“Greek banking system is sound, rgardless of the recent stock market developments” says Stournaras

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“The ongoing improvement of the liquidity situation of Greek banks reflects the improved condition of the Greek financial system.

The recent stock market developments in respect of the banking sector are not related to the soundness of Greek banks and are due to purely exogenous factors, such as rises in interest rates internationally and in Greece’s neighbouring countries in particular,” Bank of Greece Governor Yannis Stournaras said in a statement released on Wednesday, commenting on a new reduction in ELA borrowing by Greek banks.

The central bank said that on 9 October 2018 the Governing Council of the ECB did not object to an ELA-ceiling for Greek banks of 5.0 billion euros, up to and including Wednesday, 7 November 2018, following a request by the Bank of Greece.

The reduction of 0.2 billion euros in the ceiling reflects an improvement in the liquidity situation of Greek banks, taking into account flows stemming from private sector deposits and from the banks’ access to wholesale financial markets.

Source: AMNA