Tuesday October 21, 2014 Search
Weather | Athens
24o C
16o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek bank cost savings may help rescue fund buffer

Efforts by Greece’s top four lenders to cut costs and sell non-core activities may generate capital equivalent to a 5-billion-euro boost in the Hellenic Financial Stability Fund’s (HFSF) current buffer, the country’s central bank chief said on Friday.

The more capital National, Piraeus, Eurobank and Alpha generate through restructuring to boost their equity, the lower their potential need to tap the HFSF rescue vehicle for extra funds.

The fund, financed by Greece’s bailout by the European Union and International Monetary Fund, covered 25 billion euros out of last year’s recapitalization in return for shares in the four banks, becoming their majority owner.

It has a cushion of 8 to 9 billion euros.

“The efficient use of the backstop during recapitalization and resolution has left a buffer of around 8-9 billion [euros at the HFSF], should additional capital needs arise,” Bank of Greece Governor Giorgos Provopoulos (photo) said in a speech to a monetary and financial institutions forum in London.

“The sale of non-core assets and the exploitation of synergies arising from mergers could add some 5 billion euros to the [HFSF] buffer,” he said.

Provopoulos, also a European Central Bank Governing Council member, said structural and fiscal reforms in Greece and the euro area were working, but the situation in the debt-laden country remained fragile, partly due to political uncertainty.

[Reuters]

ekathimerini.com , Friday February 7, 2014 (18:56)  
At loggerheads over role of the IMF
Hong Kong telecom group buys out Greek start-up
Local tourism could see more arrivals, investments next year
Troika exerts pressure using return date
Wage dispute hurts gov’t unity before troika return
Changes to the public sector wage structure are at the heart of a dispute within the coalition that has raised concerns about whether the government will be in a position to negotiate effect...
Most Britons want to see Parthenon Marbles back in Athens, poll shows
The majority of Britons think that their country should return the Parthenon Marbles to Greece, a new poll has found. According to the survey, which was conducted by the YouGov international...
Inside News
BASKETBALL
PAOK fans stop coach Markopoulos´s move to Olympiakos
Olympiakos is once again in the lookout for a new coach after the refusal of PAOK to release Soulis Markopoulos, while Panathinaikos defeated Kolossos on Rhodes on Monday to become the only ...
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...
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. PAOK fans stop coach Markopoulos´s move to Olympiakos
2. At loggerheads over role of the IMF
3. Hong Kong telecom group buys out Greek start-up
4. Local tourism could see more arrivals, investments next year
5. Troika exerts pressure using return date
6. Wage dispute hurts gov’t unity before troika return
more news
Today
This Week
1. Greece must stick to reforms, says Schaeuble
2. Bakers encircle Thessaloniki's White Tower with giant 'koulouri'
3. Turkish vessel enters Cypriot Exclusive Economic Zone
4. European leaders pivot back to debt crisis after wake-up call
5. Hardouvelis does not see 'big surprises' in ECB stress tests
6. Stop moaning and get in the game
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Greece to contribute 1 mln towards Gaza reconstruction
3. Greece nearing bailout exit, says gov't spokesperson after IMF talks
4. Istanbul skyscraper casts shadow over Greece's banking ambitions
5. Coalition shooting itself in the foot
6. GPO poll gives SYRIZA clear lead over New Democracy
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.