In 2018

Despite the decrease in the number of banks, the commissions and interests and similar income increased over the previous year

In 2018, the other monetary intermediation (Portuguese acronym: OIM) which includes banks, saving banks and mutual agricultural credit banks had 106 establishments in the Autonomous Region of Madeira. Compared to 2017, the number of establishments went down by 12. The number of establishments by 10,000 inhabitants in 2018 was 4.2, 0.4 p.p. below the ratio of the country.

The application of the principle of statistical confidentiality prevents the release of the number of persons employed for 2018. However the data are available for 8 of the 11 municipalities of the Region and in all of them the persons employed in banks decreased. In accordance, in those municipalities except one (Ponta do Sol) the personnel expenses also dropped.

The interests and similar incomes rose to 49.7 million euros, up by 26.1% over 2017, while the commissions received by the banks located in Madeira stood at 27.0 million euros, increasing by 0.7% from the preceding year.

In 2018, the deposit interests reached the lowest level since 1997, not exceeding 10.7 million euros.

There were 13 establishments in 2018 in the insurance sector of the Autonomous Region of Madeira, the same total as in 2017. With regard to persons employed, 45 were counted in 2018, down by 5 from 2017. Personnel expenses in the insurance sector stood at 1.9 million euros in 2018, dropping by 7.5% from the preceding year.

The establishments of the insurance sector in the Autonomous Region of Madeira issued 49.9 million euros of gross premiums in 2018, down by 26.7% from the previous year, but in line with the results of 2011-2016.

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