SSM

The process for the appointment of a new chief executive officer will resume in 2017, Piraeus Bank's governing board decided on Monday.

Earlier, the majority of the board had voted down the lone candidacy of Christos Papadopoulos due to reservations expressed by the European Central Bank's Single Supervisory Mechanism (SSM).

Piraeus Bank is seeking a way to overcome an impasse over the appointment of a new chief executive officer after another unsuccessful week on this front by possibly considering a third candidate for the post.

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 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

By European Central Bank Chief Mario Draghi

Ladies and gentlemen,

The head of Europe?s banking supervisory authority, Daniele Nouy, on Tuesday called for a rapid solution to Greece?s debt problems in order to reduce the uncertainty for the banking sector.

Nouy, who heads the Single Supervisory Mechanism (SSM), told a hearing before the European Parliament that the Greek banks have ?a much better solvency situation than in previous years.?

By Yiannis Papadoyiannis

The European Central Bank (ECB) has issued a terse warning to Greek banks, and particularly to the government in Athens, via its Single Supervisory Mechanism (SSM), over plans to overhaul lenders? management. In a letter to Greek banks, the SSM stressed that any changes to their management can be implemented only after receiving the SSM?s approval.