The main Greek credit institution, the National Bank, demonstrated little interest in the industrial development of the period 1922-27. The public sector, trade and agricultural economy were the privileged fields of its activity. The concession of loans was generally made on a short-term basis. As for supporting state policy, the Bank favoured public utility services along with transportation and the chemical and fertilizer industries.
The involvement of the National Bank in the refugees issue is beyond doubt. It has been said that in the case of refugees, the National Bank gave priority to national issues at the expense of economic ones. It had reservations about assisting major industry, for fear of creating an uncontrolled proletariat, a possible source of social upheaval.
With the foundation of the Bank of Greece and the Agricultural Bank, the National Bank became a commercial bank and was oriented towards industrial investments with the assistance of foreign credit organizations. With the loss of its three fundamental sectors of activity - the issue of banknotes, and agricultural and land credit - industry remained the only obvious field in which to expand its transactions. After 1933 and the consequences of the crisis, the granting of credits in the developing secondary sector was multiplied. Finally, it is worth noting that the National Bank enhanced the war industry towards the end of the 1930s - albeit occasionally - against the backdrp of the polarization prevailing throughout Europe in this period .