ECB Stress Test: Greek banks must find €14.4b

FRANKFURT: Four major Greek banks must find up to €14.4 billion ($15.8 billion) to survive potential economic shocks, said the European Central Bank, after they underwent an in-depth financial health check. The figure was less than anticipated under recapitalisation plans agreed with Greece’s partners. Greece’s Alpha Bank, Eurobank, the National Bank of Greece (NBG) and Piraeus Bank were all submitted to a health check known as a ‘comprehensive assessment’. “The four banks will have to submit capital plans explaining how they intend to cover their shortfalls by November 6,” said ECB. This will start a recapitalisation process under the economic adjustment programme that must conclude before the end of the year. “The banks intend asking private investors to put up the funds, but in case the response is not sufficient then the banks will enter into resolution,” said the Greek ministry.

Published in The Express Tribune, November 1^st, 2015.

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