European Commission Press Release

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European Commission – Press release

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

Brussels, 4 December 2015

In the context of the third economic adjustment programme for Greece, the European Commission has approved additional state aid of €2.71 billion to National Bank of Greece under EU state aid rules, 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.

National Bank of Greece is one of the largest banks in Greece. EU Commissioner in charge of competition policy, Margrethe Vestager, said: “The recapitalisation of National Bank of Greece concludes the efforts of the four largest Greek banks to address capital shortfalls identified by the European banking supervisor. The significant private capital raised reduced the need for injections of public money. By continuing their restructuring the banks are now on a clear path towards long-term viability. They can refocus on lending to Greek businesses and continue supporting the recovery of the Greek economy.

Commissioner for Economic and Financial Affairs, Taxation and Customs, Pierre Moscovici, said: “With the completion of the recapitalisation of Greece’s four systemic banks and the very significant private sector participation, a further element of uncertainty has been removed. This development is a positive step towards securing a sustainable return of confidence in Greece. It is also good news that the financing needs for Greece’s largest banks will be well below the ceiling agreed in August.”…………..

About Kristjan

Defitsiidi terrorismi vastase pataljoni eriüksuslane (finantsignorantsuse vastu võitlemise osakond). Treening: MMT, postkeinsism, Tartu Ülikool Majandusteadus
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