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Overview of the Greek Financial System: July 2017

11/07/2017 - Press Releases

The Overview of the Greek Financial System, a bi-annual publication of the Financial Stability Department of the Bank of Greece, was posted today on the Bank of Greece website. The July 2017 overview focuses on developments in the banking sector in 2016, with references to the first quarter of 2017 regarding economic and fiscal developments, credit risk, liquidity and market risks, as well as profitability and capital adequacy.

The Overview of the Greek Financial System assesses developments, highlights the principal systemic risk factors of the Greek banking sector and other financial sectors and monitors the operation of financial market infrastructures (payments systems, payment cards, securities settlement systems, central counterparties). The Overview also includes four Special Features. In the first Special Feature the impact of the Greek justice system on the value of collateral and the time needed to resolve insolvency is elaborated, while in the second one the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) that the credit institutions should preserve in order to be capable of absorbing potential losses without endangering financial stability is examined. In the third Special Feature the new accounting standard on financial instruments (IFRS 9) and its impact on impairment requirements is analysed and in the fourth one the suitability assessment of members of the board of directors of credit institutions is described.

The assessment of systemic risks provides a valuable tool for the conduct of macroprudential policy, which aims at mitigating the systemic risks of the financial system and should complement microprudential supervision of banks, which focuses on the robustness of individual institutions.

Related link: Overview of the Greek Financial System, July 2017

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