Foreign banks are coming to finance the economy says PM’s economy director

The activation of foreign banks in Greece that will operate competitively with Greek banks in the field of financing the real economy, was foreseen by Alexis Patelis, director of the financial office of the prime minister.

Speaking at the “Banking Summit 2022” conference, he estimated that as is the case in other countries, so in Greece, in the coming years we will see new players in the domestic market.

He noted that we will be surprised by the range and variety of financial products that will be available for businesses.

In this context, he stressed that the competition for Greek banks will intensify and that it is up to the latter to strengthen their financial flows to the market.

According to Mr. Patelis, important opportunities for the banking sector are found in retail banking, characterizing this market as virgin.

This is because, as he explained, an entire generation has not received funding, especially in the housing loan.

The law on the Hellenic Financial Stability Fund

Referring to the bill on the operation of the Financial Stability Fund, he said that it will be submitted to Parliament in April and will provide for the following changes:

– Simplifies the way the Fund is managed
– Reduces its shareholding rights, as is the case in other countries that have similar banking support systems, as red loans are no longer a threat.
– The divestment of the HFSF from banks is promoted.

As he said, the impairment of its percentages in the share capital of the systemic groups will be done gradually, guided by the interest of the State. He predicted that this process would take years.