billion
euro, 0.2 billion euro less compared to 2012, essentially in
the loans’ component.
exceeded 5 billion euro, with a disinvestment of
approximately 2 billion euro in the securities issued by
resident banks and held by non residents. This
disinvestment was considerably below the ones
observed in 2011 and 2012 of about 9 and 11 billion
euro, respectively.
Net external assets of the monetary sector
In 2013, the net external assets (i.e. deducted of
liabilities) of the monetary sector increased by
3.2 billion euro, with the contributions of the banks
and Banco de Portugal, with increases of 2.5 and
0.7 billion euro, respectively. Despite this
development, the net external position of the
monetary sector remained negative, amounting to
-26.9 billion euro in December 2013 (chart 2),
reflecting essentially the negative net external assets
of Banco de Portugal.
Chart 2
Liabilities
Eurosystem financing
During 2013 there was a decrease in Eurosystem
financing obtained by Portuguese banks, after the
increase observed between 2007 and 2012 (chart 3). At
the end of 2013, the total amount was 47.9 billion
euro, with a decrease of 4.9 billion euro compared to
2012.
Chart 3
Eurosystem financing to banks in Portugal
Net external assets of the monetary sector
109 euro
70
109 euro
60
40
50
20
40
0
30
20
-20
10
-40
0
Dec-03
-60
-80
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Provision of liquidity - Longer-term refinancing operations
Provision of liquidity - Main refinancing operations
Dec-04
Dec-05
Net external assets
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Net external assets - Banco de Portugal
Dec-11
Dec-12
Provision of liquidity - Other operations
Dec-13
Net external assets - Banks
Deposits
Banks maintained the upward trend of their net
external assets, presenting throughout 2013 a positive
net external position, reaching 1.4 billion euro at the
end of the year.
In 2013, the deposits of the non-monetary sector
amounted to 225.6 billion euro, which represents an
increase of 2.6 billion euro with respect to 2012 (chart 4).
In contrast, and despite the increase in its net external
assets, Banco de Portugal continued (as it happens
since mid-2010) to present a negative net external
position. At the end of 2013, it amounted to
-28.3 billion euro, essentially reflecting the
Eurosystem financing to resident banks, which is
recorded as a liability of Banco de Portugal against the
Eurosystem and an asset against the resident banks.
Domestic deposits
Estimating debt securities issued by banks and held by
non residents, the increase in net external assets
Chart 4
109 euro
250
200
150
100
50
0
Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13
Private individuals
Non-financial corporations
Non-monetary financial institutions
General government
3
STATISTICAL PRESS RELEASE • February 2014
The developments in this aggregate were due to all
sectors other than non-monetary financial institutions.
The deposits of non-financial corporations increased
2.5 billion euro. The deposits of private individuals and
general government increased by 1.6 billion euro in
both cases. Conversely, non-monetary financial
institutions deposits decreased 3.1 billion euro.
The increase in the general government deposits
reflected essentially the increase of 2.4 billion euro
of the deposits placed with Banco de Portugal,
corresponding to the funds received and not yet
withdrawn (at 31st December 2013), in the
framework of the Financial Assistance Programme to
Portugal.
Regarding the deposits of private individuals, the
annual growth rate was 1.4 per cent at the end of
2013.
As in past years, in 2013 there was an increasing
preference of private individuals for deposits with
maturities greater than two years. These deposits
recorded an increase of 3.1 billion euro and
represented 30.8 per cent of the deposits of the
sector at the end of the year. On the other hand,
deposits with shorter maturities decreased by
1.5 billion euro (chart 5).
Chart 5
Deposits of private individuals, by maturity
109 euro
150
%
15
125
13
100
10
75
8
50
5
25
3
0
0
-25
Dec-03
Dec-04
Dec-05
Deposits - up to 2 years
Dec-06
Dec-07
Dec-08
Deposits - over 2 years
Dec-09
Dec-10
Dec-11
Dec-12
-3
Dec-13
Deposits of private individuals - annual growth rate
(right-hand scale)
Securities issued
In 2013, the debt securities issued by the resident
banks reversed the upward trend recorded since 2006
and presented a reduction of 13.3 billion euro,
amounting to 86.0 billion euro at the end of the year
(chart 6). About 56 per cent of these securities were
held by the monetary sector itself.
Chart 6
Securities issued by banks
109 euro
120
100
80
60
40
20
0
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Securities issued by banks and held by monetary sector
Securities issued by banks and held by other sectors
Investment and funding of the
monetary sector
In 2013, there was once again a reduction of the
relative weight of the external sector in the financing
of the resident banks. Thus, at the end of 2013, the
external sector represented 37.2 per cent of the
financing obtained by the resident monetary sector,
which reflects a decrease of 0.6 p.p. comparing with
the previous year (chart 7).
However, the monetary sector used more own funds
and, as it had occurred in 2012, the relative weight of
capital and reserves in the financing of the sector
increased about 2 p.p. reaching almost 50 per cent.
At the end of 2013, the private individuals were again a
financing sector of the monetary sector, which had not
happened since 2003, representing 3 per cent of the
funds obtained by the banks.
4
STATISTICAL PRESS RELEASE • February 2014
The interest rate on new loans granted to private
individuals was 6.10 per cent in December 2013, which
represents a decrease of 7 b.p. compared to December
2012 (chart 9).
Chart 7
Financing
Sector structure (in %)
Investment
Investment and funding of the monetary sector
1980
1985
1990
1995
2000
Rest of the world
Non-specified sector (includes capital and reserves)
Non-financial institutions
2005
2010
2011
2012
2013
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.
Interest rates2
Chart 9
New loans to private individuals
Interest rates on new loans
106 euro
In 2013, the interest rates on new loans decreased as it
had happened in 2012.
The reduction in the interest rates decrease was more
significant in new loans granted to non-financial
corporations, where the average interest rate for
December 2013 was 5.08 per cent, representing a
decrease of 61 basis points (b.p.), compared to December
2012 (chart 8).
In 2013, the monthly average volume of new loans
granted to non-financial corporations was 4,092 million
euro, which corresponds to a 295 million euro increase
compared to 2012. This increment was justified by the
increase in new loans over 1 million euro.
Chart 8
New loans to non-financial corporations
9,000
8
8,000
7
7,000
6
6,000
4,000
3,000
2
Dec-09
Dec-10
Dec-11
6
2,000
5
1,500
4
3
1,000
2
500
1
0
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
0
Dec-13
Housing
Consumer credit
Other purposes
Euribor 6M (monthly average, t-1)
(right-hand scale)
Interest rates on loans to
private individuals (right-hand scale)
Interest rates on new deposits
In 2013 and in the two previous years, the interest
rates on new deposits decreased. In December 2013,
the interest rates on new deposits of non-financial
corporations and private individuals were 1.32 per cent
and 1.86 per cent, respectively (chart 10).
Dec-12
New deposits
8
3
20,000
1
Dec-08
7
%
1,000
Dec-07
8
2,500
25,000
2,000
Dec-06
3,000
4
2
Dec-05
%
9
106 euro
5
5,000
Dec-04
3,500
Chart 10
%
106 euro
0
Dec-03
In February 2013, the volume of new loans granted to
private individuals reached a minimum historical level
since the series’ beginning (January 2003), with an
amount of 457 million euro, to which contributed the
minimum volume of 132 million euro in housing loans
(chart 9). In 2013 and in the two previous years, the
monthly average volume of new loans granted to
private individuals diminished.
0
Dec-13
Loans up to 1 million euro
Loans over 1 million euro
Euribor 3M (monthly average, t-1)
(right-hand scale)
Interest rates on loans to
non-financial corporations (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.
7
6
5
15,000
4
10,000
3
2
5,000
1
0
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
0
Dec-13
Non-financial corporations
Private individuals
Interest rates on non-financial
corporations deposits (right-hand scale)
Interest rates on private
individuals deposits (right-hand scale)
STATISTICAL PRESS RELEASE • February 2014
The monthly average volume of new deposits
amounted to 12,529 million euro in 2013, which
represents a decrease of 5,655 million euro. Both nonfinancial corporations and private individuals recorded
reductions, with the monthly average volumes
reaching 5,982 and 6,547 million euro, respectively.
In 2013, the Euribor interest rates remained almost
unchanged, while the interest rate on the main
refinancing operations of the Eurosystem was reduced
by 25 b.p., both in May and November, decreasing
from 0.75 per cent in the beginning of 2013 to 0.25 per
cent in December.
5