Major banks count losses

By Yiannis Papadoyiannis

Alpha Bank, Eurobank EFG, National Bank and Piraeus Bank, the country?s four major commercial lenders, are on Friday expected to announce combined losses of more than 22 billion euros for 2011.

This is due to the 53.5 percent haircut on Greek bonds through the private sector involvement (PSI) process as well as the deterioration of the quality of their loan portfolios as recorded during inspections by BlackRock Solutions.

With amassed losses of 19 billion euros between them during the first nine months of the year, the country?s four main banks are expected to present fourth-quarter losses of some 3.6 billion euros, according to sources, taking their total losses to over 22.5 billion euros for the whole of the year.