BoG: Greek private sector deposits increased in June

Monday, July 31st, 2017
Last Update: 08:39
Greek private sector deposits increased in June by €1bn mom to €120.4bn, driven by €0.3bn increase for corporate deposits and c€0.8bn increase for household deposits according to data announced by Bank of Greece.Credit growth in June fell by 1.8% yoy after a 1.6% yoy fall in May, driven by negative flows for both the corporate and household sectors, b) With a draft law amendment, Greek State provides Greek banks carrying State prefs the right to repay them with cash or exchange them with Tier 2 securities (in favor of Greek State) of 10 years maturity (or with combined use of cash and exchange).

In the event of an exchange, the securities will carry a coupon equal to the average 10yr bond yield (average yield of the first 15 days of June 2017 (the range was between 5.4% and 6% according to Reuters data) plus 50bps spread.

The coupon cannot be less than 6%. The securities will be repaid before the 5 year mark, if a capital related event occurs or at the discretion of the issuer post the 5 year mark. The securities can also be transferrable and tradable in a regulated market.

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