The Greek Deal.com
BANK OF GREECE
Criteria and loan conditions remain stable in the second quarter
While the general requirements for granting business loans were somewhat loosened in Q2 2024, the standards for lending to non-financial corporations (NFCs) stayed the same.
Greek banks are healthy
Governor of the Bank of Greece since 2014, Yannis Stournaras, discussed the crisis period, the referendum, the nation's current economic state, and his predictions for the future, nine years after the vote in 2015.
Loan rates and margins fell in May
According to relevant data from the Bank of Greece, interest rates on both new and existing loans decreased in May. This was accompanied by a narrowing of the spread between deposits and loans.
Extension to Intrum and doValue for the renewal of the operating licence
The deadline for Intrum and doValue's license renewal and subsequent operation in Greece under the updated legal requirements is extended until the end of 2024.
Decline in household deposits, increase for businesses
In May, net financing to the private sector was €66 million, while net financing to businesses was positive by €105 million.
Forecasts 2.2% growth and 3% inflation for 2024
The Bank of Greece projects that the Greek economy will grow by 2.2% in 2024, a slight revision downward from previous estimates of 2.3%. It then accelerates to 2.5% in 2025 and declines slightly to 2.3% in 2026.
Climate change and sustainability high on the BoG's agenda
During his speech at the Union of Hellenic Banks' Annual General Meeting, Yannis Stournaras, the Governor of the Bank of Greece, mentioned the efforts being made by central banks to combat climate change through sustainable development.
Tourism revenue at €1.78 billion in the first quarter
Greece welcomed almost 4 million tourists in the first four months of the year, with inbound travel up 20% year-on-year and average spending 2.1% higher.
Current account deficit widened to €6.8 billion in the fourth quarter
According to the Bank of Greece, the current account deficit grew by 1.1 billion euros between January and April of 2024 compared to the same period in 2023.
€70 billion of loans managed by servicers in the first quarter
According to Bank of Greece data, in the first quarter of 2024, the nominal value of domestic private sector loans managed by domestic Loan and Credit Receivables Management Companies (LDCs) and transferred to specialized financial institutions abroad increased by €579 million.
The decisive role of investment expenditure
Speaking at the presentation of the findings of the EIB Investment Survey 2023 for Greece, Bank of Greece Governor Yannis Stournaras discussed the financing of investment needs as well as the investment gap.