Sunday October 26, 2014 Search
Weather | Athens
17o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
HFSF examines plan for banks' swift return to private hands

By Yiannis Papadoyiannis

A large window of opportunity has opened for the faster privatization of the countrys systemic lenders and the states immediate recovery of a significant share of the funds placed in sustainable banks thanks to the exceptionally favorable investment mood regarding Greece on the grounds of its imminent economic rebound.

The managements of Alpha, Piraeus and National Bank have already placed the issue of strengthening private ownership at the top of their agendas, requesting more flexible tactics on the immediate use of warrants. Officials at the HFSF bank bailout fund note that its mission is to see the banks restructured before returning them to the private sector, and that the sooner this happens the greater its success will be. The Bank of Greece is also adamant about the significance of returning the lenders to private hands.

Accelerating the privatization of banks will allow for the faster recovery of part of the 25 billion euros the state has placed in the lenders, which combined with the 11-billion-euro reserve held by the HFSF will allow the government greater flexibility.

The countrys expected return to growth has increased the determination of foreign investors to undertake Greek risk, which represents a great opportunity for the immediate privatization of banks. Daily analyses from strong investment companies such as Goldman Sachs, Morgan Stanley, JPMorgan and others underscore the positive prospects of Greece and especially its banking sector as they recommend that their customers purchase shares in local banks.

Bank officials are now working to submit proposals for alternative ways to use the warrants, while the HFSF is studying its options to achieve the fastest sale of its stakes. All alternatives are based on the HFSF issuing public offerings for the acquisition of the warrants. The offering will not involve cash, but the swapping of the warrants with some shares for free, while warrant owners will have the option to relinquish the right to buy the other shares they are entitled to. Banks could therefore return immediately to private hands and not at the end of 2017, as the current warrant status provides for.

ekathimerini.com , Sunday Jul 6, 2014 (21:01)  
Nicosia says reforms are bringing results
TAIPED waits for green light from Eurostat
Trade deficit shrinks on big drop in imports
SMEs unable to claim subsidies
Samaras pledges action after flash floods in Athens
Authorities began on Saturday assessing the damage done by flash floods in various parts of Athens a day earlier, with Prime Minister Antonis Samaras pledging that all those affected would b...
No court hearings for civil cases
Greek courts are to stop conducting hearings, which include witness questioning, for civil cases, according to plans drawn up by the Justice Ministry. Kathimerini understands that in a bid t...
Inside News
BASKETBALL
A win is a win is a win for Olympiakos
A bad Olympiakos defeated a worse Laboral Kutxa 63-57 to make it two out of two in the Euroleague on Friday. In a game where the two teams had an overall field goal rate of about one in thre...
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
Inside Sports
COMMENTARY
End of reason, end of humanity
The effects of a slew of new and increased taxes introduced since the start of the crisis were first observed in the wages of those still fortunate enough to have jobs, who saw their take-ho...
EDITORIAL
Banks need to step up
What has been leaked so far regarding the results of the stress tests on Greeces lenders, which are due to be published on Sunday, appears positive. Greece needs a healthy, private banking ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Nicosia says reforms are bringing results
2. Samaras pledges action after flash floods in Athens
3. No court hearings for civil cases
4. Greeces lenders seem adamant that govt must act on bailout commitments
5. Future of Attica trash set to become clearer
6. Policeman admits to murder of his cousin-in-law
more news
Today
This Week
1. End of reason, end of humanity
2. Samaras pledges action after flash floods in Athens
3. Banks need to step up
4. Greeces lenders seem adamant that govt must act on bailout commitments
5. No court hearings for civil cases
6. Nicosia says reforms are bringing results
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greeces closed society is central to its current malaise
3. Greece must stick to reforms, says Schaeuble
4. At least 11 banks to fail European stress tests, three in Greece, report says
5. Cyprus to block Turkey's EU talks after EEZ violation
6. Stop moaning and get in the game
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.