Bank

The government is "proceeding with the voting on a series of reform interventions, proving in action its intention to substantially boost incomes for pensioners with low incomes as well as socially vulnerable fellow citizens," National Economy and Finance Minister Kostis Hatzidakis said in Parliament on Thursday.

Greek citizens are set to benefit from significant reductions in banking transaction fees as a sweeping legislative package, designed to ease financial burdens, comes into effect in January.

A first elaboration of what the Prime Minister announced on Sunday afternoon was made by the Minister of State Akis Skertos, in an interview with Antenna.

The Hellenic Confederation of Commerce and Entrepreneurship (ESEE) has identified serious irregularities in the functioning of the banking system in Greece, noting that, in addition to charging high interest rates, Greek banks are not fulfilling their essential role, that of granting loans.

The government is considering a 30% increase in the Single Property Tax (ENFIA) on real estate owned by banks as part of the measures it is working on for the credit sector.

A loud intervention in the banks regarding their excessive profits is expected in the coming days from the government. According to information, the legislative regulation to reduce by 50% the high fees they charge citizens for their transactions is considered certain.

Prime Minister Kyriakos Mitsotakis announced yesterday, during a speech in Parliament, a government intervention plan to “trim” excessive bank fees, particula

The Bank of Greece reported on Wednesday a significant narrowing of the spread between loan and deposit interest rates in October, following a faster decline in rates on loans than on deposits. 

The average interest rate on all loans fell by 19 basis points to 5.41%, with the largest decreases observed in business loans, which are also an area of competition between banks.

Finance Minister Kostis Hatzidakis reiterated that there will be no extraordinary taxation of banks. However, he announced a forthcoming 50% reduction in minor fees (e.g., payment and transfer fees), with potential legislation if necessary.