Single Supervisory Mechanism

SSM email halts Piraeus's CEO selection

Wednesday's Piraeus Bank board meeting, during which a new chief executive officer was supposed to be elected for the lender, was unexpectedly suspended as an email from the European Central Bank's Single Supervisory Mechanism (SSM) arrived asking for the process to be stopped so that the two short-listed candidates could be examined further.

National Bank of Greece files for CoCos buyback

National Bank of Greece announced on Monday that, following the conclusion of the sale of Turkish subsidiary Finansbank, it has addressed a letter to the Single Supervisory Mechanism (SSM) of the European Central Bank requesting approval to repurchase the contingent convertible bonds (CoCos) amounting to about 2.03 billion euros issued in December 2015 and held by the Hellenic Financial Stabili

State aid: EC approves aid for National Bank of Greece on the basis of an amended restructuring plan

The Commission concluded that the measures already implemented as part of the bank’s existing restructuring plan of July 2014, in addition to those envisaged in the amended plan, will enable National Bank of Greece to ensure lending to the Greek economy in line with EU state aid rules, in particular the “2013 Banking Communication”, and the Bank Recovery and Resolution Directive.

State aid: Commission approves aid for Piraeus Bank on the basis of an amended restructuring plan

The Commission concluded that the measures already implemented as part of the bank’s existing restructuring plan of July 2014, in addition to those envisaged in the amended plan, will enable Piraeus Bank to ensure lending to the Greek economy in line with EU state aid rules, in particular the 2013 Banking Communication, and the Bank Recovery and Resolution Directive.

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