In Brief
IMF approves $1.1-billion loan tranche for Turkey WASHINGTON (AP) – The International Monetary Fund yesterday approved a new $1.1-billion loan for Turkey, the latest installment in an assistance package designed to help the country deal with a serious economic crisis. «The basic view is that the authorities have continued their very strong implementation of the economic program and the program remains on track,» Michael Deppler, head of the IMF’s European Department, told reporters. Approval of the new loan brings IMF assistance to $12 billion out of a total credit line of $17 billion that the IMF approved for Turkey back in February. Deppler said that the IMF will send another team of economists to the country in October in preparation for the next loan installment. Bank of Attica H1 results lower mortgage lending surges Bank of Attica said on yesterday first-half group pretax profit after minorities fell 29 percent to 9.3 million euros, hurt by a slumping stock market. The bank, with a market capitalization of 221 million euros and a network of 52 branches, said loans increased 34.7 percent to 1.01 billion euros. Consumer loans in the six-month period rose 40 percent with mortgage lending up 152 percent. Loan loss provisions rose 29 percent. Bank of Attica, whose main shareholders include the Civil Engineers Pension Fund (TSMEDE) with 34 percent and the Savings & Loans Depository with 15.5 percent, said deposits grew 25.4 percent to 1.01 billion euros. Last week Commercial Bank of Greece agreed to sell its 17.2-percent holding in Attica to state-owned Postal Savings Bank for 40.3 million euros or 5.64 euros a share. (Reuters) Karaiskaki stadium The construction company ALTE, which had formed a consortium with Thrylos SA of IT magnate Socrates Kokkalis to revamp and operate Karaiskaki stadium in Piraeus through a self-financing scheme, said yesterday it will seek by any legal means to protect shareholders’ interests from the loss sustained as a result of the cancellation of the project by the Greek Olympic Committee (EOE). It said the redress will be sought «against anyone, particularly Thrylos SA.» The statement came after the General Sports Secretariat dismissed the objection filed against EOE’s decision. The two companies pledged a few weeks ago to finish the project after the government had promised 6-8 million euros in support for the stadium, to be ready for soccer events in the Olympics of 2004. Tourism promotion The consortium of Adel Saatchi & Saatchi and Andersen has been selected by the Greek National Tourism Organization to prepare a marketing plan for the tourism promotion of the Attica region in view of the Olympic Games of 2004. The budget of the entire project, which will receive EU subsidies, is estimated at more than 5.8 million euros. Loans jumped 26.5 percent, with consumer credit rising 39 percent and mortgages 35 percent. Deposits were 7 percent higher at 16.4 billion euros, while excluding repos, which fell 14 percent, the rise was 19 percent at 11.4 billion euros. EFG Eurobank, in which Deutsche Bank holds a 10-percent stake, said all funds under management were 12 percent higher in current prices at 23.4 billion euros.
