Thursday April 17, 2014 Search
Weather | Athens
19o C
12o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Provopoulos says issue of banks’ stress tests is closed

 Capital needs to be announced despite objections by troika

By Yiannis Papadoyiannis

Despite the different approaches that the Bank of Greece and the country’s creditors have taken toward the assessment of local lenders’ capital requirements, the issue is closed as far as the country’s central bank is concerned, its governor, Giorgos Provopoulos, said on Thursday. The results of the stress tests are expected to be published by March 7.

Provopoulos’s statement served to confirm there is no chance of an increase to the requirements up to a total of 8 billion euros that the troika of representatives from the European Commission, the European Central Bank and the International Monetary Fund insisted on, so the estimated sum of the credit sector’s needs will not exceed 6 billion euros.

Provopoulos underscored that BlackRock Solutions’ examination of the data during this test involved a more in-depth analysis of local loan portfolios while also assessing the loan requirements of Greek lenders’ larger foreign subsidiaries. Furthermore, BoG commissioned Ernst & Young and Rothschild as independent consultants for the tests.

Bank officials told Kathimerini that the methodology followed by BoG for this test adheres to BlackRock’s findings regarding the potential losses banks could face due to nonperforming loans, and sticks to a strict approach on the assessment of favorable factors (operating profits, capital reserves, synergies, deferred tax etc).

National Bank sources claim that the BoG approach to its subsidiaries abroad was particularly harsh, placing additional burden on the group. National’s capital needs – expected to amount to 2 billion euros – reportedly stem from the bank’s subsidiary in Turkey and not from its portfolio of loans issued in Greece.

On Thursday the bank’s chief executive, Alexandros Tourkolias, met with Provopoulos to discuss the results of the stress tests, among other things. National sources added that the bank will cover its requirements through indirect synergies, without resorting to a share capital increase.

ekathimerini.com , Thursday February 27, 2014 (22:53)  
Euro award institutions choose Greece
Mission to woo Russian visitors
IOBE: Reforms are the only way for economy to return to growth
Piraeus steals show as stock index recovers
Judges warn GD holdups over lifting of immunity could lead to suspects´ release
The magistrates handling the investigation into the neo-Nazi Golden Dawn party’s alleged illegal activities warned Parliament Wednesday that some of the suspects in the case could be release...
Tensions in SYRIZA as EP election list finalized
Leftist opposition SYRIZA on Wednesday announced another six of its candidates for next month’s European Parliament elections, following a stormy session of the party’s political secretariat...
Inside News
SOCCER
Greek soccer turns fishier than ever
Soccer in Greece reached new lows in scenes unseen since the national team’s triumph in Euro 2004, as PAOK and Olympiakos served up a cup semifinal with PAOK emerging as the winner and the s...
BASKETBALL
Greens within a whisker of upsetting CSKA Moscow
Panathinaikos came mighty close to snatching home advantage from CSKA Moscow in Game 1 of the Euroleague play-offs on Wednesday, but eventually succumbed to its host in Russia in overtime, w...
Inside Sports
COMMENTARY
Stopping the madness
Greek society is threatened by an overdose of madness and hatred. To be sure, behind the rise of polarization and of extreme – sometimes extremist – views is the harsh reality of the debt cr...
EDITORIAL
Fundamental contradictions
The deep division running through the ranks of the country’s main opposition party regarding the euro and how Greece’s negotiations with its partners and creditors ought to be carried out is...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek soccer turns fishier than ever
2. Greens within a whisker of upsetting CSKA Moscow
3. Euro award institutions choose Greece
4. Mission to woo Russian visitors
5. IOBE: Reforms are the only way for economy to return to growth
6. Piraeus steals show as stock index recovers
more news
Today
This Week
1. EU struggles to unpick the knot of Russia-Ukraine gas logistics
2. Stormy weather expected in northwest, central Greece
3. Greece to assist search for remains of Turkish pilot
4. Illegally claimed pensions cost state over 12.5 million euros
5. Bad weather leaves northwest town powerless
6. University admission exams to commence May 28
Today
This Week
1. Bomb explodes outside Bank of Greece
2. Time to take a hard look at debt sustainability, says OECD chief
3. For faith and country
4. CCTV footage from Nigrita Prison shows signs of inmate torture [Video]
5. Samaras sees no need for third bailout
6. Car bomb explodes outside Greek Central Bank building, no one hurt [Update]
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.