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NBG Q2 trading update shows higher pre-provision income, marked improvement in NPL formation
EconomyBanking. The deadline for the publication of Greek banks’ Q2 financial statement was extended until the end... reflecting: a) the higher reliance on the Emergency Liquidity Assistance (ELA) funding, which comes... outflows also led to increased dependence on Eurosystem funding by 4 billion euros to 27.6 billion
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Government faces tight schedule for amendments to bailout legislation
EconomyProgrammeloans (NPLs) with state guarantees, which are exempted from sale until the end of 2017, according... to reinstate the waiver on Greek government securities for Greek banks’ access to ECB funding subject... (ELA) to ECB funding. Assuming also a reduction in the haircut applied to this collateral, Greek
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Eurogroup grants short-term debt relief but leaves Athens fretting over fiscal targets and IMF
EconomyProgrammeof medium-term debt relief appears to have been set aside until 2018. This could be a major headache... tranche of the 2nd Greek programme for the year 2017 and the use of the EFSF/ESM funding strategy... ESM funding costs. He said that the combination of the measures would lead to Greek debt-to-GDP ratio
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October deposit inflows turn negative by 345.5 mln for first time since January
EconomyMacroeconomybanking system until recently. In October last year, the balance was positive by 1.04 billion euros... to 147.98 billion. The BoG’s most recent monthly financial statement showed that Eurosystem funding... for central bank funding comes to 13.20 billion euros compared to September’s sum of 12.23 billion euros
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Fear and loathing in Athens: an ex-minister's take on troika reviews
PoliticsGreek Politicsand ideological reasons.” Manitakis argues that Greece’s narrow public sector was oversized until 2009... or implement measures at the last minute to obtain its lenders’ approval and further funding. Now, ex... of further bailout funding. “That’s when I understood that the troika had taken a tougher line
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Greek deposits down 0.3 pct in Feb, credit contraction stable
EconomyMacroeconomyof 89 billion recorded from the beginning of 2010 until June 2012, when the last general elections... outflows recorded in February, Greek banks’ Eurosystem funding eased for the second straight month by 2.85 billion to 68 billion at the end of February. Lower Central Bank funding is most likely
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Slight rise in deposits for March but outflows at 2.2 bln for 2014
EconomyMacroeconomyuntil June 2012, when the last general elections were held. Savings posted outflows of 3.4 billion... to deposit inflows in March, Greek banks’ Eurosystem funding further eased for the third straight month by 7.3 billion to 60.7 billion at the end of March. Lower Central Bank funding is most likely attributed
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Paris talks mark start of Greece's most crucial troika review
EconomyProgrammein Paris today and will last until September 4. The IMF spokesman has recently clarified that the aim... review. They key issues involve the consolidation of primary social security funds (SSF), the funding... in the negotiations for the identification of funding gap and decisions on debt relief measures along
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Greek deposits up 0.6 pct to 164.23 bln in August, which sees year's highest inflows
EconomyMacroeconomybeen posted until then. Although deposit flow is slightly positive so far in 2014, the reliance of Greek banks on Eurosystem funding has been reduced by close to 30 billion euros (circa 40 percent... systemic banks, the replacement of ECB funding by interbank lending, ongoing loan deleveraging
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Managing an orderly Greek exit from the memorandum
Agorabanking system and public finances until Madrid has paid off 75 percent of the 41 billion euros... of the International Monetary Fund from the current funding programme. The IMF part of the second... line (PCL). The PCL is a contingent or emergency funding facility. It forms part of the IMF’s toolbox
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