Monday October 20, 2014 Search
Weather | Athens
24o C
16o 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)  
German bunds rise on sata seen adding to gloom; Greek bonds gain
ECB review will clarify Greece´s needs, says Regling
Greece’s Alpha Bank said to seek 180 mln euros for Athens Hilton
Greek toy retailer Jumbo lifts Q1 sales 11 percent
Ex-party leader to see prosecutor on Tuesday over bribe allegations
Former Synaspismos leader Nikos Konstantopoulos will be questioned on Tuesday by a prosecutor investigating a newspaper report alleging that businessmen were intending to buy MPs votes for t...
PASOK objects to plans for changes to public sector wage structure
Coalition partner PASOK has reacted to leaks about the new pay structure in the civil service by saying that it has not accepted the changes. In a direct attack on Administrative Reform Mini...
Inside News
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
SOCCER
OFI stuns Panathinaikos, Mitroglou hits twice
OFI Crete produced the upset of the week in Greek soccer beating Panathinaikos in Athens for only the second time in its history on Sunday, while PAOK stayed on top beating Atromitos at home...
Inside Sports
COMMENTARY
Stop moaning and get in the game
There are so many people who love spending their days talking about the crisis and proclaiming that they know exactly what needs to be done to solve the country’s problems. Some of them obvi...
EDITORIAL
Exorcising the ghosts
Developments last week held in store an uncomfortably realistic understanding of the risks engulfing the country. The massive sell-off in Greece’s stock and bond markets was a strong shock. ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. German bunds rise on sata seen adding to gloom; Greek bonds gain
2. ECB review will clarify Greece´s needs, says Regling
3. Ex-party leader to see prosecutor on Tuesday over bribe allegations
4. PASOK objects to plans for changes to public sector wage structure
5. SYRIZA´s Lafazanis pledges immediate action on bailout, Tsipras promises
6. Greece’s Alpha Bank said to seek 180 mln euros for Athens Hilton
more news
Today
This Week
1. Greece must stick to reforms, says Schaeuble
2. Bakers encircle Thessaloniki's White Tower with giant 'koulouri'
3. Hardouvelis does not see 'big surprises' in ECB stress tests
4. European leaders pivot back to debt crisis after wake-up call
5. Turkish vessel enters Cypriot Exclusive Economic Zone
6. Samaras to visit Cyprus on November 7, ahead of Egypt talks
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Less haste, more focus
3. Greece to contribute 1 mln towards Gaza reconstruction
4. Greece nearing bailout exit, says gov't spokesperson after IMF talks
5. Istanbul skyscraper casts shadow over Greece's banking ambitions
6. Coalition shooting itself in the foot
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.