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Posted On: 12/04/2015 10:31:34 PM
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EU Backs Additional State Aid for National Bank of Greece
5 hours 15 minutes ago - DJNF
By Laurence Norman
BRUSSELS--The European Commission said Friday it had approved additional state aid of EUR2.71 billion ($2.96 billion) for National Bank of Greece SA, the last of the big four Greek banks instructed to address capital shortfalls.
The European Union's executive body said measures already implemented in the bank's restructuring plan from last year and promised steps in the bank's amended plan will enable the bank to keep lending flowing to the Greek economy in line with the bloc's state aid rules.
The commission said the state aid will come from a combination of share capital and contingent convertible capital instruments and will be provided out of the EUR10 billion funding made available for Greece from the eurozone's bailout fund, the European Stability Mechanism.
That funding was set aside as part of the maximum EUR86 billion third bailout package for Greece in August.
The commission approved the amended restructuring plans for Alpha Bank, Eurobank and Piraeus Bank last month. Piraeus Bank was the only other institution that needed state aid, in its case totaling EUR2.72 billion.
"The recapitalization of National Bank of Greece concludes the efforts of the four largest Greek banks to address capital shortfalls identified by the European banking supervisor," said European Competition Commissioner Margrethe Vestager. "The significant private capital raised reduced the need for injections of public money."
The bank raised EUR1.8 billion of the EUR4.6 billion capital shortfall identified by authorities from private investors and generated an additional EUR120 million from its positive third-quarter results, the commission said.
As a result, the bank had raised enough private-sector capital to cover its baseline-scenario capital needs as set by the eurozone's bank supervisor, the commission said.
As part of its amended restructuring plan, National Bank of Greece is committed to dispose of noncore assets outside of Greece as well as to a deeper operational restructuring.
The commission said that proceeds from the sale of foreign assets will be used to repay some of the state aid, pending approval by the eurozone's bank supervisor.
Write to Laurence Norman at laurence.norman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
December 04, 2015 17:05 ET (22:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Read More: http://investorshangout.com/post/view?id=3393...z3tPhvmDiv
EU Backs Additional State Aid for National Bank of Greece
5 hours 15 minutes ago - DJNF
By Laurence Norman
BRUSSELS--The European Commission said Friday it had approved additional state aid of EUR2.71 billion ($2.96 billion) for National Bank of Greece SA, the last of the big four Greek banks instructed to address capital shortfalls.
The European Union's executive body said measures already implemented in the bank's restructuring plan from last year and promised steps in the bank's amended plan will enable the bank to keep lending flowing to the Greek economy in line with the bloc's state aid rules.
The commission said the state aid will come from a combination of share capital and contingent convertible capital instruments and will be provided out of the EUR10 billion funding made available for Greece from the eurozone's bailout fund, the European Stability Mechanism.
That funding was set aside as part of the maximum EUR86 billion third bailout package for Greece in August.
The commission approved the amended restructuring plans for Alpha Bank, Eurobank and Piraeus Bank last month. Piraeus Bank was the only other institution that needed state aid, in its case totaling EUR2.72 billion.
"The recapitalization of National Bank of Greece concludes the efforts of the four largest Greek banks to address capital shortfalls identified by the European banking supervisor," said European Competition Commissioner Margrethe Vestager. "The significant private capital raised reduced the need for injections of public money."
The bank raised EUR1.8 billion of the EUR4.6 billion capital shortfall identified by authorities from private investors and generated an additional EUR120 million from its positive third-quarter results, the commission said.
As a result, the bank had raised enough private-sector capital to cover its baseline-scenario capital needs as set by the eurozone's bank supervisor, the commission said.
As part of its amended restructuring plan, National Bank of Greece is committed to dispose of noncore assets outside of Greece as well as to a deeper operational restructuring.
The commission said that proceeds from the sale of foreign assets will be used to repay some of the state aid, pending approval by the eurozone's bank supervisor.
Write to Laurence Norman at laurence.norman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
December 04, 2015 17:05 ET (22:05 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Read More: http://investorshangout.com/post/view?id=3393...z3tPhvmDiv
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NASDAQ DIP and RIP
Here is the best word that describes what i do here.
Intuitive;
means having the ability to understand or know something without any direct evidence or reasoning process.
I was born with it, I'm truly blessed!
Alway's searching for winners'
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