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LEGAL UPDATES
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Announcement by the Ministry of Finance - Relaxation of Restrictive Measures on Banking Transactions
31.03.2014
Area(s) of Practice: Banking and Secured Financing

On 28 March 2014, the Ministry of Finance (MoF) announced relaxations on the 28th Decree on the Enforcement of Temporary Restrictive Measures on Transactions.

The MoF released the following announcement:

With the achievement of the milestones set out in the roadmap and the overall stabilization and restoration of confidence in the banking system, it is feasible to ease further the restrictions as follows:

(a) abolition of the daily maximum amount of cash withdrawal of €300 per natural person and €500 per legal person,

(b) increase of the current limit with respect to the transfer of money within the Republic , regardless of the purpose, per natural person, per month, from € 20.000 to € 50.000 and per legal person, regardless of the purpose,  per month from € 100.000 to € 200.000,

(c) abolition of the prohibition to terminate a fixed term deposit prior to its maturity date, and therefore all related exemptions,

(d) The opening of a new account for any person who is not an existing customer of a credit institution it is allowed provided that the account is a new fixed term deposit created with funds from cash provided that the amount to be deposited exceeds €5.000 and the new fixed term deposit cannot be terminated prior to its maturity.

Note that the Decree on International Banks remains unchanged.

The period of validity of the two Decrees is 35 days.

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