Friday October 31, 2014 Search
Weather | Athens
18o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
IMF said to demand greater say on Greek banks in ECB wrangle

By Nikos Chrysoloras, Jeff Black & Christos Ziotis

The International Monetary Fund wants a greater say in the fate of Greek banks because it’s worried that the European Central Bank is being too lenient on them, three people with knowledge of the matter said.

The IMF views an analysis of the country’s banks run in 2013 by BlackRock Inc. as being too optimistic, said the people, who declined to be identified as the talks are private. The fund is concerned that the ECB, which will conduct its own stress test later this year, hasn’t pushed the Greek central bank hard enough to revise BlackRock’s findings, the people said. Those results will be published Thursday.

The IMF is refusing to give ground as it seeks to preserve its role in Greek banking policy just as the ECB prepares to take control of overseeing euro-area lenders. Annointing the central bank in Frankfurt as the sole supervisor was supposed to eradicate the turf wars that sometimes blighted attempts to police banks on a national level in the run up to the region’s debt crisis.

The ECB’s first major task, already started, is to analyze the books of about 130 of the euro area’s largest banks, and assess how much extra money they will need to raise. It is due to report its findings in October. National Bank of Greece SA, Eurobank Ergasias SA, Alpha Bank SA and Piraeus Bank SA are all on that list of significant banks that it will directly supervise from November.

European officials are trying to return Greece to fiscal and financial health after a crisis that nearly pushed the country out of the euro. Talks with the troika of the ECB, IMF and European Commission on reforms included in existing aid programs started last week, with differences surfacing over the Greek central bank’s estimate of bank capital needs. That number was put at about 6 billion euros ($8.2 billion), according to a fourth person with knowledge of the matter.

While the Washington-based IMF is concerned that the ECB may not press Greece far enough, the ECB is still urging the country to increase the figure for capital requirements before a meeting of euro-area finance ministers on March 10, one of the people said. The fund has taken part in bailouts worth about 240 billion euros for Greece since the start of the euro crisis.

The issue of further payments to Greece may be discussed at that meeting. A spokesman for the ECB and a spokeswoman for the IMF declined to comment.

As the ECB is currently conducting its own Comprehensive Assessment into the region’s biggest lenders, including the four Greek banks, Frankfurt officials may be less concerned with the results of the BlackRock review.

The unpublished stress test run by BlackRock last year as part of Greece’s bailout program differs in methodology from the ECB-led asset review and test to be published in October. The delayed release of the results, due to disagreements with the troika over its parameters, have brought it into conflict with the ECB review, which started in November. [Bloomberg]

ekathimerini.com , Thursday March 6, 2014 (10:45)  
Power rates soared 60 pct in six years
NBG chairman sees risks to recovery
Greek consumers shift toward money saving
IMF could offer know-how in backup plan for Greece
A year after GD members shot dead, police have no leads
A year after two members of neofascist Golden Dawn were shot dead outside the party’s offices in Neo Iraklio, north of Athens, police sources admitted that they have no leads to the killers....
No new Manolada trial, court rules
The Supreme Court has decided that four men who stood trial earlier this year for shooting 28 migrant workers at a strawberry farm in Nea Manolada in the Peloponnese should not be retried. S...
Inside News
BASKETBALL
Obradovic watches Greens thrash his Fenerbahce
The second homecoming of former Panathinaikos coach Zeljko Obradovic, now at Fenerbahce, was not as emotional as last year’s, but it was certainly was the night of an emphatic triumph for th...
SOCCER
Berg returns to add spice to Panathinaikos´s Cup win
The second round of games for the group stage of the Greek Cup produced plenty of interesting games and results in midweek, but it still lags the upset potential that the knock-out stages of...
Inside Sports
COMMENTARY
The judiciary’s responsibility
The reform efforts over the past few years have begun to bear fruit. Greece has improved its standing in the World Bank’s Doing Business rankings, rising 48 positions from 2010 to 61st place...
EDITORIAL
Findings raise eyebrows
An investigation into money transferred to foreign banks by civil servants since 2010, when Greece’s brutal debt crisis erupted, has come up with some striking findings. The checks, which we...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Obradovic watches Greens thrash his Fenerbahce
2. Berg returns to add spice to Panathinaikos´s Cup win
3. Power rates soared 60 pct in six years
4. NBG chairman sees risks to recovery
5. Greek consumers shift toward money saving
6. IMF could offer know-how in backup plan for Greece
more news
Today
This Week
1. Greek euro dilemma is back as minister predicts volatility
2. Students hijack university senate meeting
3. Clientelism belongs to the past, says Mitsotakis
4. European stocks tumble as banks decline after Enria’s comments
5. Civil servants to be investigated for transferring money abroad
6. Over 1,500 buildings and vehicles damaged in flash floods
Today
This Week
1. Austria’s creative bookkeeping beats Greece on secret debts
2. End of reason, end of humanity
3. Clean bill of health for Greek banks from stress tests
4. Samaras pledges action after flash floods in Athens
5. Eurobank, National Bank restructurings eliminate capital gap
6. Athens flood damage assessed, compensation payments to begin
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.