We are keeping 8mil euros in …chests!

Κρατάμε 8 δισ. ευρώ στα ...σεντούκια!

About 30bil euros have come out of banks during the crisis, but 6bil have gone to bond purchases

The deposits out of the 30bil euros that have originated from the banking system and ended up in …chests are estimated at around 8bil euros.

In other words, of the 30bil euros that have exited Greece – and not the 600bil of Greek deposits estimated by German magazine Der Spiegel – a percentage around 25% does not exploit the high rates of forward deposits or high stock market returns, but remains tucked awya, depriving the market of a great part of liquidity.  

And not only does it not bring returns, but also it gets eaten by …moths.

These estimations belong to the deputy managing director of Eurobank Nikos Karamouzis who, speaking to reporters in Nicosia on the sidelines of the new export initiative by Eurobank, also added that of the 30bil euros, an amount of around 6bil ended up in bond purchases (3-5yrs) after the low prices and the guarantees of the 110bil-euro package.

He also estimated that an amount of about 3bil left the banks in January due to the crisis, but other bank sources do not agree.

Addressing the credit growth issue, Karamouzis noted that despite the outflows, the Greek banking system has continued its positive growth until recently, while for example the Irish had come to a negative growth rate.
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