ECONOMY

‘Big four’ to submit plans for survival

Greece’s four systemic bank groups will submit five-year restructuring plans to the Competition Directorate of the European Union in the autumn, setting out analytic plans for ensuring their survival.

The plans have to obtain prior approval from the Hellenic Financial Stability Fund (HFSF), which now constitutes the largest shareholder in the four groups. HFSF’s annual report, released Friday, refers to a “speedy (re)privatization of Eurobank, by either private or market placement,” and expresses the view that the integration of the restructured Postal Savings Bank (TT) and Proton Bank in the Eurobank group bolsters its strategic position in the Greek banking system and its attractiveness as an investment proposition.

Separately, BlackRock has restarted an audit of nonperforming loans, which, according to official data, are now approaching 30 percent. The results will have to be taken into account in the plans to be submitted by the banks.