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Draft bill sees millions in savings and revenues from variety of bailout interventions
EconomyProgrammewith a net positive impact of more than 600 million euros in 2016 are as follows: 1) Annual revenue... in the excise tax on diesel for farmers (from 66 euros per 1,000 litres to 200 euros as of October 1, 2015 and further to 330 euros as of October 1, 2016) is anticipated to raise 13 million euros in 2016
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Signifcant underspend covers revenue shortfall for budget primary surplus to August
EconomyMacroeconomythat a large part of the revenue underperformance is attributed to: 1) SMP and ANFA income of 1.72... in August, with the 8-month figure up by 1 percent to 7.35 billion, proportionally in line with the full... proportionally below target. These mainly involve: 1) Grants to Manpower Employment Agency (at 32 percent
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The key points in Greece's new bank recap bill
Economyframework: 1) A bank that has been deemed viable by the Bank of Greece (BoG) may apply to the Hellenic... is allocated among preference shares and other Core Tier 1 (CET1) instruments, Tier 1 instruments, Tier 2... firms. 7) Banks may recognise Deferred Tax Asset (DTA) for credit risk until the end of June 2015
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Notable increase in grants to social security sector leads to budget primary deficit in Nov
Economyfar this year, and also stands almost 1 billion above the monthly target. Salaries and pensions.... These mainly relate to: 1) Grants to Seamen’s Pension Fund – NAT (at 76 percent of the FY target of 1... Fund - AKAGE (at zero versus FY target of 454 million) 7) Other social protection income support
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Newsletter 58 - 15/01/2016
for a rise in the SSC for supplementary pensions by 1.5 percentage points (pp), of which 1 pp will come... euros required to achieve the agreed pension cost savings of 1 percent of GDP (1.8 billion) in 2016...–20,000 euros. On the fiscal front, there are estimates that the fiscal gap could reach 0.5–1 percent
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NBG records loss of 2.05 bln in Q4 on one-offs and jump in credit risk provisions
EconomyBankingreflects: 1) Negative impact of 1.16 billion euros from Finansbank (mostly additional impairment of 612.... Net interest income (NII) edged up 1 percent QoQ to 474 million euros, largely due to lower..., Greek lending spread fell 7 basis points (bps) QoQ resulting in lower loan NII. For the whole year
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Corporate lending rates fell in March, time deposit rate slightly down to a new low of 0.88 pct
EconomyMacroeconomyof 0.61 percent. Overall, the weighted average rate on total new deposits slipped marginally by 1 bp... in March was a sharp drop by 90 bps in loans for amounts over 1 million euros to 3.93 percent from 4.83 percent in March. In addition, the rate for amounts between 250,000 and 1 million euros fell
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Piraeus reports net loss of 37 mln in Q1, records negative NPL formation for first time since 2008
EconomyBankingbillion in Q4. They rose 7 percent from last year. As a result, loan loss reserves reached 17.4... in the previous quarter. The management reiterated its target for a negative NPL formation of 1... to loans and other (15 billion), while the cash value of the used pillar II bonds stood at 1 billion
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Net profit of 87 mln for NBG in Q1
EconomyBankingand reduced operating expenses. In more detail, net interest income (NII) rebounded 1 percent QoQ... for funding. Operating expenses fell 7 percent QoQ and 2.2 percent year on year (YoY) to 309 million... by 1 billion in 2017, while the NPL ratio is seen down to mid-teens in the medium-term
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Budget for 2017 sees primary surplus at 2 pct on 2.6 bln fiscal measures, strong growth
EconomyMacroeconomyanticipated impact of 2.45 billion relate to: 1) Income tax reform (716 million) 2) Change in rates... (439.6 million) 4) Increase in the VAT rate from 23 to 24 percent, implemented as of July 1, 2016... million) 6) Income tax on corporate cars (91 million) 7) Tax on coffee (62 million) 8) Tax on fixed
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