The deposits from the 30bil euros that have come out of the banking system and ended up in …chests are estimated at around 8bil euros.
In other words the 30bil euros that have exited Greece – and not the 600bil of Greek deposits estimated by German magazine Der Spiegel – a rate around 25% does not exploit the high rates of forward deposits or high stock market returns, but remains Tucked depriving a large part of liquidity from the market.
And not only does it not bring returns but it gets eaten by …moths.
These estimations belong to the deputy managing director of Eurobank Nikos Karamouzis, who speaking to reporters in Nicosia, on the sidelines of the new export initiative by Eurobank, and also added that from the 30bil euros an amount around 6bil ended in bond buys (3yrs-5yrs) after the low prices, and after the guarantees of the 110bil euros package.
He also estimated that an amount of about 3bil has come out of the banks in January due to the crisis, but other bank sources do not agree.
Addressing the credit growth issue, Karamouzis noted that despite the outflows, the Greek banking system has continued until recently, its positive growth while for example the Irish had come to a negative growth rate.
In other words the 30bil euros that have exited Greece – and not the 600bil of Greek deposits estimated by German magazine Der Spiegel – a rate around 25% does not exploit the high rates of forward deposits or high stock market returns, but remains Tucked depriving a large part of liquidity from the market.
And not only does it not bring returns but it gets eaten by …moths.
These estimations belong to the deputy managing director of Eurobank Nikos Karamouzis, who speaking to reporters in Nicosia, on the sidelines of the new export initiative by Eurobank, and also added that from the 30bil euros an amount around 6bil ended in bond buys (3yrs-5yrs) after the low prices, and after the guarantees of the 110bil euros package.
He also estimated that an amount of about 3bil has come out of the banks in January due to the crisis, but other bank sources do not agree.
Addressing the credit growth issue, Karamouzis noted that despite the outflows, the Greek banking system has continued until recently, its positive growth while for example the Irish had come to a negative growth rate.
by Konstantinos Pantzios
source: PROTO THEMA
