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Bank association: Deposits up in 2016; 116.1 bln€ withdrawn over previous 7-month period

The Hellenic Bank Association (HBA) on Friday reported an increase in Greek bank deposits last year by 4.2 billion euros, although the yearly gain paled before losses in the previous seven-year period, whereby 116.1 billion euros (49 percent) were withdrawn.

A relevant study commissioned by the HBA recorded a monthly increase in Greek banks’ deposits over the second half of 2016, with the average monthly increase totaling 770 million euros.

Last year followed the “annus horribilis” that was 2015, which witnessed two snap elections, a controversial referendum over a convoluted question regarding creditors’ terms at the time and imposed capital controls — all in the wake of sixth months of futile negotiations between the neophyte leftist Greek government and the “quartet” of creditors.

The banking sector’s advocacy group also proposed measures to gradually lift all remaining capital controls.