Tagged: banks

State could lose all of its investment in banks

The Greek state is close to losing the 25 billion euros it paid to save the Greek banking system, as the bank warrants issued during the first recapitalization will expire at the end of 2017. This is money the state had borrowed for the banks’ share capital increases with the aim of recovering at least […]

SSM email halts Piraeus’s CEO selection

Wednesday’s Piraeus Bank board meeting, during which a new chief executive officer was supposed to be elected for the lender, was unexpectedly suspended as an email from the European Central Bank’s Single Supervisory Mechanism (SSM) arrived asking for the process to be stopped so that the two short-listed candidates could be examined further. Piraeus Group […]

ELA ceiling drops anew for Greek banks

The European Central Bank lowered the cap on emergency liquidity assistance (ELA) Greek banks draw from the domestic central bank by 200 million euros to 50.7 billion euros, the Bank of Greece said on Thursday. The ELA ceiling is valid up to January 11.

Institutions urging banks to address NPL management

Brussels and Berlin have warned that unless the Greek banks take initiatives to address the management on non-performing loans, they will not fund any recapitalization efforts. As such, Greek banks may be faced with a bail in, in accordance with European directives. This means that the bank recapitalization will be carried out by shareholders, bondholders […]

ECB reduces ELA ceiling for Greek banks to €51.1bn

The Bank of Greece has announced that the Governing Council of the European Central Bank has reduced the ceiling of Emergency Liquidity Assistance (ELA) for Greek banks to €51.1 billion, up to and including Wednesday, 16 November 2016. The reduction by 0.7 billion euros came at the request of the Bank of Greece and reflects […]

Stournaras: Greek banks safe from Deutsche impact

The Greek and international banking systems are “safe” and tools are in place to protect them from any impact from the crisis engulfing Deutsche Bank, Greek central bank chief Yannis Stournaras said on Friday. Deutsche, which employs around 100,000 people, has been in turmoil after being handed a demand for up to $14 billion earlier […]

Greek banks plan to restructure ‘bad house loans’

Greek banks are considering restructuring non performing loans (NPLs), as the alternative option of selling them off to funds is estimated to generate large losses. Sources say that funds interested in acquiring the ‘bad loans’ on the Greek banks’ balance sheets are offering only 25% of their nominal value, a prices judged too low on […]

Depositors still wary of banks

Bank officials are not expecting a significant return of deposits as long as capital controls remain in place. The recent relaxation of controls, which allows the withdrawal and transfer of funds that have returned to the banking system, has improved sentiment and raised expectations of more money returning. However, banking sources say that until now […]

Bank executive review concludes – Eurobank and Alpha best organized

US-based global executive search and leadership consulting firm Spencer Stuart has reportedly concluded its evaluation of Greek bank executives on behalf of the Hellenic Financial Stability Fund (HFSF). According to reports, Eurobank and Alpha Bank appear to be better off than the other Greek banks and as such will require the least amount of board […]

Banks mulling special NPL vehicles

Greece’s core banks are considering the creation of special purpose companies which will receive large portfolios of nonperforming loans and then be sold so that they stop burdening the lenders’ financial figures, as NPLs now exceed 100 billion euros in total. The European Central Bank is asking bank managers to proceed with tackling this huge […]

First non-performing loans to be assigned to US funds

Eurobank and Alpha Bank will assign by 50% each the management of credit and equity exposures to a selected number of Greek companies into a platform managed by US investment fund KKR. The non-performing business loans to be assigned total 1.2 billion euros. Subject to final Board approval, the European Bank for Reconstruction and Development […]

Greek bank deposits drop for third month in a row in March

Greek bank deposits fell in March for the third month in a row, data released by the country’s central bank showed on Wednesday. Business and household deposits decreased by 210 million euros, or 0.17 percent month-on-month to 121.47 billion euros ($137.5 billion), their lowest level since July 2003. They had declined to 121.68 billion euros […]

ELA funding for Greek banks falls by 1.79 bln euros

Emergency central bank funding to Greek lenders fell by 2.6 percent or 1.79 billion euros in March compared to the previous month, Bank of Greece data showed Thursday. Banks have relied on emergency liquidity assistance (ELA) drawn from the Greek central bank since February last year after being cut off from the European Central Bank’s […]

ECB lowers ELA borrowing ceiling for Greek banks‏

The European Central Bank further lowered the borrowing ceiling for Greek banks from the Emergency Liquidity Assistance mechanism (ELA), accepting a request made by the Bank of Greece. The Greek central bank, in a report released on Thursday, said that the Governing Council of the ECB did not object to an ELA-ceiling for Greek banks […]

Piraeus Bank hires Egon Zehnder as advisor in search of new CEO

Piraeus Bank on Monday said it has hired Egon Zehnder as an advisor for the selection of a new chief executive officer from Greece and abroad after the resignation of Antimos Thomopoulos from the post. The new CEO will head the Group in implementing a business plan and its medium-term goals. Piraeus Bank said it […]

ECB lowers borrowing ceiling for Greek banks

European Central Bank further lowered the borrowing ceiling for Greek banks through the Emergency Liquidity Assistance mechanism (ELA) to 72 billion euros, the Bank of Greece said on Thursday. The central bank, in an announcement, said that ECB’s board approved Bank of Greece’s request to lower the borrowing ceiling by 3.8 billion euros until Thursday, […]

Yannis Stournaras: Government’s social security reforms are in the right direction

The government’s proposals on social security reforms are moving in the right direction, Bank of Greece (BoG) governor Yannis Stournaras late on Tuesday said in an interview with Skai TV, adding that he is now in open communication with the Finance ministry and Prime Minister Alexis Tsipras. The proposed reforms are serious as they improve […]

Greek economy to return to positive growth rates in 2016, Piraeus Bank chairman says

A timely completion of the first review of the Greek programme and a dynamic implementation of a privatization programme, combined with a new development law by the government will help the economy to respond positively later this year and to return to positive growth rates in the second half of 2016, Mihalis Sallas, chairman of […]

Eurobank Securities most active firm in 2015‏

Eurobank Equities topped the list of the most active securities firms in the Athens Stock Exchange in 2015, with market share of 17.06 pct, followed by Euroxx with 15.25%, National Securities with 8.37 pct, Piraeus Securities with 7.15 pct and Axia Ventures with 7.07 pct. The top 10 of the most active securities firms was […]