BUSINESS

Credit sector enjoys additional liquidity

TAGS: Finance

Greek banks borrowed 38.9 billion euros from the Eurosystem over the first nine months of the year, according to Bank of Greece data.

In March, that figure had stood at €12.3 billion, so in the first six months of the coronavirus pandemic Greek lenders borrowed €26.6 billion from the European Central Bank, thanks partly to the extraordinary measures that Frankfurt has applied.

These measures include accepting Greek bonds as collateral for funding and the supply of liquidity to credit institutions at a negative interest rate.

Meanwhile, the sum of deposits in Greek banks expanded by €8.8 billion in January-August, to reach €151.9 billion.

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