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Bank deposits in euro-zone periphery fall in July

Source: Reuters - Thu 26th Aug 2010

Deposits at commercial banks in most of the countries hit hard by the euro zone debt crisis fell in July, data showed on Thursday.

Deposits at Greek banks dropped to 367.5 billion euros in July from 372.4 billion euros in June, the second monthly fall in a row, data released by the European Central Bank showed.

When excluding central government and financial institutions deposits, the data showed a monthly drop of 4.5 billion euros to 218.4 billion in Greek bank deposits. Measured this way, deposits have fallen every month since December and are now about 10 percent lower.

Bank deposits of euro area residents in Spain and Ireland also fell in July, but rose in Portugal.

Spanish deposits decreased to 2.247 trillion euros from 2.252 trillion the month before while Irish deposits fell to 679.4 billion euros in July from 686 billion the previous month.

In Portugal, deposits rose to 324.2 billion euros from 315.9 billion euros.

Deposits excluding financial institutions and central government showed a similar development in those countries.

The figures released by the ECB show a slightly different picture from the national central bank data.

Numbers released by the Greek central bank cover household and business deposits, but exclude bank-to-bank lending, Greek officials say. The Bank of Greece has not yet published July figures.

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