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Athens News Agency: News in English, 08-10-09

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

From: The Athens News Agency at <>


  • [01] Bill raises bank deposit guarantee

  • [01] Bill raises bank deposit guarantee

    Economy and Finance Minister George Alogoskoufis on Thursday tabled, in Parliament, a more-or-less exprected draft bill raising the minimum guarantee on bank saving deposits to 100,000 euros, up from 20,000 euros currently, and for a period of three years.

    Speaking to reporters, the minister reiterated that the domestic banking system was absolutely safe and solvent and noted that the draft legislation was part of the government's commitment to offer state protection to all savings.

    Meanwhile, Christos Gortsos, secretary-general of the Hellenic Bank Association, addressing a parliament committee considering draft legislation aimed at offering greater protection to borrowers, said Greek banks have not exposed themselves to "toxic" bonds, since they had the opportunity to enter a deregulated consumer and housing credit market in Greece as well as to expand in Balkan markets, achieving high growth rates.

    "It would be extremely odd to invest in such securities when one has the opportunity for organic profitability through traditional retail banking operations in a geographically expanded market," Gortsos said.

    He noted that the Greek banking market was not exposed to CDOs, nor was it largely exposed to the interbank market, two factors offering additional stability for the system.

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