Banks in Greece, Spain and Portugal face increased risks from the climate change, according to a joint report by the European Central Bank (ECB) and the European Systemic Risk Board (ESRB) published on July 1. Greece and other southern EU countries are exposed to increased risks, on the one hand …
Read More »
Household and corporate deposits soar during Greece’s lockdown
Household and corporate deposits jumped 19.6 billion euros during the pandemic, showing that the freeze on consumption combined with the state support measures served as a safety cushion for liquidity in the private sector. The additional cash flow during the successive lockdowns will be the driving force behind the economy’s …
Read More »
Obama’s memoirs: The Greek debt crisis, German and French banks
In his memoirs, “A Promised Land,” former Us President Barack Obama makes also some reference to the Greek debt crisis and the way in which the major European powers chose to deal with the situation. In his memoir that was released on Tuesday, Obama writes: “I noticed that they rarely …
Read More »
Greek banks extend suspension of loan payments for businesses & individuals
Greek banks, members of the Hellenic Bank Association, on Tuesday announced the extension of measures to support enterprises and individuals hit directly and indirectly by the pandemic crisis and of a moratorium on debt payments until December 31, 2020. In an announcement, the banks said they remained steadfast on the …
Read More »
Greek banks raise limit for contactless card payments without PIN
The Hellenic Association of Banks announced on Thursday that the banks increase the limit for contactless payments with debit, credit cards and prepaid cards without using PIN. The limit is raised from 25 euros today to 50 euros. The measure will be implemented from Monday, March 30 until Sunday May …
Read More »
Greek Banks restrict several transactions at the counter due to COVID-19, lockdown
The Hellenic Association of Banks has decided to impose a series of measures to restrict contact between customers and the staff of the banking sector. The Association urges customers to make use of e-banking and their credit or debit cards at ATMs, as several trasnactions are suspended at the counters …
Read More »
Competition watchdog confirms raids to banks, Bank Association
Greece’s Competition Committee, an independent authortity, confirmed on Friday that it had raided all the country’s major banks a day earlier as part of an investigation into collaboration between lenders. Inspectors raided the head offices of National, Piraeus, Alpha, Attica and Eurobank, along with the offices of the Greek bank …
Read More »
Greek banks withdraw part of the extra charges for customer services
One after the other, the four Greek systemic banks announced the withdrawal of part of the extra charges for customer services that used to be free of charge. The National Bank, the Piraeus Bank, the Alpha Bank and the Eurobank declared that they will not charge a fee for the …
Read More »
Greek banks may review their new extra charges policies for transactions
Greek bankers have committed themselves to review their extra charges policies on a series of transactions following a meeting with Prime Minister, Kyriakos Mitsotakis, on Thursday. Citing government sources, media report that the prime minister told bankers that the government cannot accept extra charges on digital and other bank transactions, …
Read More »
All Greek banks to implement extra charges for services free until now
Greek banks will impose charges on services that used to be free of charge until now. The charges on virtually all their services and customers’ transactions are an effort to offset their losses from interest rates taking, which have been in constant decline over the last few years, media report. …
Read More »
Moody’s: Thomas Cook liquidation is “credit negative” for Greek, Cypriot banks
The collapse of British tour operator Thomas Cook is “credit negative” for Greek and Cypriot banks because it reduces the cash flow of businesses in the tourism sectors of these countries, ratings agency Moody’s said in a report on Thursday. “The compulsory liquidation of Thomas Cook and the resultant decline …
Read More »
Project Hercules: Gov’t to help Greek banks with €9billion
Greece plans to provide as much as 9 billion euros in state guarantees to help its banks reduce a mountain of soured debt weighing on their balance sheets, Bloomberg and Handelsblatt report. The money will be given from the “buffer” of nearly 40 billion euros from taxpayers money. Greek banks …
Read More »
Hellinikon Investment: Mammoth loan from recapitalized Greek banks
A “mammoth” bank loan is still due before the Hellinikon investment project can proceed with works after it overcomes the last bureaucratic hurdles and all decisions by ministries and other public bodies give the green light. The Hellenic Development consortium consists of Lamda Development, China’s Fosun and Abu Dhabi’s Eagle …
Read More »
Outlook for Greek banks remains positive, says Moody’s report
The outlook for Greece’s banking system remains positive on expected improvements in banks’ funding and asset risks, Moody’s Investors Service said in a report released on Monday. “Moody’s expects more deposit growth and a gradual fall in problem loans,” said Nondas Nicolaides, VP-Sr Credit Officer at Moody’s. “Banks should remain …
Read More »
New working hours for banks in Greece as of May 2
Greece’s banks will operate with a new schedule as of May 2, cutting half an hour from the service they offer to the public. Banks will be open to public from 08:00 a.m. until 02:00 p.m. from Monday to Thursday and not until 02:30 as it used to be. On …
Read More »
Tax evasion: Greek banks to monitor moves at safe deposit boxes
Greek banks will be assigned with the role of the big brother and will monitor when a safe deposit box is visited by its owner, respectively the tax payer. The banks will record every move by the box owners and report it to the tax office if and when necessary, …
Read More »
Greece’s banks to reduce €50million of bad loans by 2021, says bank CEO
Greece’s four systemic banks plan to reduce the non-performing loans between now and 2021 by 50 billion euros ($ 56 billion), the CEO of Piraeus Bank, told CNBC on Tuesday. In the case of Piraeus, the aim is to reduce the NPLs by 15 billion euros until 2021, CEO Christos …
Read More »
Greece’s gov’t spokesman: “There is no banks recapitalization scenario”
Greek Government spokesman Dimitris Tzanakopoulos dismissed alleged leaks to the press over the banks’ capital adequacy as “journalistic distortion and scaremongering”. In an interview with 24/7 FM on Monday, Tzanakopoulos said “These leaks did not start from any statements by (government vice-president Yiannis) Dragasakis. These are a figment of some …
Read More »
Interest rates to remain at very low level, says Bank of Greece study
Interest rates will remain low level for a long time and central banks could continue using quantative easing (QE) tools in the future, a study “Monetary policy in a low interest rate world” by the Bank of Greece mentioned on Thursday. The report was presented by Dimitris Malliaropoulos, director of …
Read More »
Golden Visa: Authorities in Greece and China investigate illegal POS transactions
Greek and Chinese authorities investigate illegal payment transactions between a Greek real estate company and Chinese investors who have been targeting residence permission in an EU country via the Golden Visa program. According to Greek media reports on Wednesday, the vice chairman of Greece’s biggest retailer “Jumbo” is investigated for …
Read More »