Cecabank Annual Report 2014

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39
Interest rates in the main economiess
PRIVATE
SECTOR DEPOSITS
PRIVATE
SECTOR CREDIT
OFF BALANCE SHEET
RESOURCES
9
10
9
11
9
12
9
13
9
14
11 11 11 11 1 1 1 1 3 3 3 3 5 5 5 5 7 7 7 7
25
30
20
15
10
-5
5
-10
0
-15
Over the course of 2014 credit
to the private sector continued
its contractionary trend among
deposit-taking institutions as
a whole, registering a year-on-
year drop of close to 8 percent in
September. A slight upturn in flows
of new credit has been detected,
particularly among households
and SMEs, although it is still
insufficient to offset the volume
of repayments, resulting from the
deleveraging underway in the
private sector.
All this reflects:
Better conditions in the
financial markets;
A context of lower interest
rates, which has influenced
economic agents’ decisions
about the form in which to
hold their savings;
Institutions’ marketing
strategies, making products
such as deposits less
attractive, such that they
moderated their growth
to a rate of 1 percent in
September, in favour
of off-balance sheet products,
and investment funds
in particular.
In the case of the latter, according
to data published by INVERCO,
in 2014 the boom in investment
funds intensified, reaching a
level of assets of 188,626 million
in September, an increase of
23 percent during the year.
The cumulative volume of net
subscriptions since January
is close to 30 billion, only
exceeded by those in the same
period in 1997.
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