Greek banks’ ECB, ELA fund­ing up in De­cem­ber

Kathimerini English - - Front Page -

Euro­pean Cen­tral Bank fund­ing to Greek banks rose by 2.55 bil­lion eu­ros in De­cem­ber, while emer­gency liq­uid­ity as­sis­tance (ELA) from the coun­try’s cen­tral bank rose by 370 mil­lion eu­ros,

Turnover in Greek in­dus­try slumped by 11.7 per­cent on an an­nual ba­sis in Novem­ber, the Hel­lenic Sta­tis­ti­cal Au­thor­ity (ELSTAT) said yes­ter­day, while in the 12 months to end-Novem­ber the to­tal de­cline amounted to 5.7 per­cent yearon-year. New or­ders in in­dus­try posted an 8.9 per­cent de­cline in Novem­ber. the Bank of Greece said yes­ter­day. Greek banks de­pend on cen­tral bank fund­ing for liq­uid­ity. Lower emer­gency fund­ing from the Bank of Greece helps lenders boost their net in­ter­est in­come as bor­row­ing from the ECB is about 2 per­cent­age points cheaper than ELA fund­ing. ECB fund­ing to Greek banks rose 63.23 bil­lion eu­ros from 60.68 bil­lion in Novem­ber, while emer­gency liq­uid­ity as­sis­tance from the Bank of Greece in­creased to 9.79 bil­lion eu­ros from 9.42 bil­lion.

BoG earn­ings.


The Greek state cof­fers are set to re­ceive over 800 mil­lion eu­ros as the net prof­its of the Bank of Greece reached 831.1 mil­lion eu­ros last year, more than twice 2012’s earn­ings of 318.6 mil­lion, while 817.8 mil­lion is to be trans­ferred to the state.

The Euro­pean In­vest- ment Bank an­nounced plans yes­ter­day to loan 150 mil­lion eu­ros to small and medium-sized com­pa­nies in Ser­bia, funds aimed at help­ing the Balkan state im­prove in­fra­struc­ture as it in­te­grates more closely with the Euro­pean Union. The loan is the first in­stall­ment of up to 500 mil­lion eu­ros that the EIB, the EU’s long-term fi­nanc­ing arm, has set aside for lend­ing to com­pa­nies in­volved in en­ergy, health, in­dus­try, tourism, trade and ser­vices. The in­vest­ment bank has in­vested more than 4 bil­lion eu­ros in Ser­bia since 2001 as the coun­try has steadily emerged from the wars that fol­lowed Yu­goslavia’s col­lapse in the 1990s and put it­self on the path to­ward EU mem­ber­ship. As well as in­vest­ment from the EIB, Aus­tria, Ger­many, Greece and Nor­way have all poured money into the coun­try, help­ing it reg­is­ter steady growth in re­cent years.

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