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EconomyMacroeconomy
Deposits edged up in Nov but credit contraction was close to 4 pct Greek private sector deposits increased by 0.4 percent month on month (mom) in November, for the first time since May, with balances reaching 161.04 billion euros, according to the Bank of Greece (BoG). Net inflows stood at 394 million in November from outflows of 630 million in October.
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Economy
What do EBA tests reveal, or fail to highlight, about Greek banks? The European Banking Authority (EBA) disclosed on December 16 the results of a transparency exercise covering 64 European banks from 21 countries. The aim of the exercise was to share updated information based on first half 2013 data about banks' operations according to uniform benchmarks.
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EconomyMacroeconomy
Banks' reliance on Eurosystem funding eases for seventh straight month in Nov Greek banks’ Eurosystem funding, the combined liquidity they have received from the European Central Bank (ECB) and the Bank of Greece (BoG) Emergency Liquidity Assistance (ELA) mechanism, marginally eased by 0.33 billion euros in November, according to the BoG’s monthly financial statement.
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EconomyMacroeconomy
Greek deposits slip in October as credit also contracts by 3.9 pct Greek private sector deposits decreased by 0.6 percent month on month (mom) in October, with balances reaching 160.38 billion euros, according to the Bank of Greece (BoG). Net flow remained negative for the fifth consecutive month, with outflows slightly slipping at 630 million in October from 719 million in September.
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Economy
Greek banks’ reliance on Eurosystem fell by 2.36 bln in October Greek banks’ Eurosystem funding, the combined liquidity they have received from the European Central Bank (ECB) and the Bank of Greece (BoG) Emergency Liquidity Assistance (ELA) mechanism, dropped by another 2.36 billion euros in October, according to the Bank of Greece’s (BoG) monthly financial statement.
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EconomyMacroeconomy
Deposits down for fourth month in a row as tax obligations rise Greek private sector deposits marginally slipped 0.53 percent month on month (mom) in September with balances reaching 161.35 billion euros. Net flow remained in negative territory for the fourth consecutive month with outflows increasing at 719 million in September from 212 million in August.
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EconomyMacroeconomy
No signs of credit revival in Sept., balances at 221 bln Credit contraction in the Greek market remained unchanged from the previous month at 3.9 percent year on year (yoy) in September with balances reaching 221.0 billion euros, according to the Bank of Greece.
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Economy![Photo by Can Esenbel [www.mundanepleasure.com]](resources/toolip/img-thumb/2013/10/16/rock_esenbel_572_1610-medium.jpg "Photo by Can Esenbel [www.mundanepleasure.com]")
How Greek banks could cut 2014 financing gap with a bond rollover In an interview with Naftemporiki daily on October 14, Greek Finance Minister Yannis Stournaras identified two key sources that could reduce – if not eliminate – the emerging funding gap as of July 2014, currently estimated at 10.5 – 11.0 billion euros. Both solutions involve rolling over of Greek government bonds (GGBs) that mature in 2014.
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EconomyMacroeconomy
Greek banks less reliant on Eurosystem funding in September Greek banks’ Eurosystem funding, the combined liquidity they have received from the European Central Bank (ECB) and the Bank of Greece (BoG) Emergency Liquidity Assistance (ELA) mechanism, dropped by another 1.4 billion euros in September, according to the BoG’s monthly financial statement.
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Economy
What is the state of play with Greek banks? Having suffered huge losses due to the PSI last year, completed a series of M&A that reshuffled the domestic banking landscape and successfully recapitalised in June, Greek banks remain at the forefront of domestic corporate developments. Their stock performance, with gains in excess of 50 percent over the past three months, has also triggered increased interest from the investment community.