Lending to shipping by institutions in Greece and recorded by the Bank of Greece plunged by a massive EUR 3.3bn ($3.59bn) between April and May this year.

Statistics released by the bank on a regular basis showed that the figure stood at EUR 13.557bn in April, slumping to EUR 10.269bn the following month.

The central bank notes that the reduction in May was due to the transfer of loans but bank officials say they are not at liberty to offer an explanation of the huge dip.