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Newsletter 79 - 24/06/2016
Assistance (ELA) for ECB funding. Greek banks hold a total of 9.3 billion of ECB-eligible assets, which are currently paced with the BoG for ELA funding at a cost that is 150 basis points above that of ECB funding. The switch to ECB funding as of June 29 would entail cheaper liquidity of 5–6 billion
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Deposit flow turns positive in May with inflows of 184 mln
EconomyMacroeconomybillion respectively. A the same time, Greek banks’ Eurosystem funding fell for the eleventh... in the Emergency Liquidity Assistance (ELA) funding by 2.08 billion to 64.81 billion, its lowest level since January 2015, while ECB funding also slipped by 1.78 billion to 30.9 billion. BoG said last Thursday
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Deposit inflows of 1.07 bln in June, highest in first half of 2016
EconomyMacroeconomy. Meanwhile, the reliance of Greek banks on Eurosystem funding notably dropped by 8.57 billion euros to 87.14 billion in June, reflecting of a sharp fall in ELA funding by 10.44 billion, while ECB funding rose by 1.87 billion. The reduced central bank funding in June mainly results from
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S&P raises core Greek banks’ ratings, with a stable outlook
Economy. In addition, their funding positions will remain highly unbalance resulting in continued reliance on Eurosystem funding to cover their liquidity needs, S&P stresses. A rating upgrade would require... that would result in lower reliance on ECB funding, return to profitability and asset quality
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One-off loss affects NBG’s P&L, NPE stock drops by 900 mln in Q2
EconomyBankingpercent QoQ to 482 million largely driven by lower funding cost due to reduced Emergency Liquidity Assistance (ELA) funding as well as lower deposit cost. Fee and insurance income rose by 4 and 30.... Eurosystem funding markedly fell by almost 8 billion QoQ to 14.9 billion at the end of Q2
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Deposits grow by 1.3 bln in August, highest inflow in 2016
EconomyMacroeconomyon Eurosystem funding fell further by 4.39 billion to 78.46 billion at the end of August. The monthly movement reflects a decline in the Emergency Liquidity Assistance (ELA) and ECB funding by 2.55 and 1.83 billion respectively. Overall, Central Bank funding has dropped by 17.26 billion over the last three
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Piraeus Bank posts net profits of 31 mln in Q3, records improved asset quality trends
EconomyBankingmillion. The NII increase mostly reflects lower funding cost due to reduced reliance on Emergency Liquidity Assistance (ELA) funding and repo cost at negative rate, which more than offset the negative... single-digit NII growth going forward, on the back of lower deposit cost, positive impact on funding
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Moody’s changes outlook for Greek banks from negative to stable
EconomyBankingon the back of improving profitability and funding, which are expected to normalise from a very weak..., largely due to significantly lower impairment losses, reduced funding costs and contained operating... their reliance on the Emergency Liquidity Assistance (ELA) funding, Greek banks are expected to continue
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Positive deposit flow of 2.8 bln in Dec leads 2016 inflows to 4.2 bln
EconomyMacroeconomybanks’ Eurosystem funding declined by another 1.87 billion in December and landed at 66.62 billion, its... Assistance (ELA) funding by 1.37 billion, while ECB funding posted a smaller drop by 500 million. Overall, Eurosystem funding has declined by 60 billion euros since the July 2015 attributed
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Review talks focus on out-of-court workout, jobs scheme and energy market
EconomyProgrammeof that programme relates to its funding, which was not discussed at Thursday’s meeting. Government sources noted after February 20 Eurogroup that the programme’s funding was estimated at around 3 billion euros... with the World Bank regarding the funding and technical expertise needed for this programme
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