French St. Martin banks seeing recovery signsPOSTED: 07/12/12 11:56 AM
St. Martin – A new report shows that there money markets in St. Martin started showing signs of a rebound in the first quarter of the year. The report covers developments with loans and bank deposits.
The amount of outstanding loans was 224.7 million euro at the end of March 2012. That is 8.6 percent more than the figure at the end of March 2011. The increase was driven by the financing of real estate especially in terms of outstanding housing loans and investments in property by companies. The loans to households grew by 6.2 percent while the loans to companies grew by 12.6 percent. Investment loans remained upbeat and show an increase of 6.5 percent year on year but consumer loans have decreased by 1.9 percent.
Deposits show an overall growth of 10.6 percent in the first quarter of 2012. During the first three months banks reported deposits had topped out at 309.3 million euro. The increase was driven by actual deposits and investments.