Press Releases

  • Share:

Release of credit institutions' compulsory redeposits in foreign currency with the Bank of Greece

05/12/2000 - Press Releases

Further to Monetary Policy Council Act 37/30 June 2000, which adjusted the framework governing credit institutions’ minimum reserves in drachmas and in foreign currency held with the Bank of Greece to the respective framework applied by the European Central Bank (ECB), Monetary Policy Council Act 43/5 December 2000 lays down transitional provisions on the release of banks’ compulsory redeposits with the Bank of Greece, under Bank of Greece Governor’s Act 2358/28 April 1995, in respect of their foreign currency deposits held by special categories of depositors (Greek seamen, workers abroad etc.). It should be noted that these deposits, as of 10 July 2000, are included in the reserve base adopted by the ECB and are subject to a uniform reserve ratio of 2%.

Specifically, under Monetary Policy Council Act 43/5 December 2000, the amounts of the above redeposits outstanding on 11 December 2000 shall be released as follows:

- Deposits in euro or in national denominations of the euro:

50% of the relevant amounts shall be released on 3 January 2001; the remainder shall be released on 28 March 2001.

As of 3 January 2001, such deposits shall be remunerated at the rate applied by the ECB to its main refinancing operations.

- Deposits in other currencies

The amounts to be released shall be kept as time deposits maturing in three, nine and fifteen months, except for a part amounting to 10% which will be repaid to banks on 3 January 2001.

As of 3 January 2001, these time deposits shall be remunerated at the respective Libor rate plus 1/4% and interest shall be reckoned on a quarterly basis.

  • As of 12 December 2000, Bank of Greece Governor’s Act 2358/28 April 1995, as amended, shall be repealed.

This website uses cookies for the optimization of you user experience. Learn More
I Accept