SSM head tells local banks challenges are far from over

SSM head tells local banks challenges are far from over

Single Supervisory Mechanism (SSM) chief Daniele Nouy held talks with the heads of the country’s four systemic banks on Monday. The discussions centered around the intensification of efforts to reduce bad-loan stocks, streamlining bank finances, financing the economy and the lenders’ corporate governance.

The meeting took place in a very good atmosphere at the Bank of Greece, given also the positive outcome of the stress tests, which Nouy described as an important step; she added, however, that the challenges do not end here, referring to the Supervisory Review and Evaluation Process, scheduled for October, and the slow progress in tackling bad loans.

In a separate development the government has decided to appoint Andreas Verykios as the new head of the Hellenic Financial Stability Fund. The decision will be published in the Government Gazette in the coming days.

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