BUSINESS

Greek bank deposits edge up in May after four-month decline

Greek bank deposits rose slightly in May, pausing a four-month decline, data released by the country's central bank showed on Monday.

Business and household deposits rose by 278 million euros, or 0.2 percent month-on-month to 121.7 billion euros ($134.2 billion), their lowest level since July 2003. They had declined to 121.43 billion euros in April.

Greek banks have seen only a trickle of deposit inflows 10 months after the country clinched a third international bailout to stay in the euro zone. They remain dependent on central bank borrowing to plug their funding gap.

Greece's banking sector saw a 42 billion euro deposit outflow from December to July last year. Capital controls imposed on June 28 helped contain the flight but sharply increased banks' dependence on emergency liquidity assistance (ELA) from the Bank of Greece. [Reuters]

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