BUSINESS

Greek banks ask for ESM’s cooperation

ESM head Klaus Regling received the HBA representatives in Luxembourg.

TAGS: Banking

The Hellenic Bank Association (HBA) on Tuesday presented the head of the European Stability Mechanism, Klaus Regling, with figures showing the improvement in the fundamentals of the local credit system in 2016 while informing him of the challenges it now faces, particularly as regards liquidity and the efficient management of nonperforming loans.

According to an HBA statement, its representation noted to Regling that Greek banks have returned to profit despite the adverse operating environment, and are maintaining satisfactory capital adequacy ratios and provisions to achieve the ambitious targets for the reduction of nonperforming loans in the next three years.

It was also highlighted that meeting the targets also depends on the lifting of uncertainty and the improvement of economic conditions, and that the Greek banks intend to cooperate with all institutional authorities including the ESM so as to tackle the major challenges of the Greek credit system.

Representing the HBA at the meeting in Luxembourg were its president Nikolaos Karamouzis, vice president Vassilios Rapanos, executive committee head Spyridon Papaspyrou, general secretary Harikleia Apalagaki and the head of the financial committee, Vassilios Psaltis.

Online