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Category Archives: Greek banks
Key highlights of BoG interim report on Monetary Policy
BoG released on December 3 its interim report on Monetary Policy. We summarize below the key highlights: The latest developments in Greece and the EU send out positive signals. Greece is mobilising both at home and abroad to make up … Continue reading
Posted in Greek banks, Greek economy
Tagged Bank recapitalisation, Greek banks, Greek budget, Greek deposits, Greek economy, Macro data
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Latest update on Greek banks’ capital needs and recapitalisation process
An updated draft MoU dated on November 27 details the identification of Greek banks’ capital needs and their recapitalisation process. Note that the recapitalisation framework was released by MoF through by a cabinet ministerial act on November 12.
Posted in Greek banks, Greek economy
Tagged Bank recapitalisation, Greek banks, Greek economy
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Greek banks’ Eurosystem funding slightly eased in October
Latest BoG data depict that Greek banks’ Eurosystem funding slightly eased in October with a c€23bn shift from ECB to ELA funding. In particular, ECB funding dropped by €23.7bn or 78.5% m-o-m to €6.5bn in October, while BoG liquidity provided … Continue reading
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek deposits, Greek economy, Liquidity, Macro data
7 Comments
Greek credit contraction slightly accelerated in October
According to latest BoG data, credit contraction in the Greek market slightly accelerated to 4.8% y-o-y in October from 4.5% in September, with balances reaching €230.7bn corresponding to 117.4% of GDP.
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek credit, Greek economy, Macro data
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Greek deposit inflows at €1bn in October
According to latest BoG data, deposit [private sector] flow remained positive for second consecutive month in October with inflows at €1.0bn from €1.16bn in September and slight outflows of €0.24bn in August.
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek deposits, Greek economy, Liquidity
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Key highlights of ministerial cabinet act on Greek bank recapitalisation terms
Through the release of a ministerial cabinet act, MoF unveiled on November 12 the long-awaited Greek bank recapitalisation scheme. Although, most of the announced terms were rumoured or leaked in the local press in the past few weeks, there was … Continue reading
Posted in Greek banks, Greek economy
Tagged Bank recapitalisation, Greek banks, Greek economy
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Draft plan on Greek bank recapitalisation terms
Local press unveiled today the (final) draft plan on Greek bank recapitalisation terms, which is due to be discussed and approved at a meeting with the Hellenic Bank Association scheduled today at 1pm. Same sources indicate that recap terms may … Continue reading
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Tagged Bank recapitalisation, Greek banks, Greek economy
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Greek credit contraction slightly decelerated in September
Latest BoG data show that credit contraction in the Greek market slightly decelerated to 4.5% y-o-y in September from 4.8% y-o-y in August, with balances reaching €231.8bn corresponding to 114.3% of GDP.
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Tagged Greek banks, Greek credit, Greek economy, Macro data
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Greek deposits rebounded in September with inflows of €1.2bn
According to latest BoG data, deposits [private sector] rebounded in September with inflows of €1.16bn from slight outflows of €0.24bn in August and inflows of €3.0bn in July.
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek deposits, Greek economy, Liquidity
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Latest update on Greek bank recapitalisation
With Greek bank recapitalisation needs and terms still pending and unclear, it is worth noting Eurobank Deputy CEO N. Karamouzis estimates, as they were presented at a recently held bank event in Cyprus. As it is already known top-4 Greek … Continue reading
Acquisition of Societe Generale’s Greek unit by Piraeus Bank
Piraeus Bank announced on October 19 it signed a definitive agreement with Societe Generale (SocGen) for the acquisition of the latter’s entire stake (99.1%) in its Greek unit, Geniki Bank. The transaction is expected to be consummated before the end … Continue reading
Posted in Greek banks
Tagged Greek banks, Greek credit, Greek deposits, Greek economy, M&A
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Alpha Bank acquired Emporiki Bank
Alpha Bank announced earlier today it entered into a contract with Credit Agricole (CA) for the acquisition of 100% of its Greek unit, Emporiki Bank. Note that CA had announced on October 1 it had entered into exclusive negotiations, picking … Continue reading
Posted in Greek banks
Tagged Greek banks, Greek credit, Greek deposits, Greek economy, M&A
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Greek banks’ Eurosystem funding marginally eased in September
Latest BoG data depict that Greek banks’ ECB funding marginally eased by €0.6bn or 2.0% m-o-m to €30.3bn in September. At the same time, BoG liquidity provided to Greek banks through the ELA mechanism remained almost flat (down €0.2bn or … Continue reading
A long-awaited Greek bank mega deal
National Bank of Greece (NBG) announced on October 5 late in the evening a voluntary share exchange offer to acquire 100% of Eurobank. NBG offers 58 new shares for every 100 Eurobank shares implying a premium of 7.0% and 3.6% … Continue reading
Credit Agricole picked Alpha Bank as preferred bidder for Emporiki Bank
Through a press release issued earlier today, Credit Agricole (CA) confirmed it picked Alpha Bank as the preferred bidder for the acquisition of 100% of Emporiki Bank. CA also announced it has entered into exclusive negotiations with Alpha Bank and … Continue reading
Credit contraction remained stable in August
Latest BoG data show that credit contraction in the Greek market remained almost stable at 4.8% y-o-y in August, from 4.9% in July, with balances reaching €233.0bn corresponding to 111.7% of GDP. Loan balances eased 0.6% m-o-m with net flow … Continue reading
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek credit, Greek economy, Liquidity
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Deposit flow reversed in August with slight outflows of €0.24bn
According to latest BoG data, deposit [private sector] flow reversed again in August with slight outflows of €0.24bn following inflows of €3.0bn in July. It is reminded that outflows had peaked to €6.7bn in June and (a historic high) €9.2bn … Continue reading
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Tagged Greek banks, Greek deposits, Greek economy, Liquidity
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New (final?) round of discussions on bank recapitalisation is launched
Recent press reports indicate that the long-awaited new – and most likely final – round of discussions on bank recapitalisation framework and terms has been launched. Same sources note that the deadline for the finalisation of all pending issues, which … Continue reading
Posted in Articles, Greek banks
Tagged Bank recapitalisation, Greek banks, Greek economy
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Greek banks’ Eurosystem funding slightly rose in August
According to the latest BoG data, Greek banks’ ECB funding rose by €6.9bn m-o-m to €30.9bn in August. At the same time, BoG liquidity provided to Greek banks through the ELA mechanism eased by €5.5bn m-o-m to €100.8bn.
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek deposits, Greek economy, Liquidity, Macro data
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Developments are accelerating in the banking sector
The acquisition of the sound part of ATEbank by Piraeus Bank on July 27 kicked off, in my view, the long-awaited new round of consolidation in the Greek banking sector. Following this transaction Piraeus improved its deposit base, while became … Continue reading
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