Saturday September 20, 2014 Search
Weather | Athens
27o C
19o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Alpha CEO: Lenders must pass back into private hands swiftly

Local banks need to make a fast return to private hands, Alpha Bank CEO Dimitrios Mantzounis stressed while addressing the lender’s general meeting on Friday. Vassilios Rapanos, the bank’s president, referred to a need for stability and the implementation of reforms.

Mantzounis described the pictured created by local banks’ recent share capital increases as “distorted,” noting that Alpha may have received the least support from the state but that the Hellenic Financial Stability Fund holds the biggest stake in it compared to HFSF holdings in the other systemic banks.

He noted that the warrants – i.e. the rights to buy back the shares held by the HFSF – were a very good way of attracting investors during the first recapitalization, but that conditions have now changed and investors are thirsty for Greek securities and therefore the process for the banks’ privatization has to be accelerated.

The Alpha CEO, speaking in the presence of Finance Minister Gikas Hardouvelis, new Bank of Greece Governor Yannis Stournaras and HFSF CEO Anastasia Sakellariou, also remarked that since the law allows for the alternative utilization of the warrants, banks should make the most of the favorable climate and speed up their return to private hands. He said that each lender should examine the issue and submit proposals for the best decisions to that end either via the Hellenic Bank Association or independently.

Concerning nonperforming loans, Mantzounis said there are signs of improvement, adding that a substantial economic recovery is necessary for the situation regarding bad loans to change markedly. He added that Alpha has strong capital reserves as its capital adequacy ratio stands at 15.6 percent ahead of this fall’s European Central Bank stress test.

Rapanos stressed the significance of a stable tax environment and the need for the modernization of the country’s public administration. He added that 2014 will be the year that the economy makes a small rebound, highlighting the improvement in competitiveness. The biggest challenge from now on, noted Rapanos, is to achieve a sustainable model of economic growth. He forecast that deposits will gradually return to banks when conditions improve further, allowing lenders to finance the economy.

ekathimerini.com , Friday June 27, 2014 (22:18)  
Record sum of new debts to the state in August
‘Greece can meet its needs on its own’
Cyprus civil servants´ strike called off
Elliniko investors eye Cyprus project warily
Mayors resisting evaluation to face disciplinary action
Mayors and municipal employees who refuse to take part in a civil service evaluation scheme the government has undertaken as part of commitments to international creditors will face discipli...
Fyssas rally demonstrators face prosecutor after clashes
Sixty-four people arrested in Keratsini, a suburb of Piraeus, on Thursday, following clashes with police during an anti-racist march marking the one-year anniversary of the murder of rapper ...
Inside News
SOCCER
Triumph for PAOK, historic result for Asteras in Europa League
Greek teams produced a patchy record on the opening night of the Europa League group stage on Thursday, as PAOK thrashed Dynamo Minsk, Asteras Tripolis snatched a draw at Besiktas and Panath...
SOCCER
Financial crisis forces Greek second division postponement
Greece's second soccer division Football League announced on Wednesday the postponement of the start of the season due to financial difficulties being faced by most clubs. "The board of dire...
Inside Sports
COMMENTARY
High stakes after the Scottish vote
We will soon know whether the Scots voted for their country’s independence or whether they will remain citizens of the “United Kingdom of Great Britain and Northern Ireland.” What was alread...
EDITORIAL
Breathing room
Even Greece’s biggest critics find it hard to deny that the debt-hit country has achieved an unprecedented fiscal turnaround within a very short period of time. Sure, progress in promoting t...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Record sum of new debts to the state in August
2. ‘Greece can meet its needs on its own’
3. Mayors resisting evaluation to face disciplinary action
4. Fyssas rally demonstrators face prosecutor after clashes
5. PM in energy talks ahead of crucial meeting with Merkel
6. Attiki Odos Lamia exit to close Sunday
more news
Today
This Week
1. ‘Greece can meet its needs on its own’
2. Record sum of new debts to the state in August
3. Hardouvelis signals Greece may skip IMF loans to exit aid curbs
4. EIB signs deals with Greece for 815-mln investment in infrastructure projects
5. Dozens of arrests at march to mark anniversary of Fyssas murder
6. Syntagma metro station to close for Fyssas tribute concert
Today
This Week
1. Greece on standby
2. Greece at bottom of social justice scale among EU28
3. Central Athens traffic restrictions back in force on Monday
4. Lost in the fog
5. Democracy under Pressure | Live Streaming
6. SYRIZA spokesman suggests gov't sought to stop NERIT airing Tsipras speech live
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.