Sunday November 23, 2014 Search
Weather | Athens
18o C
10o 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)  
Fitch keeps Greek rating at B, outlook stable
More cash for banks with same papers
Growth to fuel rise in revenues
Commercial property draws interest from investors
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the partys former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japans image and economy following the triple blow of the earthquake, tsunami and nuc...
BASKETBALL
Big win for Greens, tight one for Reds
Panathinaikos scored a crucial as well as emphatic away win at Turow on Thursday that should see it qualify from its tough group to the top 16 of the Euroleague, while Olympiakos saw off vis...
Inside Sports
COMMENTARY
Is Europe paying attention?
Barack Obama brought hope to the entire world when he was elected president of the United States in 2009 and then again in 2012 for a second term. During his first visit to Europe, marked by...
EDITORIAL
A reasonable agreement
Greece cannot and should not allow itself to be left without a safety net to make up for any funding needs that may crop up after the end of the year. Without such protection it would be at ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Cyprus on agenda in Biden visit to Istanbul
2. PASOK nixes Papandreou leadership challenge
3. Troika tests govt nerves as budget rift persists
4. Climate change to hit farming, Greek coastline
5. Piraeus nightclub shooting leaves 3 seriously injured
6. London court to rule on extradition of former judge
more news
Today
This Week
1. PASOK nixes Papandreou leadership challenge
2. Piraeus nightclub shooting leaves 3 seriously injured
3. Climate change to hit farming, Greek coastline
4. Fitch keeps Greek rating at B, outlook stable
5. Cyprus on agenda in Biden visit to Istanbul
6. Troika tests govt nerves as budget rift persists
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Greece and Poland switch roles as young Greeks head to vibrant Eastern European country for better prospects
3. Anti-junta uprising anniversary to be marked amid tight security
4. Biden heads to Istanbul amid tension over Cyprus EEZ violation
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Every age has its collaborators
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.