Greek banks lose deposits of 2 billion EUR per week

Noam Stiekema

The Greek banks lose deposits to nearly 2 billion EUR per week. If the rate at which withdraw of funds continue for next 14 weeks will melt and assets against which vaults can get cheap loans from the European Central Bank (ECB). The calculations are based on the assumption that financing for up to 108 […]

Alphabank

AlphabankThe Greek banks lose deposits to nearly 2 billion EUR per week. If the rate at which withdraw of funds continue for next 14 weeks will melt and assets against which vaults can get cheap loans from the European Central Bank (ECB). The calculations are based on the assumption that financing for up to 108 billion EUR provided by the ECB and the Bank of Greece, Greek banks have already used 80 billion EUR. Thus vaults had only 28 billion EUR.

Estimates on access to finance Greek banks come amid the unknown about how long you can operate it while continuing the dispute between Athens and its international lenders on the rescue program of the country. Much of the remaining available to the Greek credit institutions means that can be used as collateral are bonds of creditors under the European Financial Stability Facility (EFSF). The documents were provided in the 2012-2013 period in order to recapitalize the Greek banks.

Since the beginning of the year the total amount withdrawn from the banks cash equivalent of 21 billion EUR. Only about 17 billion EUR were withdrawn in January.

The sources from the banking community in the Mediterranean country told Reuters that a day be drawn between a 300 million EUR and 350 million EU. The Greek banks have already reached the ceiling of 65 billion EUR under the Emergency liquidity support ELA, which means that until the situation does not improve, the vaults will rely on bonds under the EFSF as collateral provided that the need to seek additional funding. However, in its monthly bulletin the Central Bank of Germany urged Greek banks receiving emergency financial assistance to improve their liquidity positions and not to buy short-term Greek government securities.

The document points out that ELA should benefit only “solvent banks with temporary liquidity problems”.

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