Banks tell IMF they will tackle NPLs faster

Kathimerini English - - Focus - YIAN­NIS PAPADOYIANNIS

Lead­ing In­ter­na­tional Mon­e­tary Fund of­fi­cials and Greek credit sec­tor rep­re­sen­ta­tives agreed at a meet­ing in Washington yes­ter­day that any cap­i­tal in­jec­tion for lo­cal lenders will have to de­pend on the progress and re­sults of their ef­forts to re­duce non­per­form­ing loan port­fo­lios.

Rep­re­sen­ta­tives of the Hel­lenic Bank As­so­ci­a­tion met with Poul Thom­sen and Delia Vel­culescu in the con­text of the World Bank/IMF’s An­nual Meet­ings and as­sured them that the pace of tack­ling NPLs will be ac­cel­er­ated. They also said the first on­line prop­erty auc­tions will have taken place by end-Novem­ber.

An­a­lysts noted to Kathimerini that the IMF is firmly in fa­vor of a cap­i­tal boost for Greek banks, that it has achieved most of what it sought from the com­pro­mise with the Euro­pean Cen­tral Bank, and that any change in its stance is only likely to come if there are rapid and im­pres­sive re­sults in the man­age­ment of NPLs.

Mean­while yes­ter­day IMF Man­ag­ing Di­rec­tor Chris­tine La­garde told a press con­fer­ence that the Fund is not ask­ing for any new mea­sures from Greece, but rather for the ap­pli­ca­tion of all those al­ready agreed. She also called on the eu­ro­zone to move ahead with the eas­ing of the Greek na­tional debt.

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