Friday February 27, 2015 Search
Weather | Athens
11o C
6o 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)  
Minister says he hopes that ENFIA ends
Postponing an IMF tranche ‘means default’
Stournaras says deal must be completed
Greek bank deposits plunge to lowest point since 2005
Gov’t raises concern over payment to IMF in March
The Euro Working Group discussed Greece’s imminent funding problems on Thursday amid mounting concern about how the country will meet its obligations next months. Earlier in the day, Ministe...
More than 300 migrants released
More immigrants and asylum seekers were released from detention centers across Greece on Thursday as the government seeks to make good on a campaign pledge to close down such facilities, cit...
Inside News
SOCCER
Ten-man Olympiakos couldn´t overcome Dnipro
Olympiakos drew 2-2 with Dnipro from Ukraine at home on Thursday, playing almost the entire second half with a man down, to bow out of the Europa League, despite facing an opponent which on ...
BASKETBALL
Greens lose at Maccabi but preserve head-to-head advantage
Panathinaikos suffered its third loss in eight games at the second stage of the Euroleague going down 73-70 at Maccabi Tel Aviv on Thursday, but has preserved its better head-to-head record ...
Inside Sports
COMMENTARY
A breath of opportunity
We are still living in the Greece we know: The government is struggling to explain its retreat in the face of our creditors, the opposition (including dissidents in SYRIZA) smells blood, we ...
ANALYSIS
Having it both ways: Greece´s doublespeak to Brussels and voters
Gingerly treading between its anti-austerity promises to voters and its pledges to skeptical international creditors, Greece's new radical government is resorting to doublespeak to keep ever...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Ten-man Olympiakos couldn´t overcome Dnipro
2. Greens lose at Maccabi but preserve head-to-head advantage
3. Minister says he hopes that ENFIA ends
4. Postponing an IMF tranche ‘means default’
5. Stournaras says deal must be completed
6. Panathinaikos deducted the three points earned at the derby
more news
Today
This Week
1. The unlikely winners of Greece's surrender on euro
2. SYRIZA feeling the pain
3. Turkish jets violate Greek air space
4. Schaeuble tells MPs Varoufakis 'strains' EU solidarity
5. Merkel faces stepped-up dissent on Greek bailout among lawmakers
6. Greek bank deposits return after bailout extension
Today
This Week
1. Greece prepares extension request for eurozone approval
2. Time for Alexis Tsipras to keep his nerve
3. Stubborn but not almighty
4. Greek bailout deal faces review by euro officials next week
5. Greece says eurozone deal won time as cash bled from banks
6. The ignorance of the West about the culture of Islam
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.