To that end, all deposits from resolved banks were transferred to systemic banks. This process also ensured a minimum of disruption for customers of resolved banks. The second criterion was to minimize the costs of restructuring for tax-payers. The Bank of Greece assessed that the costs of using the purchase and assumption resolution tool were lower than any alternative.
With 14 such resolutions having successfully taken place since 2011, this process has also facilitated considerable restructuring of the banking system, eliminating excess market capacity. E.  Challenges ahead, the way forward and concluding remarks  Ladies and gentlemen, With the successful completion of the first review, a number of positive benefits are likely to ensue for the banking system.