Katseli: Deposits to return in 2-3 years

Katseli: Deposits to return in 2-3 years

Athens, March 2, 2016/Independent Balkan News Agency

By Spiros Sideris

An increase in deposits by EUR 1.15 bn was recorded last December, according to what the chairman of the National Bank and the Greek Banks Association Louka Katseli said, speaking at the Economic Affairs Commission of the House.

It is a “small but significant return of deposits”, in relation to the losses during the six years of the crisis, which amounted to EUR 114 bn, she said.

Katseli estimated that the full return of deposits should be expected over the next three years, if the evaluation of the program is completed successfully, returning normality in the market and removing restrictions on bank capital.

“The challenges we face after the recapitalization of banks is the return of deposits, the management of non-performing loans and providing liquidity to the market”, said president of the Union of Greek Banks.

Referring to the implementation of the Directive 2014/49 of the European Union, Katseli said that by law is maintained the guaranteed limit of EUR 100,000 per depositor and per credit institution, while there is an additional EUr 300,000 limit for deposits that concern certain operations, such as sale of property, the payment of lump sums or compensation for dismissal.

“The deposits of Greeks are absolutely assured, as are the Deposit Guarantee Fund and Guarantee (TEKE) reserves”, stated on his part the deputy governor of the Bank of Greece and chairman of the Fund Theodoros Mitrakos.