ECONOMY

Banks see progress in talks with EC

A round of meetings between representatives of the European Commission and Greece’s four systemic banks concluded on Friday in Athens as bank officials were working feverishly to complete their restructuring plans for 2014-17, which have to be submitted to local and European watchdogs by September 30.

The talks were conducted in the presence of officials from the Hellenic Financial Stability Fund (HFSF) and the Finance Ministry, and the HFSF said satisfactory progress had been recorded in terms of the commitments banks will undertake in the implementation of their restructuring plans.

In mid-October the banks will hold direct talks with the Commission. The HFSF added that the process for the approval of the plans by the Greek Competition Commission will follow after the banks have completed their planned stress tests this fall.