Saturday February 28, 2015 Search
Weather | Athens
11o C
6o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek bank cost savings may help rescue fund buffer

Efforts by Greeces 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 Funds (HFSF) current buffer, the countrys 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 Greeces bailout by the European Union and International Monetary Fund, covered 25 billion euros out of last years 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)  
Greece seeks negotiations on ECB bond repayment
Piraeus plans are coming in next few weeks
Slowdown in tourism bookings from Germany
Economy grew by 1.3 pct in Q4 of last year
Alleged accomplices of N17s Xeros caught in Athens
One man was arrested and another detained in Athens on Saturday in connection to the November 17 terrorist Christodoulos Xeros, who was recaptured in January after a year on the run. Accordi...
Hellas Gold and workers react to Greek govt decision on plan permit
Hellas Gold and its workers at the gold mine in Skouries, Halkidiki, have vowed to take legal action after the government announced on Friday that it would be recalling the permit for a proc...
Inside News
BASKETBALL
Spanoulis leads Olympiakos to win over Malaga
A good second half was enough for Olympiakos to get the better of Unicaja Malaga (77-72) and score its seventh win in eight games at the second group stage of the Euroleague on Friday. Playi...
SOCCER
Ten-man Olympiakos couldnt 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 ...
Inside Sports
COMMENTARY
A unionist agenda
Maybe Greece will not experience a credit event, because it is in no ones interest, as Minister of State for Coordinating Government Operations Alekos Flambouraris recently assured. Maybe...
EDITORIAL
The beguiling limelight
Too much media exposure is never a good thing and there is no shortage of newcomers in politics who are beguiled by the limelight. What usually comes after this thrall of publicity is the in...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Alleged accomplices of N17s Xeros caught in Athens
2. Hellas Gold and workers react to Greek govt decision on plan permit
3. Greek ministry says teacher hirings to continue via ASEP
4. Women conned elderly Cretans by posing as church representatives
5. Spain, Portugal sought to trip up govt, Tsipras says
6. Police nab Kavala man over homegrown cannabis
more news
Today
This Week
1. Greece seeks negotiations on ECB bond repayment
2. A unionist agenda
3. Greek ministry says teacher hirings to continue via ASEP
4. Hellas Gold and workers react to Greek gov't decision on plan permit
5. Women conned elderly Cretans by posing as church representatives
6. At least three GD MPs to be released ahead of trial
Today
This Week
1. Time for Alexis Tsipras to keep his nerve
2. Greek bailout deal faces review by euro officials next week
3. Greece says eurozone deal won time as cash bled from banks
4. The ignorance of the West about the culture of Islam
5. A fierce battle looms
6. Spain said to lead push to hold Greece to terms as Podemos grows
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.