The total cost to banks of the measures announced by the government is estimated at over €300 million.

In particular, the cost to Greek banks of reducing or eliminating the fees they charge their customers is estimated at €100m, Eurobank Equities notes. The government will impose a cap of up to €0.5 on bank charges for money transfers of up to €5,000, while all charges on basic banking transactions (payments to the state, insurance funds, municipalities, energy, water and telecoms companies) will also be zero. 

OTHER MEASURES

At the same time, an extra cost arises from the transfer of €100 million from the financial system to be used either for the renovation of existing school buildings or for the construction of new ones under the Marietta Giannakou Programme. In addition, an additional €100 million will be made available for the establishment of a real estate acquisition and leaseback agency.

REVISED OBJECTIVES

The new measures have reportedly already led the relevant departments of the banking institutions to draw up scenarios in order to quantify precisely the impact on the figures. Therefore, banking sources tell BnB Daily that it is possible that the targets set will soon be revised. This is because the measures announced by the Prime Minister represent about 8% of their profits. 

TWO CATEGORIES

The two categories that the measures from the banks are divided into are the extraordinary measures and those that have a duration. The haircut on commissions, for example, will be in perpetuity, while the contribution to the Giannakou program and the Real Estate Agency will not. Therefore, each measure will affect their sizes differently.