Bank of Greece: Statistics on loans serviced by Credit Servicing Firms (CSFs): Q3 2019
In the third quarter of 2019, the nominal value of loans serviced by domestic CSFs increased; the loans serviced concern loans that have been transferred from domestic credit institutions to non-resident specialized financial institutions.
In particular, the total value of loans serviced by CSFs increased by €1,967 million in the third quarter of 2019 and stood at €20,105 million, from €18,138 million in the second quarter of 2019 (see relevant Table and Diagrams). Corporate loans
The nominal value of serviced corporate loans increased to €5,408 million in the third quarter of 2019, from €5,367 million in the previous quarter. In further detail, the nominal value of loans to non-financial corporations (NFCs) increased by €41 million to €5,361 million at the end of the third quarter of 2019; Out of the total loans to NFCs, an amount of €3,719 million corresponds to loans to small and medium-sized enterprises (SMEs).
The nominal value of loans to insurance corporations and other financial intermediaries, serviced by CSFs, remained unchanged from the previous quarter, at €47 million. Loans to sole proprietors and unincorporated partnerships
The nominal value of loans to sole proprietors and unincorporated partnerships, serviced by the CSFs, decreased by €9 million from the previous quarter and stood at €2,256 million at the end of the third quarter of 2019. Serviced loans to individuals and private non-profit institutions
The nominal value of loans to individuals and private non-profit institutions, serviced by the CSFs, increased by €1,936 million to €12,441 million at the end of the third quarter of 2019. In further detail, the serviced consumer loans decreased by €9 million to €10,105 million at the end of the third quarter of 2019, while the corresponding housing loans increased by €1,956 million to €2,329 million.
Table: Loans transferred to foreign financial intermediaries and serviced by CSFs
(Nominal value, end of quarter data, in million euros)
March 2019
June 2019
September 2019
Private sector
18,231
18,138
20,105
Corporations
5,561
5,367
5,408
Non-financial corporations (NFCs)
5,511
5,320
5,361
o/w small and medium-sized enterprises (SMEs)
3,392
3,704
3,719
Insurance corporations and other financial intermediaries
49
47
47
Sole proprietors, farmers and individual enterprises
2,141
2,265
2,256
Individuals and private non-profit institutions (NPIs)
10,529
10,505
12,441
o/w consumer loans
10,142
10,114
10,105
o/w housing loans
375
373
2,329
Statistics on Insurance Corporations: June 2019
In the second quarter of 2019, total assets of insurance corporations increased to €18,401 million from €17,717 million in the previous quarter.
In further detail, the overall deposits of insurance corporations remained unchanged at €1,287 million in the second quarter of 2019. Deposits with domestic credit institutions decreased by €13 million, while deposits with foreign credit institutions increased by €13 million. Deposits accounted for 7.0% of total assets in the second quarter of 2019 compared with 7.3% in the previous quarter.
Total holdings of debt securities increased to €11,237 million in the second quarter of 2019 from €10,669 million in the previous quarter mainly due to the increase in the prices of Greek government and euro area bonds and to the net purchases of Greek government bonds. Debt securities amounted to 61.1% of total assets at end-June 2019 from 60.2% in the previous quarter.
Total holdings of investment fund shares increased to €2,989 million from €2,890 million in the previous quarter. Investment fund shares accounted for 16.2% of total assets at end-June 2019 from 16.3% in the previous quarter. The increase in the value of the total holdings is mainly due to the increase in the prices of domestic investment fund shares.
Total holdings of shares and other equity excluding mutual funds shares increased to €599 million from €536 million in the previous quarter. Shares accounted for 3.3% of total assets at end-June 2019 from 3.0% of the previous quarter. The increase in the value of shares is due to the increase in the prices of shares listed in the Athens Stock Exchange and to net purchases of domestic shares.
On the liabilities side, own funds increased by €196 million to €3,028 million at end-June 2019. Total insurance technical reserves increased by €486 million to €13,614 million, due to the increase of life technical reserves. On the other hand, non-life insurance technical reserves decreased by €12 million from the previous quarter. Life technical reserves (other than pension entitlements) accounted for 71.4% of total technical reserves from 70.2% in the previous quarter.
Table 1: Balance Sheet of Insurance Corporations (EUR millions at the end of the period)
Q1 2019
Q2 2019
Assets
Deposits
1,287
1,287
Domestic
851
838
Rest of the world
436
449
Debt Securities
10,669
11,237
Domestic
4,444
4,848
Rest of the world
6,225
6,389
Investment Fund Shares
2,890
2,989
Domestic
904
955
Rest of the world
1,986
2,034
Shares and other equity excluding investment fund shares
536
599
Domestic
395
454
Rest of the world
141
146
Fixed assets (net of depreciation)
625
650
Financial Derivatives
10
12
Loans
176
173
Prepayments of insurance premiums
449
418
Other Assets
1,074
1,037
Total Assets / Liabilities
17,717
18,401
Liabilities
Own Funds
2,832
3,028
Insurance technical reserves
13,128
13,614
Life insurance technical reserves
10,059
10,557
of which Pension entitlements
841
842
Non-Life insurance technical reserves
3,069
3,057
Loans
98
113
Other liabilities
1,659
1,646
Table 2: Net flows(2) of investments of Insurance Corporations (EUR millions)
Investments
Q1 2019
Q2 2019
Debt Securities
92
170
Domestic
153
117
Rest of the world
-60
53
Investment fund shares
157
31
Domestic
-2
-2
Rest of the world
158
33
Shares and other equity excluding investment fund shares
-2
30
Domestic
-2
26
Rest of the world
1
4
The complete data set of insurance corporations is published on the Bank of Greece website and can be accessed via the following link:
http://www.bankofgreece.gr/Pages/en/Statistics/nomonetary/default.aspx
(1)Data to the Bank of Greece are submitted by the supervised insurance corporations as defined in article 1 of the Executive Committee Act 94/16.5.2016 concerning the single submission of national reports by insurance and reinsurance corporations to the Bank of Greece in the context of Solvency II for supervisory and statistical purposes.
(2)Net flows are derived from the change in the outstanding amounts of stocks corrected for revaluation and reclassification adjustments.
Note: The next Press Release on “Statistics on Insurance Corporations” for the third quarter of 2019 will be published on 2 December 2019.
Statistics on Insurance Corporations – March 2019
In the first quarter of 2019, total assets of insurance corporations increased to €17,717 million from €17,042 million in the previous quarter.
In further detail, the overall deposits of insurance corporations decreased by €18 million from the previous quarter to €1,287 million in the first quarter of 2019. Deposits with domestic credit institutions decreased by €66 million, while deposits with foreign credit institutions increased by €48 million. Deposits accounted for 7.3% of total assets in the first quarter of 2019 compared with 7.7% in the previous quarter.
Total holdings of debt securities increased to €10,669 million in the first quarter of 2019 from €10,318 million in the previous quarter because of net purchases of domestic debt securities. Debt securities amounted to 60.2% of total assets at end-March 2019 from 60.5% in the previous quarter.
Total holdings of investment fund shares increased to €2,890 million from €2,668 million in the previous quarter. Investment fund shares accounted for 16.3% of total assets at end-March 2019, compared with 15.7% in the previous quarter. The increase in the value of the total holdings is due to the net purchases of foreign investment fund shares.
Total holdings of shares and other equity excluding mutual funds shares increased to €536 million from €510 million in the previous quarter. Equity accounted for 3.0% of total assets at end-March 2019, unchanged from the previous quarter. The increase in the value of shares is due to the increase in the prices of shares listed in the Athens Stock Exchange.
On the liabilities side, own funds increased by €60 million to €2,832 million at end-March 2019. Total insurance technical reserves increased by €535 million to €13,128 million, due to the increase of €494 million in life technical reserves. On the other hand, non-life insurance technical reserves increased by €41 million from the previous quarter. Life technical reserves (other than pension entitlements) accounted for 70.2% of total technical reserves from 69.3% in the previous quarter.
Data to the Bank of Greece are submitted by the supervised insurance corporations as defined in article 1 of the Executive Committee Act 94/16.5.2016 concerning the single submission of national reports by insurance and reinsurance corporations to the Bank of Greece in the context of Solvency II for supervisory and statistical purposes.