Securitization

According to data from the union of loan and credit management companies (servicers), out of the total of 86 billion euros, the arrangements that have been made to date concern €25.5 billion and of these the arrangements that are being adhered to do not exceed €19 billion.

The issues of the Hellenic Financial Stability Fund's divestment from Greek banks and the expansion of the Hercules program were at the center of the meeting held this week by Minister of National Economy Kostis Hatzidakis with the Hellenic Bank Association.

The new Hercules program will include three pending securitizations amounting to 3 billion euros.

Hellenic Bank, Cyprus' second-largest lender, has reported a profit of 69.7 million euros for the first quarter of 2023, signaling a strong start to the year.

The shareholders of Thrivest, which will participate with 30 million euros in the Attica Bank capital increase by acquiring, in this phase, 4.93% of its share capital, aim to create a single bank.

Moody's maintains a positive outlook for the Greek banking system despite difficult economic conditions and inflationary pressures, which are likely to limit economic growth in 2022, but with a possible recovery in 2023.

International credit rating agencies "see" strong prospects for the development of the Greek economy, on which, after all, the upgrades of the Greek debt in the last two years were based to a significant degree.

An agreement with the doValue Group was signed by Eurobank Holdings ("Eurobank") a) for the sale of part of the mezzanine notes bonds and the junior notes of the securitization of a mixed portfolio of non-performing receivables of Eurobank SA ("The Bank") with a nominal value of € 5.2 billion (€ 3.2 billion book value) ("Mexico" transaction) and (b) for the management of this portfolio by doVal

The European Bank for Reconstruction and Development (EBRD) has provided a $100 million fund for Denizbank to support companies' investments in green technologies and women-led businesses in Turkey amid the COVID-19 pandemic.

The loan with a long-term maturity of up to seven years will help to build the resilience of the Turkish economy, the EBRD said in a statement on Feb. 19.

Greece's creditors insist that online auctions of properties that are not the main residence of debtors need to resume as soon as the lockdown ends.

Loans whose repayments have been frozen due to the pandemic add up to 30 billion euros, concerning some 400,000 individual and corporate borrowers, according to the Hellenic Bank Association. The moratorium on tranche payments expires on March 31.