18.5 bln

Financial Mirror (Cyprus) - - FRONT PAGE -

war­rants. Fol­low­ing the four core banks’ cap­i­tal in­creases of 8.3 bln eu­ros, which in­cluded the can­cel­la­tion of HFSF pre­emp­tive rights, the fund’s share­hold­ing in banks’ cap­i­tal was re­duced as fol­lows:

Al­pha Bank – From 81.71% to 69.90% (EUR 6.4 bln), while the re­cent sec­ond ex­er­cise of war­rants re­sulted in a fur­ther de­crease to 66.36%.

Eurobank – From 95.23% to 35.41% (EUR 2.5 bln), which is low­est hold­ing in the core banks.

Na­tional Bank (NBG) – From 84.38% to 57.24% (EUR 7.9 bln).

Pi­raeus Bank – From 80.95% to 67.30% (EUR 8.2 bln), with the re­cent war­rant ex­er­cise re­sult­ing in a slightly lower share at 66.93%.

The out­come of the war­rants’ ex­er­cise re­mains rather poor so far af­ter two pe­ri­ods. For Al­pha, only 7.3% of the ini­tial amount of war­rants has been ex­er­cised so far with HFSF pro­ceeds at 302 mln eu­ros.

33For Pi­raeus, the fig­ures are sig­nif­i­cantly lower at just 0.7% and 44 mln, re­spec­tively.

The ini­tial plan was for HFSF to use the war­rants to re­cover the 19.4 bln eu­ros in cap­i­tal it in­jected into Al­pha, NBG and Pi­raeus as­sum­ing war­rants are fully ex­er­cised. Nev­er­the­less, the amount of 346 mln eu­ros re­ceived so far cor­re­sponds to a frac­tion of the to­tal amount.

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