During the last five years, the bank’s total assets have increased three-fold. It now ranks 6th in terms of total assets of the banking sector. The bank’s previous CEO, Chris Clarkson, was constantly fighting for financial deepening and the development of the domestic debt market.
This has included lowering the key ECB rates to record low levels and adopting a wide range of non-standard monetary policy measures. By contrast, the contribution from fiscal policy to macroeconomic stabilisation in the post-crisis period has been muted at best.