Search This Blog

Friday, December 28, 2012

Major Greek banks ask for 27.4 billion euro


Greece's four largest banks need an additional €27.4 billion to overcome the losses from the country’s 200bn euro debt restructuring earlier this year. 
On Friday the National Bank of Greece said it will need a €9.7bn capital boost while Eurobank Ergasias needs 5.8bn euro. Alpha Bank needs 4.6bn euro and Piraeus Bank 7.3bn euro, according to the report by the Bank of Greece 
As the country heads toward a sixth year of recession, the major banks reported growing losses on rising bad loans and falling deposit levels. NBG reported a nine-month loss of 2.45bn euro, compared to 1.34bn loss year-on-year. Alpha Bank said its loss for nine months reached 711.8mn euro, up from 566.7mn last year. 
The Greece’s Central bank said it will set aside 50bn euro from the second 173bn bailout package from international creditors in order to use it for a bank recapitalization plan. “It is expected to remain adequate under reasonable levels of economic uncertainty,” the lender said in a statement.
To keep banks afloat Greece's bank rescue mechanism, the Hellenic Financial Stability Fund, will underwrite coming rights issues and effectively take control of the four major banks, which account for three-quarters of Greece’s banking assets.
Greek banks will sell a mixture of common shares and convertible bonds in order to meet international capital adequacy requirements early next year. The recapitalization is expected to be completed by the end of April under the terms of the country’s bailout.
In a bid to attract assets some Greek banks have merged this year. NBG merged with Eurobank. Alpha Bank announced plans to purchase the Greek unit of French lenders Crédit Agricole and Piraeus Bank is going to purchase the local unit of Société Générale.

Google+


Category

1915 Armenian Genocide 21st-century Christian martyrs‎ africa al assad Al Qaeda albania anti-Morsi protests Apostles Arab Christian Arab-Orthodox Archimandrite Tikhon Shevkunov army Asia Australia bank BBC Belarusian Orthodox Church Bethlehem bible Bible movies bible translations bulgaria Bulgarian Orthodox Church Byzantine byzantine music C.I.A. Cairo China Christian Armenians christianity christians christmas Christmas Traditions Christmas tree church Conspiracy Constantinople coptic church copts cyprus daily news Documentary Easter economy Ecumenical Patriarch Ecumenical Patriarch Bartholomew I Ecumenical Patriarchate of Constantinople egypt egypt pope elder Elder Ephraim of Vatopaidi elder joseph of vatopaidi elder Paisios Elder Porphyrios english subtitles Epiphany europe food Fr Seraphim Rose france FREE books FREE Greetings Cards fyrmacedonia Georgian Orthodox Church germany greece greek greek food greek music Greek Orthodox Church Greek Orthodox Easter greek orthodoxy health and medicine Holy Fathers Holy Scripture Holy Tradition icon Internet Interview iran islam islamist israel Italy jerusalem Jesus Christ jews jihad killed libya mafia Middle East Miraculous Icon monastery money mother of god mount athos Mount Sinai Movie Trailers music muslim muslims news orthodox church Orthodox Church in America pakistan Palestine patristic tradition photo photos picture politics pope Prophecy protests quotes recipes religion romania romanian orthodox church Russia Russian Orthodox Church saint Saints science Shroud of Turin Son of God spy St Nicholas of Myra syria The Mount Athos Food Evolution theotokos travel turkey tv UK Ukraine Ukrainian Orthodox Church usa Vatican vatopaidi video war Watch FREE full movie world
Related Posts Plugin for WordPress, Blogger...