The Bank of Greece, as part of the Eurosystem, provided ample liquidity to banks at low interest rates using standard and non-standard monetary policy measures. Moreover, when banks came under intense liquidity pressures, the Bank of Greece provided them with emergency liquidity assistance. In terms of capital, a national backstop of € billion was established in the form of the Hellenic Financial Stability Fund.
In addition, the Bank of Greece conducted a viability study of the banking system. Based on this study, viable banks have been fully recapitalized using a combination of state and private funds. Non-viable banks that were not able to raise private capital have been resolved, using state of the art resolution tools – tools that are now being introduced in many other countries.