Banks to table proposals for the commissioners to inspect them

By Yiannis Papadoyiannis

The country’s major banks are set to submit their proposals for independent auditors who will undertake the monitoring and inspection of almost all their operations as well as be responsible for updating the country’s creditors to the European Commission on Saturday.

The appointment of commissioners concerns the banks that have received state support, which in Greece’s case concerns all main banks in the country. The lenders’ proposals will not necessarily be accepted, but will constitute the basis for discussions.

The European Commission has set a strict framework regarding the selection of candidate commissioners. Its regulations effectively rule out any auditing company based in Greece and all those which already supply any form of service to a Greek bank. Senior bank officials say that representatives of companies from across Europe and the US have arrived to bid for the jobs, but it is mainly London-based firms that have the greatest experience in such tasks.

The Commission will study the proposals and announce the appointed commissioners, who will issue reports on a regular basis, by the end of the year.