In 2019

Number of banks decreased while commissions and interests and similar income remained fairly stable compared to the previous year

In 2019, the other monetary intermediation (Portuguese acronym: OIM) which includes banks, saving banks and mutual agricultural credit banks had 97 establishments in the Autonomous Region of Madeira. Compared to 2018, the number of establishments went down by 10. The number of establishments by 10,000 inhabitants in 2019 was 3.8, 0.4 p.p. below the ratio of the country.

Because of statistical confidentiality, the number of persons employed in 2019 in banks and the personnel expenses cannot be disclosed.

The interests and similar incomes dropped to 49.2 million euros, down by 1.1% over 2018, 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 2019, the deposit interests reached the lowest level in the available time series (which starts in 1997), not exceeding 8.8 million euros, -18.1% than in 2018.

In the insurance sector, in 2019, there were 12 establishments in the Autonomous Region of Madeira, one fewer than in 2018. The persons employed hit a low (since 1998, the first year for which these data are compiled) of 43, down by two persons from 2018. Personnel expenses also dropped by 8.2% between 2018 and 2019.  The gross premiums issued by the insurance establishments in the Region stood at 53.9 million euros, up by 8.0% over the previous year.

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