Around half of Greece’s cooperative banks need recapitalization‏

5 November 2015
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Four or five out of the 10 cooperative banks operating in Greece face a liquidity problem and will need a recapitalization, Anastasios Lappas, chairman of the Cooperative Bank of Thessaly said on Thursday.

In comments made to the ANA-MPA’s ‘Praktorio 104.9 FM’ radio, Lappas said that the Cooperative Bank of Thessaly will not need recapitalization and announced that the bank will probably proceed with a share capital increase plan through a bond loan. Commenting on the other cooperative banks, Lappas said those in need of additional capital were currently drafting plans, while the remainδερ were seeking tools to boost their capital through internal procedures.

“Cooperative banks are not competitive. They operate without taking a single euro in state capital support. They were not included in the previous two recapitalizations and have survived,” he noted. Lappas stressed that cooperative banks “may be smaller, but healthier”.

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