Brussels, 30/11/2015 (Agence Europe) - On Sunday 29 November, the European Commission approved additional public aid of €2.72 billion to Piraeus Bank under the third international financial assistance plan for Greece, on the basis of a restructuring plan which was modified following the health check carried out by the ECB. The Commission has also approved changes to the restructuring plans of Alpha Bank and Eurobank, neither of which will need any further public help.
In the case of Piraeus Bank, the Commission finds that the initial and new measures will allow the bank to ensure the financing of the Greek economy. This bank is the biggest lender to Greek businesses and households, the Commission notes.
The Commissioner for Competition, Margrethe Vestager, also welcomed the fact that Piraeus Bank has managed to cover a “significant” of its capital requirements from private investors. The health check revealed requirements in the order of €4.93 billion for Piraeus Bank. As the Commission explained, the bank has found €1.94 billion in private funds (voluntary exchange of their notes for new shares from existing creditors and new investors).
Alpha Bank and Eurobank have managed to cover their financing needs through private funds, at a level of €2.74 and €2.12 billion respectively. The Greek authorities proposed just minor changes to the restructuring plans of these two banks. As for Piraeus Bank, this will include a greater level of operational restructuring for these banks and a few changes in deadline to take account of the changes to their economic situations. (Original version in French by Elodie Lamer)