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ECB approves easing of Capital Controls – Details

The European Central Bank gave the “green light” to Greece to further ease the capital controls imposed in June 2015. The ECB decision follows a request submitted by governor of Bank of Greece, Yiannis Stournaras, last week. The ECB decision was made public by the governor of BoG, who, however, did not elaborate on details, if the ECB approved all Greek proposals, for example.

This easing does not affect the daily withdrawal limit of 60 euro, but a modification will allow bank customers to withdraw €840 in a two weeks period. Under the current regulations, Greek bank customers can withdraw up to €420 per week, from Friday to Friday, but they lose their right once the week limit has “expired”.

Other changes that will probably go in effect according to Stournaras’ list of proposals are/would be:

No withdrawal restrictions for the so-called “new money”, which is new deposits. This measure aims to have Greeks return the money “under the mattress”. Greek banks hope in fresh capital of estimated  3-4 billion euro.

Increasing the withdrawal limit for money coming from abroad. Limit is currently 10% and will be increased to 30%.

Lifting the ban for full repayment of loans with deposits money. Today, depositors can pay up to 50% of the outstanding debt they have at the banks.

Increasing limit for credit cards abroad, some measures for enterprises, increase of money transfer abroad by banks.

The easing of Capital Controls will go into effect after the decision is been published in the Official Gazette.

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  1. Too little, too late.

  2. Believing is seeing!