ECB to continue accepting Greek bonds as collateral after June

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The European Central Bank will continue to accept Greek state bonds as collateral for supplying liquidity to Greek banks after June, according to an announcement on Thursday.

“The Governing Council has decided to continue to allow NCBs to accept as eligible collateral Greek government bonds (GGBs) that do not satisfy the Eurosystem’s minimum credit quality requirements but fulfil all other applicable eligibility criteria, for at least as long as reinvestments in GGBs under the pandemic emergency purchase programme (PEPP) continue,” an ECB announcement said.

The bank announced its decision to gradually phase out the package of pandemic collateral easing measures in place since April 2020 in three phases between July 2022 and March 2024. It said that bonds will continue to be accepted as collateral for bank loans until at least the end of 2024.

According to the Bank of Greece, Greek banks have drawn more than 50 billion euros in liquidity from the ECB.

Source: ANA – MPA

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