Thursday March 5, 2015 Search
Weather | Athens
20o C
11o 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)  
ECB says willing to restore financing for Greek banks once deal is reached
Court blocks sale of luxury Astir seaside resort
Greece cannot rely on ECB to dodge funding crunch, Draghi says
ECB keeps rates unchanged as investors await QE details
Samaras says those wanting ND leadership change to speak out
New Democracy leader Antonis Samaras on Thursday expressed his willingness to stay on as party chief following the January 25 election which saw New Democracy losing out to leftist SYRIZA wh...
Kasidiaris refuses any involvement in Baltakos recording
Golden Dawn MP Ilias Kasidiaris on Thursday faced an investigative magistrate in a case involving the secret recording of a conversation with former cabinet secretary Panayiotis Baltakos, a ...
Inside News
SOCCER
Super League restarts, but behind closed doors
Deputy Minister for Sports Stavros Kontonis announced on Wednesday the resumption of the Super League this weekend after it was suspended last week following crowd trouble at the Athens derb...
SOCCER
Marinakis fines Olympiakos players
Olympiakos president Evangelos Marinakis on Monday fined the team 500,000 euros for disappointing performances and called on them to make a sacrifice to win trophies or leave. "Olympiakos ...
Inside Sports
COMMENTARY
Greek-Turkish relations
There are other issues beyond those focusing on the economy that the government, formerly of the Indignants and currently adapting willingly or unwillingly to eurozone realities, is fa...
EDITORIAL
Government policy
The issue of irregular immigration is taking on serious dimensions on an international level, while in Greece it is bordering on crisis levels. The governments duty is to handle the issue w...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Samaras says those wanting ND leadership change to speak out
2. ECB says willing to restore financing for Greek banks once deal is reached
3. Court blocks sale of luxury Astir seaside resort
4. Greece cannot rely on ECB to dodge funding crunch, Draghi says
5. ECB keeps rates unchanged as investors await QE details
6. Kasidiaris refuses any involvement in Baltakos recording
more news
Today
This Week
1. Greek-Turkish relations
2. Greece struggles to make debt math work amid bailout standoff
3. Greece seeks to plug its 'Bermuda Triangle' of lost taxes
4. Greece has backup plan if March bailout cash fails to arrive, says Varoufakis
5. Draghi details sought as ECB's QE plan poised to be fleshed out
6. Government policy
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. A fierce battle looms
3. SYRIZA feeling the pain
4. The Greek tax drama
5. The unlikely winners of Greece's surrender on euro
6. Varoufakis to make six reform proposals at Monday's Eurogroup
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.