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Erste ‘Assesses’ Whether to Participate in IIF Greece Bond Swap
By Boris Groendahl - Jul 29, 2011 8:01 AM GMT+0200 Fri Jul 29 06:01:25 GMT 2011
Erste Group Bank AG (EBS), eastern Europe’s second-biggest lender, is in the process to “assess” whether to participate in a Greek rescue package brokered by the Institute of International Finance.
“We are in the process of making up our minds,” Hana Cygonkova, a spokeswoman for Erste, said by phone, confirming Erste’s statement in its second-quarter report, which was published in Vienna today.
Erste had net Greek sovereign holdings of 404.7 million euros ($578 million) at the end of June, according to the report. That compares to 345 million euros as of Dec. 31, according to stress test results published earlier this month. Two thirds of the holdings reported in the stress test results are due until the end of this year.
The package is supported by 32 financial institutions, according to a list of firms published on the website of the IIF, which lobbies on behalf of banks. Erste Chief Executive Officer Andreas Treichl is a member of the IIF’s 34-strong board of directors.
Under the IIF proposal, banks last week agreed to swap their existing Greek bonds for new bonds with lower coupons and longer maturities. The IIF estimates participating firms will see an average 21% reduction in the value of their holdings.
(Bloomberg)
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Buone notizie dallo swap ...
By Boris Groendahl - Jul 29, 2011 8:01 AM GMT+0200 Fri Jul 29 06:01:25 GMT 2011
Erste Group Bank AG (EBS), eastern Europe’s second-biggest lender, is in the process to “assess” whether to participate in a Greek rescue package brokered by the Institute of International Finance.
“We are in the process of making up our minds,” Hana Cygonkova, a spokeswoman for Erste, said by phone, confirming Erste’s statement in its second-quarter report, which was published in Vienna today.
Erste had net Greek sovereign holdings of 404.7 million euros ($578 million) at the end of June, according to the report. That compares to 345 million euros as of Dec. 31, according to stress test results published earlier this month. Two thirds of the holdings reported in the stress test results are due until the end of this year.
The package is supported by 32 financial institutions, according to a list of firms published on the website of the IIF, which lobbies on behalf of banks. Erste Chief Executive Officer Andreas Treichl is a member of the IIF’s 34-strong board of directors.
Under the IIF proposal, banks last week agreed to swap their existing Greek bonds for new bonds with lower coupons and longer maturities. The IIF estimates participating firms will see an average 21% reduction in the value of their holdings.
(Bloomberg)
***
Buone notizie dallo swap ...
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