Finance Minister Kostis Hatzidakis outlined six initiatives to support the banking sector, during his speech at an event entitled “EU Banking Sector for Southern Europe” held by the Hellenic Bank Association (HBA) for the celebration of the 95th anniversary.
Hatzidakis pointed out that “it is our priority to support both the robustness and the competitiveness of the banking sector. By offering competitive financial products to small and large businesses, the banking sector can help them modernize and expand their operations to become competitive in the global market.”
He underlined this must be combined with the availability of attractive financing opportunities for Greek households. “It goes without saying that a basic condition for the banking sector to be able to provide effective support to the Greek economy is to be healthy and competitive on its own,” he noted.
In this direction, as he said, the following are being promoted:
- The implementation of the next phase of the “Hercules” program, which has been formed with the contribution of the Bank of Greece and is under negotiation with the European Commission. “The third phase of the ‘Hercules’ program will be another important step towards restoring confidence in the banking system, helping systemic and non-systemic banks to strengthen their balance sheets,” he stressed.
- The expansion of the “Hercules” program will contribute to the emergence of the so-called fifth pillar of the Greek banking system, which will strengthen the competitiveness of the sector and offer a wider range of options for businesses and households.
- A bill will soon be introduced that will enable non-banking institutions to offer housing and corporate loans, expanding the range of businesses that have access to finance.
- With the same bill, the EU Directive for Servicers will be incorporated into Greek legislation. This will regulate the sale, purchase and servicing of non-performing loans. The bill will establish an obligation for Servicers to provide personalized information to borrowers in order to increase the transparency of the process.
- Promoting better savings options: “The role of a healthy and competitive banking system includes offering a wide range of options to consumers, including deposit accounts with competitive interest rates,” said Hatzidakis.
- The disinvestment of the Financial Stability Fund from the share capital of the banks.
