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Athens News Agency: News in English, 08-09-30

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] BoE on lending rates

  • [01] BoE on lending rates

    Bank of Greece governor George Provopoulos on Tuesday urged commercial banks to put a brake on lending, during a meeting with the managements of the six largest banks.

    Speaking to reporters, after the meeting, Provopoulos sounded reassuring over the impact from an international credit crisis on the Greek banking system, noting it remained healthy and stable. However, he urged banksā executives -and they accepted- to put lending into a lower gear, while he urged them to adopt stricter lending criteria and to deal with the future with less optimism. Provopoulos also urged depositors to remain calm and said there were no massive savings withdrawal phenomena in the country. He also said that bank executives should be careful not to spark panic to their customers. The Greek central banker foreacast that a US plan drafted by US Treasury Secretary Henry Paulson, if adopted without major changes, would contribute to bringing markets to stability.

    He said the Greek banking system was based on three pylons: first, more than 80 pct of lending was funded through saving deposits, second, Greek banks have limited exposure to ?toxic? investments and third, Greek banks enjoyed strong capital base.

    Provopoulos, however, stressed that the central bank was alerted monitoring international developments to ensure stability of the domestic financial system.

    Athens News Agency: News in English Directory - Previous Article - Next Article
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