The rise in bank deposits now amounting to € billion stems mainly from the corporate sector, while the increase in household deposits was more contained. In addition, banks’ reliance on Emergency Liquidity Assistance (ELA) progressively declined in the first eight months of 2016, from € billion in December 2015 to € billion in September 2016 (Figure 9).
It is understandable that the banking community, not used to the kind of measures the Bank was proposing, required some time to reflect upon it to see whether it made sense for them as well. So we listened to them and understood their predicament to adequately cover the risks borne by them in extending such facilities to their clients.