Bank stock growth brings gains for HFSF

Kathimerini English - - Front Page - YIAN­NIS PAPADOYIANNIS

The lo­cal stock mar­ket’s strong up­ward tra­jec­tory means that the Hel­lenic Fi­nan­cial Sta­bil­ity Fund (HFSF), which re­cap­i­tal­ized Greece’s main banks last year, has re­cov­ered al­most all of the 24.4 bil­lion eu­ros spent on Al­pha, Pi­raeus, Na­tional and Eurobank.

The Al­pha stock stands at 0.695 eu­ros or 58 per­cent higher than the share cap­i­tal in­crease price of 0.44 eu­ros, while the stocks of Pi­raeus and Na­tional are cur­rently just 2.35 per­cent and 2.80 per­cent lower re­spec­tively than when ac­quired by the HFSF.

Eurobank is the only lender bring­ing losses to the fund, hav­ing failed to at­tract any pri­vate cap­i­tal.

There­fore, ac­cord­ing to the cur­rent cap­i­tal­iza­tion of the four sys­temic lenders, the value of the HFSF’s hold­ings amounts to 21 bil­lion eu­ros. When one adds the 8 bil­lion eu­ros that re­main un­used in the fund af­ter the re­cap, the gov­ern­ment could in the­ory ex­pect to col­lect some 30 bil­lion eu­ros from the pack­age of 50 bil­lion set aside for the re­cov­ery of the do­mes­tic credit sec­tor, pro­vided banks do not re­quire any ad­di­tional funds ac­cord­ing to the re­sults of the stress tests by Black­Rock So­lu­tions.

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