Financial and Liquidity Management Strategy
Macroeconomic environment and financial system
Credit dynamics reflect Covid-19 measures: loans with State guarantee and moratoria
Total loans (EUR bn)
217.6
218.6
1.7
214.6
213.9
212.3
0.8
YOY
-0.3
(%)
-1.3
-1.8
Sep-19
Dec-19 Mar-20 Jun-20
Jul-20
Total deposits (EUR bn)
247.8
249.7
240.5
236.0
236.6
5.8
4.9
YOY
3.4
3.7
3.0
(%)
Sep-19
Dec-19 Mar-20
Jun-20
Jul-20
Santander
Source: Statistics Portugal, Ministry of Finance, Santander Portugal forecasts and estimates.
Loans have increased given the support measures adopted to
mitigate the COVID-19 effects: (i) around EUR 7 bn of credit
lines with State guarantee for the corporate sector; and (ii)
moratoria on loans to households and corporates
Deposits accelerate, reflecting (i) lower spending by
households, due to precautionary saving and less spending on
leisure activities; and (ii) higher deposits by corporates,
associated with the credit lines
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