Moody’s sees de­posit re­turn

Kathimerini English - - Focus -

Moody’s rat­ing agency fore­cast in its Credit Out­look re­port pub­lished yes­ter­day that Greek banks will at­tract more de­posits after the eas­ing of cap­i­tal con­trols, set to ap­ply fully from Mon­day, Au­gust 1.

“The new mea­sures will likely en­cour­age house­holds and cor­po­ra­tions to grad­u­ally re­turn to the lo­cal lenders part of the money they re­tain out­side the bank­ing sys­tem,” Moody’s ex­pects.

The rise in clients’ de­posits will then help Greek banks re­duce their de­pen­dence in the emer­gency liq­uid­ity as­sis­tance (ELA) mech­a­nism of the Bank of Greece, which came to 54.4 bil­lion eu­ros in end-June.

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