- (The full text of the Bank of Greece Governor 's Act 2614/7 April 2009 is available in Greek at www.bankofgreece.gr) Economic Bulletin May 32 Economic Bulletin May 2009 63 Boutos Yannis, Economic stabilisation and growth prospects, No. 3, February 1994.
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- (The full text of the Decision of the Banking and Credit Committee No. 281/17 March 2009 is available in Greek at www.bankofgreece.gr) 7 APRIL 2009 Establishment of a framework for the supervision of credit institutions' liquidity adequacy by the Bank of Greece.
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- 2 APRIL 2009 The Governing Council of the ECB decides to decrease the fixed rate on the main refinancing operations by 25 basis points to 1.25%, starting from the operations to be settled on 8 April 2009. In addition, it decides that the interest rates on the marginal lending and the deposit facility will be 2.25% and 0.25% respectively, with effect from 8 April 2009.
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- 3 NOVEMBER 2008 Piraeus Bank is authorised to acquire a qualifying holding in the capital of Proton Bank SA.
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- 4 DECEMBER 2008 The Governing Council of the ECB decides to decrease the interest rate on the main refinancing operations of the Eurosystem by 75 basis points to 2.50%, starting from the operations to be settled on 10 December 2008. In addition, it decides to decrease by 75 basis points the interest rates on both the marginal Economic Bulletin May 2009 59 MONETARY POLICY AND FINANCIAL SYSTEM SUPERVISION MEASURES MONETARY POLICY MEASURES OF THE EUROSYSTEM lending and the deposit facility to 3.00% and 2.00% respectively, with effect from 10 December 2008.
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- 4 NOVEMBER 2008 Approval is granted to the renaming of the representative office of DVD Bank AG to DVD Bank SE.
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- 5 DECEMBER 2008 Amendment to Bank of Greece Governor's Act 2558/7 February 2005 on the monthly financial statements submitted by credit institutions to the Bank of Greece.
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- 5 FEBRUARY 2009 The Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 2.00%, 3.00% and 1.00% respectively.
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- 5 MARCH 2009 The Governing Council of the ECB decides to decrease the fixed rate on the main refinancing operations by 50 basis points to 1.50%, starting from the operations to be settled on 11 March 2009. In addition, it decides that the interest rates on the marginal lending and the deposit facility will be 2.50% and 0.50% respectively, with effect from 11 March 2009.
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- 6 NOVEMBER 2008 The Governing Council of the ECB decides to decrease the interest rate on the main refinancing operations by 50 basis points to 3.25%, starting from the operations to be settled on 12 November 2008. In addition, it decides to decrease by 50 basis points the interest rates on both the marginal lending facility and the deposit facility, to 3.75% and 2.75% respectively, with effect from 12 November 2008.
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- 7 AUGUST, 4 SEPTEMBER AND 2 OCTOBER 2008 The Governing Council of the ECB decides that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 4.25%, 5.25% and 3.25% respectively.
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- 8 OCTOBER 2008 The Governing Council of the ECB decides to decrease the minimum bid rate on the main refinancing operations by 50 basis points to 3.75%, starting from the operations to be settled on 15 October 2008. In addition, it decides to decrease by 50 basis points the interest rates on both the marginal lending facility and the deposit facility, to 4.75% and 2.75% respectively, with immediate effect. Moreover, the Governing Council decides that, as from the operation settled on 15 October, the weekly main refinancing operations will be carried out through a fixed rate tender procedure with full allotment at the interest rate on the main refinancing operation (i.e. currently to 3.75%). Furthermore, as of 9 October, the ECB will reduce the corridor of standing facilities from 200 basis points to 100 basis points around the interest rate on the main refinancing operation.
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Anastasatos Tasos and Manou Constantina, Speculative attacks on the drachma and the changeover to the euro, No. 31, November 2008.
- ARTICLES PUBLISHED IN PREVIOUS ISSUES OF THE ECONOMIC BULLETIN Dellas Harris, ECB monetary policy strategy and macroeconomic volatility in Greece, No. 13, July 1999.
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- Asimakopoulos Ioannis, Lalountas Dionysis and Siriopoulos Constantinos, The determinants of firm survival in the Athens Exchange, No. 31, November 2008.
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Athanasoglou Panayiotis and Brissimis Sophocles, The effect of mergers and acquisitions on bank efficiency in Greece, No. 22, January 2004.
Athanasoglou Panayiotis, Asimakopoulos Ioannis and Georgiou Evangelia, The effect of merger and acquisition announcement on Greek bank stock returns, No. 24, January 2005.
Athanasoglou Panayiotis, Asimakopoulos Ioannis and Siriopoulos Konstantinos, External financing, growth and capital structure of the firms listed on the Athens Exchange, No. 26, January 2006.
Balfoussia Hiona, Stock market integration: the Athens Exchange in the European financial market, No. 30, May 2008.
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- Brissimis Sophocles and Kastrisianakis Efstratios, Is there a credit channel in the Greek economy ?, No. 10, December 1997.
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- Brissimis Sophocles and Papadopoulou Dafni-Marina, The physical introduction of euro banknotes and coins in Greece, No. 18, December 2001.
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- Brissimis Sophocles, Kamberoglou Nicos and Simigiannis George, Bank-specific characteristics and their relevance to monetary policy transmission, No. 18, December 2001.
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- Brissimis Sophocles, Sideris Dimitris and Voumvaki Fragiska, Purchasing power parity as a longrun relationship: an empirical investigation of the Greek case, No. 12, December 1998.
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- Demenagas Nicholas and Gibson Heather, Competition in Greek banking: an empirical study for the period 1993-1999, No. 19, July 2002.
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Economic Bulletin May 2009 Asimakopoulos G. Ioannis, Brissimis N. Sophocles and Delis D. Manthos, The efficiency of the Greek banking system and its determinants, No. 30, May 2008.
- Economic Bulletin May 3 JULY 2008 The Governing Council of the ECB decides to increase the minimum bid rate on the main refinancing operations by 25 basis points to 4.25%, starting from the operation to be settled on 9 July 2008. In addition, it decides to increase by 25 basis points the interest rates on both the marginal lending facility and the deposit facility, to 5.25% and 3.25% respectively, with effect from 9 July 2008.
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- Economic Bulletin May 32 Economic Bulletin May 2009 32 Economic Bulletin May ISSN: 1105
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- Economic Bulletin May BANK OF GREECE DECISIONS ON THE ESTABLISHMENT AND OPERATION OF CREDIT INSTITUTIONS AND THE SUPERVISION OF THE FINANCIAL SYSTEM 21 JULY 2008 Further clarifications on credit institutions' obligation to provide information to customers with respect to the terms and conditions that govern their transactions. The Greek branch of Cetelem bank is renamed to BNP Paribas Personal Finance.
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Economic Bulletin May Lazaretou Sophia, Monetary system and macroeconomic policy in Greece: 1833-2003, No. 22, January 2004.
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Gibson Heather and Lazaretou Sophia, Leading inflation indicators for Greece: an evaluation of their predictive power, No. 14, December 1999.
Gibson Heather, Greek banking profitability: recent developments, No. 24, January 2005.
- Gibson Heather, The relationship between the financial system and the real economy, No. 10, December 1997.
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- Hondroyiannis George, The causality between government spending and government revenue in Greece, No. 13, July 1999.
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Kalfaoglou Faidon, Stress testing of the Greek banking system, No. 27, July 2006.
- Kaplanoglou Georgia and Newbery David, The distributional impact of indirect taxation in Greece, No. 21, July 2003.
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Kapopoulos Panayotis and Lazaretou Sophia, Foreign bank presence: the experience of SouthEast European countries during the transition process, No. 29, October 2007.
Karabalis Nikos and Kondelis Euripides, Alternative measures of inflation, No. 22, January 2004.
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- Karapappas Andreas and Milionis Alexandros, Estimation and analysis of external debt in the private sector, No. 14, December 1999.
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- Lazaretou Sophia, The drachma on the metallic monetary standards: lessons from the past, No. 13, July 1999.
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- Lolos Sarantis-Evangelos, The role of European structural resources in the development of the Greek economy, No. 17, July 2001.
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Mitrakos Theodore and Zografakis Stavros, The redistributional impact of inflation in Greece, No. 24, January 2005.
Mitrakos Theodore and Zonzilos Nicholas, The impact of exogenous shocks on the dynamics and persistence of inflation: a macroeconomic model-based approach for Greece, No. 26, January 2006.
Mitrakos Theodore, Child poverty: recent developments and determinants, No. 30, May 2008.
Mitrakos Theodore, Education and economic inequalities, No. 23, July 2004.
Mitrakos Theodore, Simigiannis Georgios and Tzamourani Panagiota, Indebtedness of Greek households: evidence from a survey, No. 25, August 2005.
Mitrakos Theodoros and Nicolitsas Daphne, Long-term unemployment in Greece: developments, incidence and composition, No. 27, July 2006.
- Mitrakos Theodoros and Tsakloglou Panos, The distributional impact of excise duties, No. 13, July 1999.
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- Mitrakos Theodoros, The contribution of income sources to overall inequality, No. 11, June 1998.
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- Moreover, the Governing Council decides to continue the fixed rate tender procedure with full allotment for all main refinancing operations, special-term refinancing operations and supplementary and regular longer-term refinancing operations for as long as needed, and in any case beyond the end of 2009. In addition, the Governing Council decides to continue with the current frequency and maturity profile of supplementary longer-term refinancing operations and special-term refinancing operations for as long as needed, and in any case beyond the end of 2009.
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Nicolitsas Daphne, Female labour force participation in Greece: developments and determining factors, No. 26, January 2006.
Nicolitsas Daphne, Per capita income, productivity and labour market participation: recent developments in Greece, No. 25, August 2005.
Nicolitsas Daphne, Youth participation in the Greek labour market: developments and obstacles , No. 29, October 2007.
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Pantelidis Th. Evangelos and Kouvatseas A. Georgios, Frontier survey on travel expenditure: methodology, presentation and output assessment (2003-2005), No. 27, July 2006.
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Papapetrou Evangelia, Education, labour market and wage differentials in Greece, No. 28, February 2007.
Papapetrou Evangelia, Gender wage differentials in Greece, No. 23, July 2004.
- Papapetrou Evangelia, Wage differentials between the public and the private sector in Greece, No. 21, July 2003.
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Papaspyrou Theodoros, EMU strategies for new Member States: the role of Exchange Rate Mechanism II, No. 23, July 2004.
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- Papazoglou Christos, The real exchange rate and economic activity: is the hard-drachma policy necessarily contractionary?, No. 14, December 1999.
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Petroulas Pavlos, Foreign direct investment in Greece: Productivity and Technology diffusion No. 31, November 2008.
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Theodossiou Ioannis and Pouliakas Konstantinos, Socio-economic differences in the job satisfaction of high-paid and low-paid workers in Greece, No. 24, January 2005.
- Therefore, as of 9 October, the rate of the marginal lending facility will be reduced from 100 to 50 basis points above the interest rate on the main refinancing operation i.e. currently to 4.25% and the rate of the deposit facility will be increased from 100 to 50 basis points below the interest rate on the main refinancing operation, i.e. currently to 3.25%. The two measures will remain in place for as long as needed, and at least until the end of the first maintenance period of 2009, on 20 January.
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- Tsaveas Nicholas, Exchange rate regimes and exchange rate policy in South Eastern Europe, No. 18, December 2001.
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- Voridis Hercules, Angelopoulou Eleni and Skotida Ifigeneia, Monetary policy in Greece 19902000 through the publications of the Bank of Greece, No. 20, January 2003.
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- Zonzilos Nicholas, The monetary transmission mechanism the ECB experiment: results for Greece, No. 18, December 2001.
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