Following an announcement on 27 February 2025, National Bank of Greece (NBG) announced the completion of the Frontier III transaction. This involved the securitisation of a portfolio of non-performing exposures (NPEs) with a total gross book value of around €0.7 billion. This was made possible by the receipt of a State guarantee on the senior notes under the Hellenic Asset Protection Scheme (HAPS).

As part of the agreement, NBG retains 100% of the senior notes and 5% of the mezzanine and junior notes, while selling 95% of the mezzanine and junior notes to funds managed by Bracebridge LLC. Morgan Stanley & Co. International Plc acted as the financial advisor and arranger of the transaction. Clifford Chance LLP and Karatzas & Partners Law Firm provided international and local external legal counsel to NBG, respectively.

Original Story: NBG PR
Edition and translation: Prime Yield

Greece’s four systemic banking groups can now turn to defaulted loans that have been successfully regulated and are regularly repaid to increase their asset and loan portfolios.

Since the supervisory authority (SSM) has not yet given the green light for banks to directly buy back loans they have sold or securitised themselves, the secondary market is open to them in two other ways.

The first is to refinance the loans individually. In this case, the bank grants the borrower, whose debt is in a fund, a new loan to repay the original one. In this indirect way, the loan returns within the banking system, which the banks have received official information about from the authorities. The second way is to buy packages of loans that have been sold or securitised by other banks in the past. The current ban on the repurchase of restructured exposures applies only to loans originated by the bank itself, and not to loans originated by third parties.

NPL management companies have already begun preparations, categorising well-performing exposures to facilitate the creation of packages that can be returned to the banking sector. Analysts estimate that, although banks have not announced any immediate moves, we are likely to see the first transactions in this category later this year, acting as a “test” for the market. These changes will also depend on the course of general credit expansion.

According to official data from the Bank of Greece for the first quarter of 2025, credit expansion rates remained strong. The annual rate in the private sector was above 10 per cent, while corporate credit balances grew by 16 per cent per year. For households, the change in credit stabilised at -0.5%, with the prospect of turning positive. The contraction in mortgage lending was significantly limited in March to -2.4 per cent, the smallest decline in many years, thanks to an increase in new mortgage disbursements (+30 per cent in the two-month period from January to February 2025 compared to 2024).

Although banks now have new ways of bringing defaulted loans back into their portfolios, the use of the secondary market will probably depend on whether the current rate of credit expansion is sufficient to meet banks’ targets this year, although the first quarter data show a positive trend.

Original Story: Money and Life
Edition and translation: Prime Yield

The economic crisis that the country went through in the past decade casts a heavy shadow on the decisions of households over whether to resort to bank loans to buy a house. Combined with the upward trend in interest rates, it prevents a large number of potential borrowers from crossing the threshold of banks to apply for a loan.

This is confirmed by an Alpha Bank study on the housing issue in the country, according to which high interest rates and the fear of risk are the main deterrent factors for those who state that they do not intend to finance the purchase of a house with a mortgage.

Specifically, one in two respondents cites high interest rates and, as Alpha observes, “the stricter financing conditions that lead to higher debt servicing costs are the main deterrent factor for potential borrowers.”

Furthermore, 41% of respondents in this sample consider fear of risk to be a key factor in not applying for a mortgage. Fear of risk is linked to uncertainty about possible adverse events, such as future job losses or an unexpected increase in interest rates, negatively affecting households’ ability to service their debt in the future. 

As Alpha Bank observes, “it seems reasonable to assume that these concerns have increased significantly since the global financial crisis of 2008, especially in countries such as Greece, where the effects were particularly severe. This is largely due to the fact that the majority of people have experienced such events at some point in their lives. As a result, fear of risk has become embedded in the collective memory.”

These findings coincide with the banks’ findings from the course of applications for the “My Home” program, which show massive interest, with the main attraction being the cost of the loan based on a 50% interest rate subsidy. It should be noted that the final interest rate applicable to “My Home II” is determined based on Euribor and the margin applied by the bank. This margin ranges between 1.5% to 1.7% – depending on each lender’s policy. 

Original Story: Ekathimerini | Author: Evgenia Tzortzi
Edition: Prime Yield

doValue Greece has been awarded a new servicing mandate by funds managed by Fortress Investment Group, adding approximately €500 million in GBV.

“This mandate reflects the high level of costumer satisfaction achieved by doValue Greece, as well as the continued strategic value of doValue’s partnership woth Fortress”, says the statement released by the servicer group.

Additionally, this mandate marks further progress in the positive path since the start of the year, as the group reaches €7 billion GBV from new business compared to a target of €8 billion for the entire 2025 as outlined in the 2024-2026 business plan.

Original Story: doValue
Edition: Prime Yield

Despite efforts to tackle Greece’s mounting private debt – now totaling €89 billion – millions of borrowers remain off the radar, making regulation and recovery more difficult, industry leaders warned at the 10th Delphi Economic Forum.

Tasos Panousis, CEO of loan servicer doValue, revealed that while the company manages 1 million clients, it only has complete data on half of them. Without visibility, it’s harder to regulate and recover debts, he noted.

The issue spans the broader industry. Thodoris Athanasopoulos, CEO of Cepal Greece and President of the Association of Loan and Credit Claims Management Companies (EEDADP), said that out of 2.7 million debtors managed by servicers, only 57,000 have signed up on online platforms designed to give them access to their debt and credit information.

Of these 2.7 million debtors, around 600,000 are tied to a state-supported securitization scheme. Another 1.5 million are borrowers whose non-performing loans have been sold off to funds, while the remainder still have non-performing loans held directly by banks.

Panousis expressed confidence in the state-backed securitization program, noting that five out of seven loan bundles managed by doValue are exceeding expectations. The two underperforming portfolios involve around 100,000 borrowers whose settled loans were supposed to return to banks – a step that has not happened yet.

This return would boost bank revenues and help borrowers regain access to credit, he explained, urging quick action on viable debt settlements to prevent the cost from falling on taxpayers.

Currently, an estimated 700,000 properties are linked to non-performing loans. Only 13,000 of these have so far come into the ownership of loan management funds. Panousis emphasized the importance of avoiding property auctions, calling them “costly and time-consuming,” and urging instead for consensual solutions to be reached directly with borrowers.

Original Story: Ekathimerini | Author: Evgenia Tzortzi
Edition: Prime Yield
Photo: David Tip / Unsplashed

Italian bad loan manager doValue has reached 80% of its targeted increase in gross loan portfolio for the current year, and it may be able to surpass it, CEO Manuela Franchi said.

The Milan-listed company, whose shareholders include U.S. funds Elliott Investment Management, Fortress and Bain Capital Credit, announced it had secured a new contract in Cyprus to recover impaired loans worth around 350 million euros secured against nearly 1,000 properties.

The deal, which follows a 700 million euro with the National Bank of Greece, brings to 6.5 billion euros the new business the company has secured so far this year, helped by its expansion into other southern European markets, including Spain.

“We fully confirm our 2025 target of 8 billion euros in additional gross book value,” Franchi said in comments to Reuters. “If the current trend continues, we don’t rule out even surpassing it in the first part of the year.”

By shedding some 290 billion euros in soured loans since 2016 Italian banks turned the country into Europe’s biggest market for these assets. However, new flows have dried up in recent years as lenders completed their clean-up and tightened lending.

“We believe our geographical diversification will allow us to keep signing new contracts on a regular basis,” Franchi said.

The group has weathered the market slowdown thanks to selective acquisitions and a decision not to invest directly in loan portfolios, but to focus solely on managing them, she said.

Europe’s biggest loan collector Intrum, pushed to the brink by debt costs as interest rates spiked, last year filed for U.S. creditor protection as it sought to restructure its debt.

Unlike doValue, Intrum bought part of the loans it managed.

Seeking to buttress profits as the industry reorganises after the boom years, doValue last year struck a cash-and-share deal to buy Elliott-backed Gardant, a smaller domestic rival.

Cost savings through tie-ups and revenue diversification are seen as a way for the sector to shield profits.

“We look with interest at continental Europe, an area where we are not present but which may offer growth opportunities given the slowing economy and our strong track record,” Franchi said.

Original Story: Reuters
Edition: Prime Yield

DoValue has signed a new agreement with the National Bank of Greece (NBG) to act as servicer for a €0.7bn gross book value non-performing loan (NPL) portfolio to be securitised.

Under this Frontier II project, NBG has entered into a definitive agreement with funds managed by Bracebridge Capital for the sale of 95% of the mezzanine and junior notes.

DoValue Greece will act as the sole and exclusive servicer for the portfolio, which consists mainly of secured NPLs, and will also provide REO services.

The agreement is subject to the completion of the securitisation process of the portfolio by NBG under the Hellenic Asset Protection Scheme (HAPS), which is expected to be completed in the second quarter of 2025.

With this new mandate, DoValue noted that it has achieved €6.1 billion of gross book value from new business since the beginning of the year, exceeding its target of €6 billion for new mandates and reaching more than 75% of the target of total gross book value from new business for the full year 2025.

Original Story: Market Screener | Author: Reuters
Edition: Prime Yield

The nominal value of loans to the domestic private sector serviced by domestic credit servicers and transferred to non-resident specialised financial institutions increased by €3.97 billion, the Bank of Greece said. They reached a total value of 74.75 billion euros at the end of the fourth quarter of 2024.

The nominal value of serviced corporate loans increased to 25.51 billion euros in the fourth quarter of 2024, from 23.15 billion euros in the previous quarter.

Original Story: Ekathimerini
Edition: Prime Yield

Global ratings agency Moody’s has upgraded Greece’s rating to “Baa3” from “Ba1”, citing quicker-than-expected improvement in public finances and the country’s greater resilience to potential future shocks.

“Based on the government’s policy stance, institutional improvements that are bearing fruit, and a stable political environment, we expect Greece to continue to run substantial primary surpluses, which will steadily decrease its high debt burden,” Moody’s said in a statement.

Since 2020, the nation’s debt – the highest in the eurozone – has shrunk by more than 40 percentage points, reaching 154% of its gross domestic product in 2024, and is projected to drop further by the end of this year.

Greek banks are steadying and returning to profit after being nationalized following the 2009 financial meltdown caused by the country’s debt crisis, which put them in a vulnerable position, requiring several capital injections from the government.

Last week, Morningstar DBRS upgraded Greece’s credit rating to “BBB” from “BBB low”, two notches above the investment grade, citing a healthier banking sector and the continued reduction in the country’s general government debt ratio.

The agency also revised Greece’s outlook to “stable” from “positive”, reflecting a balance between persistent credit challenges that are slow to improve and the country’s institutional stability, which supports positive prospects.

Prime Minister Kyriakos Mitsotakis said in a post on the social media: “Moody’s upgrade of Greece to Baa3 marks the final step in restoring our investment grade by all major rating agencies, highlighting Greece’s significant progress. We remain fully committed to reforms that attract investment, create jobs, and drive sustainable growth.”

Original Story: Ekathimerini
Photo: Moody’s
Edition: Prime Yield

Banks and real estate companies that manage properties from auctions (REOCOs) are prioritizing properties in their portfolios that are eligible for the “My Home II” program in order to increase the supply on the market, as well as avoid the doubling of the Single Property Tax (ENFIA) that comes into force next year.

Based on estimates, this concerns  5,000 properties that meet the characteristics provided for by the program: Tthey have been built until 2007, their area is up to 150 sqm. and their commercial value does not exceed EUR 250,000. Of these, those that are mature for sale do not exceed 1,500-2,000 and the goal is to quickly mature the rest in order for them to return to the market.

Finding the right property is the main problem faced by those interested in applying for “My Home II”. As the latest data show, applications to banks have already reached 20,000 and to date the number of entrants in the program is approximately 500.

It should be noted that in order to be eligible for the program, one must have found the property for which they are applying for a loan about, and the low number in relation to the volume of applications at the banks confirms the significant deficit that exists in the housing market, especially in Attica.

The application requires that the properties the interested parties have found have an electronic identity for the loan process to proceed, provided that the prospective borrower meets the bank’s credit criteria.

According to data from banks, 10% of prospective borrowers declare that they have found the property, raising the number of those who can join immediately based on the applications to date to close to 2,000. The interest rate of the program is based on Euribor – currently close to 2.5% –, on which the margin charged by each bank is applied and which is formed on average at 1.5%. Given that 50% of the interest rate is subsidized, the final interest rate is close to 2%.

Banks and companies that manage properties that have come into their ownership after auctions due to debts from bad loans have every reason to promote the stock of these properties, in order to, on the one hand, limit the shortage of supply in the market and, on the other hand, to avoid paying double ENFIA from 2026. The doubling of ENFIA was imposed by the recent law on bank charges and concerns all properties that they will own at the end of 2025 and have not been rented.

Original Story: Ekathimerini | Author: Evgenia Tzortzi | DATE: 13/02/2025
Edition: Prime Yield

Vast majority of 211,000 property acquisitions in 2024 made through deposits and cash

Properties worth approximately EUR 23 billion changed hands last year in Greece, according to data from the Independent Authority for Public Revenue (AADE), but only a few involved mortgage credit.

These are real estate purchases and sales prices based only on the contracts that were drawn up, which means that the actual value of the properties transferred is greater, as it is customary for contracts to indicate the taxable price (known as “objective value”) of the property, with a portion of the final amount being paid “under the table.”

In fact, real estate sales in 2024 recorded an increase of around 30% in value compared to 2023, while the first data for this year (from January) show that sales will remain at high levels.

The particularly impressive fact is that of the real estate sales of over EUR23 billion that took place in 2024, only EUR1.5 billion came from mortgage loans. That is, mortgage loans last year approached EUR1.5 billion, when sales were over 15 times higher!

This means that thousands of purchases and sales were made without a mortgage loan – i.e. through deposits and cash. However, the data show that the total deposits held by households in banks amounted to EUR150.3 billion at the end of December, up from EUR146.6 billion in December 2023, recording an increase of EUR3.7 billion in one year.

Of the EUR23 billion, approximately EUR2.5-3 billion came from foreign investors, while EUR2-2.5 billion concerned sales of large properties, such as hotels etc. The remaining EUR18 billion concerned sales of apartments, offices and plots of land. A total of 211,590 transfer declarations were submitted, compared to 174,475 in 2023.

It is noted that in each property transfer there may have been more than one declaration, as the tax office records rights (percentages belonging to each owner).

Notably, the above data only concern property transfers made through the MyProperty electronic application and do not include transfers of agricultural plots.

Original Story: Ekathimerini |  Author: Prokopis Hatzinikolaou
Edition and translation: Prime Yield

Attica Bank, completed the securitisation of its “Domus” and “Rhodium” non-performing loan (NPL) portfolios, with a combined book value of approximately €3.7 billion.

These securitisation transactions were executed simultaneously and were among the most intricate NPL securitisations in the Greek market to date. The Arthur Cox team advised Attica Bank, S.A. on the transaction.

The Bank holds 100% of the senior notes of the ‘Domus’ securitisation, worth € 728 million, and 5% of the mezzanine and junior notes.

In addition, it holds 100% of the senior notes of the ‘Rhodium’ securitisation of €476 million and 5% of the medium and junior notes. 95% of the medium and junior notes of the ‘Domus’ and ‘Rhodium’ securitisations have been transferred to an entity advised by Davidson Kempner Capital Management LP.

The portfolios are managed by Cepal Hellas Financial Services.

Original Story: Capital.gr
Edition and translation: Prime Yield

PQH, the Special Liquidator for all credit and financial institutions under special liquidation in Greece, announced the closing of the Alphabet transaction, with a total gross book value of EUR4.8 billion and total purchase price approaching half a billion euro, making it the largest non-performing loan (NPL) portfolio sale in Greece.

The closing involved three portfolio transfers. On 15th November 2024, the Alphabet Unsecured/Low Secured Portfolio was transferred to an affiliate of funds managed by Fortress Investment Group. Later, at 17th January 2025, the Alphabet Secured Retail Portfolio was transferred to an affiliate of funds managed by Fortress Investment Group and Bain Capital’s Special Situations business; and last,  on 31st January 2025, the Alphabet Secured Corporate Portfolio was transferred to a fund managed by Bracebridge Capital.

The tender process, launched in October 2023, attracted strong international investor interest.

Spyros Rasias, CEO of PQH, stated “The completion of the Alphabet transaction is an important milestone in PQH’s journey as it is yet another strong demonstration of our commitment to the realisation of our mission. With the support of the Bank of Greece and guided by our strategic planning, the success of the transaction proves the resilience and stability of the Greek economy, despite international financial and geopolitical challenges”.

Alex Frangos, Chief Strategy Officer of PQH, added: “The Alphabet closing marks the successful conclusion of a critical chapter in PQH’s strategy, which was focused on accelerating portfolio sales. The result validates our efforts, achieving significant recoveries under difficult global macroeconomic conditions. Portfolio sales will remain a part of PQH’s business strategy going forward, which will be shaped by prevailing market conditions”.

Morgan Stanley & Co. International plc acted as financial advisor and PotamitisVekris law firm as legal advisor to PQH.

Original Story: PQH

They may not have “zeroed out” the “red” loans under their control, but non-performing loans (NPLs) in Greek banks are certainly at a fifteen-year low. The NPL rate of 4.6% recorded in the third quarter of 2024, according to official data from the Bank of Greece, not only confirms the very positive evolution of the out-of-court mechanism, but also presents a better picture even before the crisis, as this indicator stood at 5.2% in 2007.

Taking advantage of “Hercules III”, which has been extended until June this year with a “dowry” of another billion from the original budget, Greek banks plan to further lower the bar on “bad” loans in the first months of 2025, thus planning to securitise with the 3 billion guarantees of the new “Hercules”.

Of course, one of the main problems of the market, which is often discussed, is the management of “bad” loans, which have left the banks’ balance sheets but remain in the economy until they leave the management companies (servicers), as regulated or written off.

The out-of-court mechanism, one of the life-saving tools in the management of private arrears, has begun to bear significant fruit in the overall picture of the market, following the improvements it has received.

Original Story: Banks.com | Author: Newsroom
Edition and translation: Prime Yield

DoValue Spa has secured two new mandates in the Hellenic region through its subsidiary, DoValue Greece Loan and Credit Claim Management Company, totaling €1.6 billion.

The first is a new mandate to manage the entirety of a portfolio of proprietary funds managed by affiliates of Fortress Investment Group and Bain Capital. The portfolio represents the second of three tranches of the “Alphabet Project” in Greece, a portfolio with a total value of approximately €5 billion after the first tranche was awarded.

The Alphabet Secured Retail portfolio, for which doValue has been appointed as the sole and only servicer, includes gross book value of approximately €1.4 billion and total credit of approximately €2.8 billion that covers about 17,000 borrowers and is backed by real estate collateral real estate.

In addition, a new NPL contract worth approximately €200 million gross book value was signed in Cyprus.

“These contracts mark a significant start to the new year for the group, with €1.6 billion of GBV from new mandates after exceeding the target for new business in 2024, chart the positive path taken by doValue and reinforce its confidence in achieving the growth and profitability targets set out in the 2024-2026 Business Plan,” the company wrote in the released note.

Original Story: MarketScreener | Author: Alliance News
Edition: Prime Yield

In the third quarter of 2024, the nominal value of loans to the domestic private sector serviced by domestic credit servicing firms (CSFs) that have been transferred to non-resident specialized financial institutions increased by 1.012 billion euros, according to the latest figures released by the Bank of Greece.

The total value of loans serviced by domestic and foreign CSFs increased to €70.78 billion at the end of the second quarter of 2024, from €69.79 million in the previous quarter.

The nominal value of serviced corporate loans increased to €23.15 billion in the third quarter of the year, from €22.79 billion the previous quarter.

In further detail, the nominal value of loans to non-financial corporations (NFCs) increased by €367 million to €23.12 billion at the end of the third quarter.

Out of the total of these loans to NFCs, an amount of €11.1 billion corresponds to loans to small and medium-sized enterprises (SMEs).

The nominal value of loans to other financial institutions serviced by CSFs increased by €1 million at the end of the third quarter of 2024.

Original Story: Ekathimerini
Edition: Prime Yield

Greece’s systemic banks—Alpha Bank, Eurobank, National Bank of Greece, and Piraeus Bank—plan to expedite the repayment of deferred tax credits (DTC) starting in 2025, a move that credit rating agency Morningstar DBRS has praised as credit positive.

DTCs, a legacy of the debt crisis, constitute a substantial portion of the banks’ capital but are considered a weaker form of capital.

According to Morningstar DBRS, accelerating the repayment of DTCs will improve capital quality and provide banks with greater strategic flexibility in capital utilisation.

The agency also said that the banks should be able to absorb the impact of this acceleration, provided profitability and organic capital generation remain robust.

It should be noted that in the first nine months of 2024, Greek banks reported a combined net profit of €3.5 billion, with a return on equity reaching 14 per cent.

The revised timeline aims to complete the reduction of DTCs by 2034, seven years ahead of the original 2041 target.

This accelerated schedule is expected to strengthen the banking sector’s flexibility and resilience in the years to come.

In August of this year, the agency reported that the capital reserves of Greek banks have been further strengthened, though the quality of these funds remains weak.

What is more, the agency also pointed out that cost control measures helped offset inflationary pressures and increased expenses related to digitalisation.

“The sector’s liquidity continues to be supported by large, growing, and stable deposits,” said the agency.

It also made note of increasing activity related to capital issuances, despite ongoing repayments of central bank funding.

Additionally, DBRS observed that the cost of risk decreased in the first half of 2024 compared to previous years, although it remains above the European average.

“Higher core revenues, cost discipline, and lower provisions for bad debts led to higher profits in the first half of 2024,” said Andrea Costanzo, Vice President of European Financial Institution Ratings at Morningstar DBRS.

Original Story: Cyprus Mail | Author: Kyriacos Nicolaou
Edition: Prime Yield

Attica Bank has entered into an agreement with Davidson Kempner Capital Management to dispose of two significant non-performing loan (NPL) portfolios, named “Domus” and “Rhodium”.

The deal involves the sale of 95% of the mezzanine and junior tranches of the notes from these securitisations, representing a gross book value of approximately € 3.7 billion.

Under the terms of the agreement, Attica Bank will retain full ownership of the senior tranches, which benefit from the “Hercules” asset protection scheme, and a 5% interest in the mezzanine and junior tranches. This strategic move is aimed at significantly reducing the bank’s NPL ratio, which is expected to fall below 3% on completion of the transaction.

The sale proceeds reflect the value of the senior tranches combined with the purchase price for the subordinated notes.

This represents approximately 35% of the gross book value of the Domus and Rhodium portfolios. The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals.

Attica Bank was advised financially by UBS Europe SE and legally by Milbank LLP and Hogan Lovells LLP internationally and Potamitis-Vekris locally.

Original Story: Iefimeridia | Author: Anthee Carassava
Edition: Prime Yield

JP Morgan reiterated its analysis of DTCs, prompted by Piraeus Bank’s plan to accelerate their amortization.

P Morgan remains “bullish” on Greek banks, stressing stock buybacks and accelerated amortization of Deferred Tax Credits (DTC) will act as catalysts.

Citing solid third-quarter earnings and announcements from Piraeus Bank, the American multinational financial services firm estimates that the Greek banking sector’s overall yields could exceed 10% by 2025.

Piraeus Bank recently announced an increase in the distribution of net profits, aiming for 35% in 2024 and 50% in 2025. Share buybacks will be the primary capital distribution method next year, which JP Morgan believes will boost returns for the sector. It anticipates that every 10% distribution in the form of share buybacks could add an average of 2.1% to earnings per share, with similar plans expected from other Greek banks.

Two other Greek banks, Eurobank and Alpha Bank have both followed this strategy in the recent past, and the National Bank of Greece has announced plans to repurchase part of the Financial Stability Fund’s holdings. Piraeus Bank also confirmed that a buyback plan is in place as part of its 2024 distribution strategy.

JP Morgan reiterated its analysis of DTCs, prompted by Piraeus Bank’s plan to accelerate their amortization. Greek banks face annual limits on the DTCs they can use to offset tax payments, with the existing schedule extending to 2041.

In addition, bank managements plan to voluntarily deduct additional DTC amounts from their supervisory capital, aiming for complete amortization from Common Equity Tier 1 (CET1) by 2034—well ahead of the 2041 deadline.

In the short term, this strategy won’t alter balance sheet trajectories but signals capital quality confidence, according to JP Morgan, which continues to view the market as overly conservative in perceiving DTCs as an obstacle to higher capital distribution.

Original Story: TOVIMA
Edition: Prime Yield

Deposits of approximately 19 billion euros have returned to banks from households and businesses since 2021, reflecting a 16% increase, according to a note on the Greek economy from the Bank of Greece.

The BoG’s economic bulletin highlights significant inflows of deposits from households primarily during the 2021-2023 period, while the fatigue observed in the first quarter of 2024 is attributed mainly to a shift toward alternative savings options offering higher returns than traditional deposits.

Original Story: Ekathimerini
Edition: Prime Yield