Capital controls imposed in late June 2015 in tandem with the political and economic stability in Greece for much of the year had a significant effect on the local banking sector in the second half of 2015, with the factoring market particularly hit.
Capital controls imposed in late June 2015 in tandem with the political and economic stability in Greece for much of the year had a significant effect on the local banking sector in the second half of 2015, with the factoring market particularly hit.
Factoring by Greece’s four systemic banks was posting an increase, yoy, of 11.16 percent in the first half of 2015, only to close out the year with a marginal 0.8 percent decrease. The previous year, 2014, saw the bank factoring sector was up 7.5 percent, totaling 13.02 billion euros.
Turnover in 2015 reached 12.87 billion euros, according to figures released by the EU Federation.
The international portion of the Greek total reached 1.95 billion euros in 2015, down from 2.16 billion the previous year, while the domestic portion was 10.92 billion euros in 2015, slightly up from 10.86 in 2014.