According to data released by Banco de Portugal (BdP): “Since May 2020, the amount of deposits that companies hold in banks resident in Portugal has grown by more than 14 percent”, specifying that, “in August 2021, these deposits grew 16.3 percent in relation to August 2020, to €58.8 billion (they had grown by 14.8 percent in the previous month), reaching a new historic high”.

Private deposits in resident banks, which in July had reached a record value of €169.9 billion, grew 7.1 percent in August, year-on-year.

According to the BdP notes, “since March 2020 families have reinforced their deposits with banks”, with this growth reflecting “a trend and values ​​close to those of the euro area”.

With regard to the total amount of loans granted to individuals for housing, it grew 4 percent compared to August 2020, to €95.6 billion, after having increased by 3.9 percent in the previous month.

Consumer loans grew 1.3 percent compared to August 2020, standing at €19 billion (they had grown 1.6 percent in the previous month).

Regarding companies, the total amount of loans granted in August 2021 grew 5.2 percent compared to August 2020, to €76.2 billion, decelerating slightly from the 5.9 percent increase in the previous month.

"Contrary to the evolution seen in 2020 and early 2021, largely related to the impact of the lines of support to the economy granted in the context of the pandemic, the growth rate of loans to companies decreased again for the fourth consecutive month", says the central bank.

“Still – they add – loans to companies have increased at a faster pace than in the euro area”.