Bill for bank recapitalisation to be voted on Sunday

29 October 2015
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A draft bill for bank recapitalisation will be voted on Sunday, so that the process can start on Monday, Greece’s government vice-president Yiannis Dragasakis after meeting President Prokopis Pavlopoulos on Thursday.

“Until now, the state has contributed a lot of resources into saving banks and therefore we hope this recapitalisation will be the last,” Dragasakis said. “We are waiting for the ECB’s final data on the bank needs on Saturday, so that by Sunday the bill will be voted and on Monday the process may start. The conditions are in place to make it a successful process,” he added.

Adding on the issue of recapitalisation, Dragasakis said that the reason why the previous efforts failed was because they were not followed by a settlement plan for non-performing loans, a problem which constitutes “a black hole”.

“This is why now, along with the recapitalisation, we’ll move ahead with the issue of NPLs in a framework that will protect the primary residence, and will prevent the purchase and sale of loans,” he said.

Asked by a journalist where he bases his optimism that the programme’s review and recapitalisation will take place in time (by the end of the year), so as to avoid a haircut on bank deposits, Dragasakis said: “Because we’re ready”.

“Our first aim was to complete the recapitalization in a way that would not affect deposits, which means it must take place within 2015, because starting next year, a directive will be put in place that imposes a haircut on deposits over a certain amount.”

On his side, Pavlopoulos said that the next Eurogroup Working Group (EWG) offers an opportunity to recognize the efforts made by Greece to meet its obligations. “To recognise all the sacrifices made by the Greek people to stay in the European Union and the eurozone.” He also expressed hope all political parties will continue to show responsibility.

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