Bank of Greece to pay 1.08 bln euros dividend to Greek state

The Bank of Greece will support state revenues with 1.08 billion euros this year after the central bank announced that from a dividend payment scheduled for 2016, it will pay 1.079 billion euros to the Greek state.

The central bank said profits fell to 1.09 billion euros in 2016, from 1.162 billion in 2015, while net revenue was 1.728 billion euros and expenses – including provisions – were at 636.2 million euros. Total net revenue from the execution of the Eurosystem’s single monetary policy, ELA, portfolio interest, commissions and other activities totaled 1.728 billion euros in 2016, down 8.9 pct from the previous year.

Greek banks’ borrowing from the ELA mechanism fell to 43.66 billion euros at the end of 2016, from 68.9 billion at the end of 2015, while direct borrowing from the ECB fell to 22.96 billion euros from 38.59 billion over the same periods, respectively. Dependence from the Eurosystem fell to 66.7 billion euros at the end of 2016 from 107.6 billion a year earlier.