Meeting between VP Dragasakis and bank managers concludes

18 November 2015
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The meeting between the Government Vice President Yannis Dragasakis and managers of Greek banks has concluded. The meeting, which came amid the critical bank recapitalization process, took place at the office of Mr. Dragasakis. No statements were after the conclusion of the meeting.

The legislative provisions regarding primary residence auctions included in the new prior actions bill was, as expected, one of the main issues discussed during the meeting. The VP asked the bankers to be flexible and to avoid carrying out mass auctions.

This “gentlemen’s agreement” aims to protect indebted homeowners who are not covered by the new laws. In light of recent statements by the chairs of Piraeus Bank Michalis Sallas and National Bank Louka Katseli, it does not appear that the banks intend to carry out mass auctions.

On Tuesday Alpha Bank announced that institutional investors will cover the necessary 1.55 billion euros of its capital increase. Similarly Eurobank announced that it amassed 2.5 to 2.6 billion euros via book building.

The President of the National Bank Louka Katseli also expressed her optimism that the bank would successfully complete the recapitalization process and come out stronger than ever.

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