Tuesday September 16, 2014 Search
Weather | Athens
28o C
21o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
ECB made 555mln euros from Greek bonds last year, Athens set to benefit

The European Central Bank said it made 555 million euros last year from Greek sovereign bonds acquired under its first bond-buy plan, a sum that suggests billions in profits from the programme that could be passed on to Athens.

The ECB's profit implies that the whole Eurosystem - the ECB and the 17 national central banks in the euro zone - could altogether have made billions from the Greek sovereign bonds.

Euro zone finance ministers and the International Monetary Fund agreed in November to pass on the profits from the Eurosystem's Greek bond portfolio to Athens from the budget year 2013 onwards to help with debt servicing.

The ECB's share of the Eurosystem is 8 percent, which if scaled up to the whole Eurosystem would imply a profit of about 6 billion euros ($8 billion) from the Greek bonds. However, the holdings are not evenly divided and the total profits could be smaller.

Under the EU/IMF plan to distribute profits from the ECB's Securities Markets Programme (SMP), the ECB would pay its portion of the profits to national central banks (NCBs).

The national banks would then add in their own profits from Greek government bonds they held themselves and pass the gains to national governments, which would then send the money to Athens.

Greece, the epicentre of the euro zone debt crisis, has received tens of billions of euros in emergency loans from its euro zone partners and the IMF since mid-2010 to stave off bankruptcy. Its economy is likely to shrink for the sixth consecutive year in 2013.

Detailing its 2012 accounts, the ECB said on Thursday it made a total of 1.108 billion euros ($1.48 billion)from the SMP last year and its net profit rose to 998 million euros from 728 million.

The ECB said it would distribute 423 million euros of its net profit to national central banks, in addition to the 575 million which was already given to them in January.

[Reuters]

ekathimerini.com , Thursday February 21, 2013 (19:20)  
Job creation is mostly seasonal
Primary surplus at 2.3 bln euros in end-August
Supermarket chains stifling traditional retail food stores
Hardouvelis sees great interest abroad in investing in Greece
Greece at bottom of social justice scale among EU28
Greece ranks last on a social justice scale assessing the performance of all 28 member states of the European Union and compiled by the Bertelsmann Foundation in its annual report. "Greece s...
Greece will not become Weimar, Samaras says
Greece has returned from the brink of collapse, said Prime Minister Antonis Samaras Monday, while lauding the country’s ability to keep going through the damaging effects of the crisis. “The...
Inside News
WATER POLO
Greece wins women´s U19 Europeans in water polo
Greece won the women’s European Under-19 Championship in Italy beating the host in Sunday’s final, for what was the country’s second gold medal in the competition’s history. The Greek teenag...
SOCCER
Veria alone on Super League summit
Olympiakos appeared in fine shape ahead of its Champions League premiere against Atletico Madrid on Tuesday, beating visiting OFI 3-0 on Saturday, but Macedonian minnows Veria are those that...
Inside Sports
COMMENTARY
Lessons not learned
One year since the assassination of rapper Pavlos Fyssas by a member of Golden Dawn in Keratsini, southwestern Athens, we now know a lot more about the activity of the neo-Nazi party’s hit s...
EDITORIAL
Promises, promises
Main opposition SYRIZA leader Alexis Tsipras was given the opportunity to set himself apart from his predecessors and their catastrophic practices during his recent appearance at the Thessal...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greece at bottom of social justice scale among EU28
2. Job creation is mostly seasonal
3. Primary surplus at 2.3 bln euros in end-August
4. Supermarket chains stifling traditional retail food stores
5. Hardouvelis sees great interest abroad in investing in Greece
6. Bourse quiet as investors sit and wait
more news
Today
This Week
1. Greece at bottom of social justice scale among EU28
2. Promises, promises
3. Lessons not learned
4. Central Athens traffic restrictions back in force on Monday
5. Democracy under Pressure | Live Streaming
6. Lost in the fog
Today
This Week
1. A Greek God
2. Greece on standby
3. Avramopoulos appointed Commissioner for Migration and Home Affairs
4. Central Athens traffic restrictions back in force on Monday
5. EU bank tests may miss trillion dollar risk, study finds
6. Pavlos Fyssas murder trial expected to start before the end of the year
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.