Third, the increased ability of the banking system to contribute to the financing of viable investment projects. The stock of deposits in the Greek banking system is currently around 176 billion euros, i.e. at the level of September 2011. Moreover, during the past few years, the financial fundamentals of Greek banks improved significantly.
Compared to March 2016, the stock of non-performing loans was reduced by more than 50%, mostly through securitizations with the use of the Hellenic Asset Protection Scheme. Banks managed to eliminate their reliance on the Emergency Liquidity Assistance and regained access to the wholesale markets, issuing senior unsecured notes and capital instruments.