The Hellenic Banking Association (HBA) recently released the results of a study of Greece’s banking sector a year and a half into the imposition of capital controls, offering a snapshot of the country’s crisis-battered industry.

According to the study, the Greek economic crisis and, to a lesser degree, the international credit institution crises, have led to a significant restructuring in the local banking industry. One of the primary results of this restructuring is a marked reduction in the number of credit institutions in the country.

Dropping from 64 institutions in 2007 to 39 in 2016, this reduction has resulted in significant consolidation of the country’s banking sector, with the country’s four systemic banks, National Bank, Alpha, Piraeus and Eurobank, and non-systemic Attica Bank controlling 95 percent of the country’s domestic market assets. This is a significant increase from 2007, when that same group controlled just 67.7 percent of the domestic market assets. HBA points to the closure of all foreign banks’ retail operations barring HSBC as another signifier of reduced banking outlets.

These developments correspond to an overall reduction in total assets, falling from $379.19 billion in 2008 to $330.76 billion. Total deposits have hit $139.87 billion including $128.54 billion held by households and businesses. HBA reported, worryingly, that $113.93 billion, or 45.2 percent, are non-performing enterprises, while 38 percent of loans are non-performing loans.