Undertakings may henceforth draw funds for short-term financing of their working capital also from mortgage banks.

In particular by virtue of Decision 559/1-8-95 of the Monetary and Credit Issues Committee of the Bank of Greece mortgage banks, i.e. the National Mortgage Bank, the National Housing Bank and Aspis Bank, are authorised to engage with certain restrictions, in business credit thereby offering on the same footing full banking services as the commercial banks. The above decision also authorises mortgage banks to grant loans up to 3 million dollars for the repair, maintenance and refurbishment, free of prenotice or mortgage, thus reducing the cost for loans of this kind.

Athanassios Vamvoukos, Bahas, Gramatidis & Associates, Athens, Greece.

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