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  1. Piraeus first Greek bank to repay Pillar II bonds, others to follow
    Photo by MacroPolis

    EconomyBanking

    for funding purposes. Since March 2015, those bonds can only be used for Emergency Liquidity Assistance (ELA) funding. Under the third pillar, the state had issued special bonds purchased by banks..., Pillar II bonds, which are used for ELA funding, bear a nominal interest rate of 1.55 percent (150

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  2. Net profit of 87 mln for NBG in Q1
    Photo by MacroPolis

    EconomyBanking

    , largely on the back of lower reliance on the Emergency Liquidity Assistance (ELA) funding and time... for funding. Operating expenses fell 7 percent QoQ and 2.2 percent year on year (YoY) to 309 million.... On the liquidity front, Eurosystem funding dropped by 1.2 billion QoQ to 22.8 billion in Q1 and further by another

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  3. ECB holds off on reinstating Greek waiver, waits for completion of prior actions
    Photo by ECB via Flickr https://flic.kr/p/qhZVDy

    Economy

    are eligible for Eurosystem funding collateral This means, the total nominal amount of Greek... funding stands at 9.3 billion euros. Based on the currently applied haircut of around 45 percent... funding cost stands 150 basis points above that of ECB funding, meaning that Greek banks could benefit

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  4. ECB reinstates waiver in first step towards improving liquidity conditions for Greek banks
    Photo by ECB via Flickr https://flic.kr/p/qqjzQG

    EconomyBanking

    credit rating threshold with regards to the eligibility of collateral for funding purposes... for Emergency Liquidity Assistance (ELA) funding may be switched to ECB funding. This entails lower cost for banks since the ELA funding cost stands 150 basis points above that of financing from the ECB

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  5. Piraeus Bank’s bottom line turns profitable with 20 mln net profits in Q2
    Photo by MacroPolis

    EconomyBanking

    with the NPE cash coverage ratio at 47 percent. Eurosystem funding declined by 3.6 billion euros QoQ..., increased repos and deposit inflows. In specific, the Emergency Liquidity Assistance (ELA) funding dropped by 2.6 billion since March to 13.5 billion, while ECB funding fell by 2.9 billion to 11.5 billion

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  6. Eurobank remains profitable with net profits of 46.2 mln in Q2
    Photo by MacroPolis

    EconomyBanking

    ) improved 1.3 percent QoQ to 387.7 million mainly driven by lower funding cost related to reduced reliance... sold 72 million NPLs in Bulgaria. Eurosystem funding dropped by 1.4 billion QoQ to 21.5 billion... Assistance (ELA) funding notably decreased from 18.3 billion in March to 15.8 billion in June and further

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  7. Fitch affirms Greece’s rating at ‘CCC’

    Economy

    to face very large funding imbalances with the Emergency Liquidity Assistance (ELA) funding making up 20 percent of their funding. In addition, the reinstatement of waiver is expected to allow only a fairly small portion (around 7 percent) of ELA funding to be shifted towards the cheaper ECB funding

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  8. Eurobank records net profits of 85 mln in Q3, updates on NPE reduction targets
    Photo by MacroPolis

    EconomyBanking

    to 388.9 million in Q3, mainly driven by lower funding cost largely stemming from reduced reliance on the Emergency Liquidity Assistance (ELA) funding that more than offset a drop in the loan NII... for a gradual and progressive drop in the cost of risk to 1 percent in 2019. Eurosystem funding

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  9. NBG turns profitable in Q3, NPE stock drops further by 1 billion
    Photo by MacroPolis

    EconomyBanking

    , mostly reflecting lower Eurosystem and wholesale funding cost that more than offset reduced loan... funding fell by 2.3 billion QoQ to 12.6 billion in Q3 and further by another 1.3 billion in November and currently stands at 11.3 billion. The Emergency Liquidity Assistance (ELA) funding dropped from

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  10. Eurobank posts net profits of 38 mln in Q4 and 230 mln in 2016
    Photo by MacroPolis

    EconomyBanking

    in Q4, reflecting weaker lending NII almost offset by lower funding cost related to Eurosystem funding, pillar II bonds and deposits. For the whole year, NII increased by 5.8 percent largely due to lower funding cost. The management noted that Q4 trends are expected to be maintained this year

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