Slightly higher lending to corporates
The NBP data on money supply M3 released in June 2011 show a moderate growth in both deposits at banks and loans.
In June, all main components of money supply M3 increased very modestly. Households’ bank deposits increased by 3 billion zlotys and amounted to 435.8 billion zlotys at the end of the month. NBP analysts indicate that the growth rate of annual savings has recently been very stable, fluctuating around 10 percent since March 2010. The new funds primarily go to banks as investment funds have recently become less popular.
Households showed caution in taking out loans in June; their debt in banks grew by 6.8 billion zlotys to the total amount of 502.7 billion zlotys which was also the effect of the appreciation of the Swiss franc. After excluding the impact of exchange rate movements, the annual rate of debt growth of this group of bank customers amounts to 7.9 percent.
Corporate loan growth was slightly faster. After excluding the impact of exchange rate movements, annual loan growth stood at 8.6 percent at the end of June, compared to -3.1 percent a year ago. In particular, the value of overdraft facility rose, but the value of investment loans also recorded a significant increase. The decline in the growth rate of enterprises’ bank deposits may reflect the fact that they have been investing more.
See full data on money supply M3 June 2011