Since its gradual deregulation in the 90s reaching full liberalization in 2003, when the last regulations concerning consumer credit were abolished, it has been transformed to one of the most competitive, outward looking sectors in the Greek economy, with its assets increasing more than fourfold in the last ten years.
The release, after the euro area entry, of the high obligatory reserves (12%) held at the Bank of Greece, easier access to the main international financial markets and to the ECB refinancing facilities as well as the sizeable growth in Greek national income increased considerably the lending capacity of the Greek banking sector, underpinning its expansion.