OREANDA-NEWS. January 24, 2012. Corporate cross-border financial assets and liabilities increased in the third quarter of 2011. Non-financial corporate deposits with domestic financial institutions grew just 30 million euros year-on-year, while foreign deposits increased as much as 300 million euros. In total, the volume of corporate deposits was 8.5% larger than a year ago in the third quarter of 2011б reported the press-centre of Eesti Pank.

The share of foreign assets in corporate liquid assets increased to 18% by the end of the third quarter of 2011 from 12% a year ago. Corporate liabilities grew by 73 million euros within the quarter. The corporate liabilities structure changed as well in the third quarter, due to the refinancing of an energy company's domestic bank loan with foreign bonds. The share of foreign liabilities in total liabilities grew to 32% by the end of the third quarter.

Household savings continued to increase in the third quarter as well. Cash and deposits grew by about 160 million euros, whereas loans were being repaid at the same time. Year-on-year, household financial assets increased by approximately 6%, whereas liabilities decreased by 3%. The stock of household liabilities has shrank by more than 9% from the peak of 2008.

The general government was a net lender with 146 million euros in the third quarter. Contrary to the general government, local governments were net borrowers, since their amounts owed to the non-financial sector for goods and services grew. The general government financial assets decreased by 1.6%, quarter-on-quarter.

The Estonian total economy was a net lender with 284 million euros in the third quarter. Both households and the general government were net lenders, whereas non-financial and financial institutions were net borrowers from the rest of the world. The financial sector's net borrowing was mainly due to an extensive change in the ownership structure of a bank.