Lower household debt
NBP data: January saw a decline in corporate bank deposits and a rise in corporate loans. Quite the opposite was observed in the case of households.
On 14 February 2012, the National Bank of Poland published its preliminary report on money supply in January. According to the report, the value of M3 declined as compared to the end of December, which is not surprising, as similar declines occurred in the corresponding periods of the previous years. Corporate deposits shrank considerably – by PLN 14.3 billion – which was driven, among other things, by reinstatement of balances in settlement accounts at the start of the new balance sheet year and disbursements of bonuses and awards.
In January, household deposits went up by PLN 8.2 billion to reach PLN 486.3 billion at the end of the month. An increase of PLN 42 billion was also recorded in non-monetary deposits held at banks by financial institutions, especially investment and pension funds.
Lower household debt at banks comes as a certain surprise. As compared to the end of December 2011, the value of loans to individuals decreased in nominal terms by PLN 8.3 billion, and accounting for the impact of foreign exchange differences by PLN 0.6 billion. According to the NBP analysts, declines in household debt have so far been observed on very rare occasions.
Corporate loans, on the other hand, continued on a steady upward trend. In January 2012 they increased, allowing for the impact of foreign exchange rate differences, by 2.4% , with annual growth rate standing at 17.4%.
See: M3 and its counterparts