希腊：金融体系稳定性评估

GREECE FINANCIAL SYSTEM STABILITY ASSESSMENT This paperonGreecewas prepared by a staff team of the International Monetary Fund.Itis based on the information available at the time it was completed onMay 4, 2026. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. GREECE FINANCIAL SYSTEM STABILITY ASSESSMENT May 4, 2026 KEY ISSUES Context:Greece met the shock from the war in the Middle East with strengthenedfiscal sustainability and financial stability. The Greek financial sector has benefittedfrom the improved macroeconomic and fiscal environment and upgraded sovereignoutlook. The sector has consolidated since the Greek Sovereign Crisis, and the foursystemically important banks dominate the financial landscape. These banksunderwent major asset cleanups through the securitization and sales of legacy non-performing loans (NPLs) since 2019, and now enjoy strong balance sheets, profitability,and liquidity. Findings:Short-term financial stability risks in Greece were found to be low prior tothe war in the Middle East and remain manageable. Banks demonstrate strongresilience under stress testing with low risk of disruption from new entrants. However,a large quantity of legacy NPLs remain unresolved and managed by credit servicers.This weighs on credit creation and leads to concentration and correlation risks, asbanks rely on lending to large corporates due to more limited consumer and SMEdemand. The Bank of Greece has a strong financial stability mandate and robustsupervisory and macroprudential practices. With limited growth opportunities, themedium-term outlook is positive but less certain. Policy advice:Authorities should work to codify best practices and promote a deeperand more diversified financial sector. While the insolvency and creditor rights’ regimehas been strengthened, more streamlining and a stronger judiciary process areneeded. The supervision of credit servicers should be enhanced. Authorities shouldaugment resources to deal with legacy issues and emerging risks such as cyber.Interagency cooperation should be strengthened and formalized in both financialstability and crisis matters. ELA arrangements need to be improved, and the depositinsurance fund enhanced. This report is based on the work of the Financial SectorAssessment Program (FSAP) mission that visited Greece inOctober 2025 and January 2026. The FSAP findings werediscussed with the authorities during the Article IVconsultation mission in March 2026. Approved ByMichaela Erbenova (MCM)Helge Berger (EUR)Prepared ByMonetary and Capital MarketsDepartment •The FSAP team was led by Charles Cohen and included Miguel A. Otero (deputy mission chief),Radu-Gabriel Cristea, Ivan Guerra, Paola Morales, Wei Shi (all MCM), Ke Chen, Amira Rasekh(both LEG), as well as Toby Fiennes, Tomas Konecny and Peter Lohmus (all short-term experts).The FSAP team collaborated closely with the Greece Article IV team.•The mission met with the Governor of Bank of Greece (BoG), Mr. Yannis Stournaras, the Ministerof Economy and Finance (MoEF), Mr. Kyriakos Pierrakakis, the Chair of the Hellenic CapitalMarkest Commission, Ms. Vassiliki Lazarakou, the Governor of the National CybersecurityAuthority, Mr. Michail Bletsas, the Deputy Governor of BoG, Ms. Christina Papaconstantinou, theSecretary General of the Financial Sector and Private Debt Management of the MoEF, Ms. TheoniAlampasi, the director of TEKE, Ms. Georgia Karageorgi, and other senior officials of theseagencies, as well as the Hellenic Banking Association and senior executives from the 5 largestGreek banks, the Hellenic Loan Servicers Association, and other select representatives of theprivate sector.•FSAPsassess the stability of the financial system as a whole and not that of individualinstitutions. They are intended to help countries identify key sources of systemic risk in thefinancial sector and implement policies to enhance its resilience to shocks and contagion.Certain categories of risk affecting financial institutions, such as operational or legal risk, or riskrelated to fraud, are not covered in FSAPs.•Greece is deemed by the Fund to have a systemically important financial sector according toSM/10/235 (9/16/2010), and the stability assessment under this FSAP is part of bilateralsurveillance under Article IV of the Fund’s Articles of Agreement. CONTENTS Glossary_____________________________________________________________________________________________5 EXECUTIVE SUMMARY ____________________________________________________________________________7 A.Macrofinancial Conditions and Trends _________________________________________________________11B.Financial Sector Structure and Performance ____________________________________________________15C.Interconnectedness _______