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  1. General government cash surplus widens to 3.68 bln in November, arrears down by 502 mln

    EconomyMacroeconomy

    at the end of November. This funding source was initiated this year and relates to intra-government funding via the cash reserves of the gg bodies for which the Public Debt Management Agency offers repos... that this funding source, that is used to cover short term funding gaps, is almost exhausted. The YtD evolution

    2%

  2. Piraeus Bank net losses at 332 mln in Q4 2014, NPLs drop under 39 pct
    Photo by MacroPolis

    EconomyBanking

    synergies and 100 percent of funding synergies related to the acquisition of 5 banks (ATEbank, 3... contraction. Eurosystem Eurosystem funding increased by 3 billion euros QoQ to 14.1 billion at the end.... Since the end of November, Eurosystem funding has jumped by 18.1 billion mainly reflecting deposit

    2%

  3. What higher ECB haircuts on collateral could mean for Greek banks' liquidity
    Photo by MacroPolis

    Economy

    of an extraordinary meeting before the end of the month and any kind of funding disbursal without Greece... the haircut applied to the collateral used by Greek banks for Emergency Liquidity Assistance (ELA) funding... of Greece (BoG), Greek banks’ cash ELA funding reached 68.51 billion euros at the end of March

    2%

  4. National Bank posts losses of 159 mln in Q1 2015
    Photo by MacroPolis

    EconomyBanking

    is attributed to higher Emergency Liquidity Assistance (ELA) funding cost. The Greek deposit spread... at 95 percent, both remaining the best among its domestic peers. Eurosystem Eurosystem funding.... The latter is made up by ECB funding of 9.8 billion (primarily EFSF bonds) and ELA funding of 15.6 billion

    2%

  5. Deposit inflows of 2.65 bln in Dec, highest positive flow since Feb 2013

    EconomyMacroeconomy

    this period. Meanwhile, Greek banks’ Eurosystem funding declined for the sixth straight month by 5.89... Liquidity Assistance (ELA) funding by 8.57 billion partly offset by a rise in ECB funding by 2.68 billion in December. The aggregate figures since July show that Eurosystem funding has been trimmed

    2%

  6. Eurobank reports loss in Q4 and for 2015, management expects bank to turn profitable in 2016
    Photo by MacroPolis

    EconomyBanking

    reflects lower funding cost with the Greek deposit spread improving by 17 basis points (bps) QoQ... funding fell by more than 6 billion QoQ to 25.3 billion at the end of December and further to 24.3 billion at the end of February. In particular, the Emergency Liquidity Assistance (ELA) funding slipped

    2%

  7. Deposit outflows for second straight month in February, at 548 mln

    EconomyMacroeconomy

    ’ reliance on Eurosystem funding fell by 1.86 billion euros to 104.23 billion in February. The monthly change reflects a fall in the Emergency Liquidity Assistance (ELA) funding by 0.85 billion to almost 68 billion, while ECB funding eased by 1 billion to 36.34 billion. Since July, central bank funding

    2%

  8. Marginal deposit inflows of 55 mln in March
    Photo by MacroPolis

    EconomyMacroeconomy

    government (2.28 billion). Meanwhile, Greek banks’ reliance on Eurosystem funding fell by 2.78 billion... Assistance (ELA) funding by 1.79 billion to 66.19 billion and a slower drop in ECB funding by almost 1 billion to 35.25 billion. Since July, Central Bank funding has dropped by 25.13 billion euros, primarily

    2%

  9. 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

    2%

  10. 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

    2%