already compares favourably with their european peers. the development of fee - based businesses ( e. g. asset management, bankassurance etc. ) could also contribute to the diversification of their revenue sources. needless to say, restoring credit intermediation is a “ sine qua non ” for long - term sustainability. concluding remarks ladies and gentlemen, i feel we have gone a long way towards facing a series of challenges and tasks. for us, the ultimate goal in meeting these challenges is to shape a competitive economy, attractive to foreign direct investment, with its income per head gradually converging to the rest of the eurozone, fully sustainable public finances not only in the short run, but also in the medium and long term, full access to international financial markets under sustainable terms, and a banking sector which will be in a position to undertake efficiently its main task, namely the financing of the real economy. i will conclude by saying that the improvement of the greek banking sector landscape, the restoration of confidence and the elimination of certain risk factors are positive elements that are expected to be a prime driver for growth of the greek economy. 7 / 7 bis central bankers'speeches

financial envelope ( initially €10 billion and subsequently €50 billion in total ) for the recapitalisation and restructuring of the greek banking sector. the bank of greece also conducted in - depth diagnostic studies of the banks ’ asset quality as well as stress tests, engaging international consultants with the objective of estimating the impact of the crisis on greek banks. moreover, the bank of greece developed a comprehensive strategy to implement efficiently the newly established resolution framework for banks and conducted a viability assessment, enabling the smooth resolution of non - viable banks without any depositor losing his / her money. lastly, the bank of greece developed an enhanced supervisory framework for the management of non - performing exposures, including an npe operational targets framework, acknowledging asset quality as the key driver for banking sector performance. in a nutshell, financial stability was preserved thanks to policies that were commensurate to the underlying risks and that were enacted promptly. the second lesson is the importance of rigorous implementation. for example, the bank of greece did not hesitate to resolve non - viable banks, both commercial and cooperative, thus contributing to the consolidation and restructuring of the greek banking sector. the four systemic banks, managed to attract private capital in three consecutive recapitalisation rounds. this allowed the downsizing of the greek banking sector via personnel, network and cost rationalisation commensurate to the reduction of domestic economic activity. furthermore, the bank of greece set up a comprehensive reporting mechanism and conducted troubled asset reviews and on - site examinations to closely monitor the implementation of the enhanced supervisory framework for non - performing exposures, thus ensuring that balance sheet repair is the top priority for the management of all greek banks. concurrently, the bank of greece contributed to the effort of establishing a secondary npl market via the licensing of npl servicers and the monitoring of npl sales and securitisations. we should bear in mind that reforms and initiatives bring about tangible results only if implemented appropriately. throughout the crisis, the bank of greece has been the guardian of financial stability, protecting fully all deposits ( regardless of type and size ) and supporting the economy and the public interest. our response was focused upon two major fronts : ensuring adequate provision of liquidity and managing and assisting recapitalization, resolution and restructuring of the banking sector. with respect to liquidity provision, the intervention of the bank of greece has been critical in ensuring continuous liquidity provision to banks using one of the oldest tools available, that of the lender of last