Fourth, the deposit growth has been higher than projected in all the years except in 1999-2000 when the growth was a mere 13.9 per cent compared to the projected level of 16.5 per cent. Fifth, the growth of non-food credit {including investments in PSU bonds, corporate debentures, Commercial Paper (CP) etc.} has generally been less than projected in all the years.
But it is precisely this already very lengthy upbeat economic spell in Germany that harbours the risk of market participants turning a blind eye to scenarios involving heavy losses.