In his speech at the open annual general meeting of the Hellenic Bank Association, the Chairman of the Board of Directors, Prof. Gikas Hardouvelis, took stock of the progress made in the Greek banking system in recent years.

Mr. Hardouvelis highlighted the important contribution of banks to the Greek economy and society, referred to the challenges of the future, and finally praised the work and role of the Hellenic Bank Association.

The President of the Union stressed that the banks have turned the page for good, having significantly improved their position and their financial ratios, driving the recovery of the Greek economy. He noted that they are now showing stable and sustainable profitability, while he highlighted the strong interest of investors in bank shares as a positive sign for the banks' future course.

Mr. Hardouvelis described the expansion of the banks' loan portfolio to small and medium-sized enterprises as a major challenge and argued that the state, banks, and supervisors should place great emphasis on this issue.