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Piraeus Bank to Quit European Aid in 2018

Piraeus Bank has significantly reduced its reliance on the European Central Bank's Emergency Liquidity Assistance (ELA), and plans to fully eliminate it in 2018, its CEO has told Bloomberg. The bank ends 2017 with NPL stock below €20 billion ($24.4...

Attica Bank Sells Non Performing Loans Portfolio

Non-systemic Greek lender Attica Bank has announced the sale of a non-performing loan (NPL) portfolio, a development that was approved by the Bank of Greece (BoG), its regulatory overseer. According to an announcement, Artemis Financial Sarl, which is controlled by...

Mission (Almost) Impossible: Getting a Loan from a Greek Bank

Liquidity in the Greek economy has reached new lows as banks are unable to reduce bad loans that have reached 105 billion euros. According to the Bank of Greece, bank lending in the first months of the year has fallen...

BoG: Deposits Down by Over 2.4 Billion Euros in 2017; April Sees Credit Expansion

  The latest reports from the Bank of Greece (BoG) show that deposits have declined by more than 2.4 billion euros in the first four months of the year, while April's data shows it was the second month of credit expansion. In...

Cyprus Church Considering Setting Up Own Bank

On Tuesday, Cyprus' Orthodox Church leader, Archbishop Chrysostomos II told state broadcaster RIK that the Church is considering setting up its own bank. The idea behind potentially setting up a bank for the Church comes as a result of the...

Ten Former Attica Bank Officials, Employees, Charged With Breach of Duty Over Loans

Ten former bank officials and employees of Attica Bank have been charged with breach of trust against a banking institution by a corruption prosecutor in Thessaloniki for granting loans to insolvent businesses during the period 2010-2011. The file includes four...

2017's Low Deposit Rate Has Brought a 'Credit Negative' Event to Greek Banks, Moody's Says

Since the beginning of 2017, Greek bank deposits have been down, causing the international rating agency, Moody's, to call the first couple months of the year a "credit negative" event for Greece. Back in January, the Bank of Greece (BoG)...

Greek Banks Sound Alarm Bells, Warn of Return to Uncertainty

After meeting with the heads of Greece's creditor institutions, representatives of the Greek Banks Association sounded the alarm bells, warning that the Greek economy is at risk of returning to uncertainty. The meeting focused on the management of "red"...

Hellenic Bank Association Says Banking System Stabilized in 2016

The Greek banking sector stabilized in 2016 showing clear signs of improvement, the Hellenic Bank Association (HBA) said in a press release on Tuesday after a meeting of the body’s leadership with Prime Minister Alexis Tsipras. According to HBA, banks...

Greece Has €5.26 Billion Euros of Gold Reserves, Half of Which is Abroad

Greece reported having some 149.1 tonnes of gold reserves at the end of 2016 amounting in the value of 5.26 billion euros, according to reports by Reuters. Almost half of that gold is kept in vaults abroad, and after a Greek...