Deposits poised for growth in 2026: the key drivers

Τhe implementation of tax alleviation and income support measures that travel into effect from January 2026, arsenic well arsenic the maturation rates of backstage deposits successful 2025 supply encouraging signs for a important summation successful deposits successful 2026.

In the Interim Monetary Policy Report, the Bank of Greece pointed retired that these measures are estimated to person a affirmative effect connected the summation successful the volume of deposits, while the request for deposits is expected to germinate successful enactment with the emergence successful GDP and, particularly for households, with the people of disposable income.

However, a antagonistic determining origin is going to beryllium – if it continues – the gradual diminution successful deposit involvement rates, which makes slope deposits unattractive arsenic a means of holding wealth. Indicatively, it is reported that successful January to October, the weighted mean involvement complaint connected existing household deposit balances has decreased by 17 ground points compared to the opening of the period, while it stood astatine 0.44% successful January. As for caller deposits, the mean involvement complaint has decreased by 9 ground points (0.38%).

In particular, household deposits recorded a cumulative summation of 1.9 cardinal euros, compared to an summation of 0.4 cardinal euros successful the aforesaid play past year, with the yearly maturation complaint accelerating to 3.4% from 2.4% successful 2024. This is due, according to the BoG, to the observed favorable improvement of nominal disposable income successful 2024 and aboriginal 2025, but besides to developments successful lending to households.

On the different hand, concern deposits accrued by 1.2 cardinal euros successful the archetypal ten months of 2025, compared to an summation of 0.8 cardinal euros successful the corresponding play of 2024, with the yearly maturation complaint remaining astatine precocious levels, astir 12%, when past year it was 11.4%. The summation successful deposits of Non-Financial Corporations (NFCs) chiefly reflects the summation successful overnight deposits, which is accordant with the continued strengthening of recognition enlargement to businesses, while – besides owed to the de-escalation of involvement rates – clip deposits of NFCs recorded lone a small summation (0.2 cardinal euros).