Link to thread titled: "European Banks Exposure To Greek Government Debt and Capital Impact from Haircuts..." http://www.elitetrader.com/vb/showthread.php?s=&threadid=219216 Link to Goldman Sachs research about bank exposure to European sovereign debt: http://www.scribd.com/doc/53525577/European-Greek-Restructuring which was from this Zero Hedge article titled: Goldman On Banks' Exposure To The Greek Restructuring, Pardon, "Liability Management Exercise" http://www.zerohedge.com/article/go...ucturing-pardon-liability-management-exercise keywords: NBG AIB IRE ALBK BKIR National Bank of Greece ETE
Greeks 'planning debt restructuring' http://www.guardian.co.uk/business/2011/apr/22/greek-reported-to-be-restructuring-debt Greece may extend debt maturities - reports http://uk.reuters.com/article/2011/04/22/uk-greece-debt-reports-idUKTRE73L1AH20110422
Just wondering if anyone knows anything specific regarding NBG today? I see that the common equity is relatively unchanged at 1.39 USD but the NBG-PRA (I assume preferred shares with $25 par value) are down 25% at 12.60 USD.
preferred dividend: NBG proposes that no dividends to be paid as per 01 June press release vote scheduled for 23 June AGM
Title: "Banks Are Greece's Achilles' Heel" http://online.wsj.com/article/SB10001424052702303714704576383592704455756.html 14 June 2011 snippet: Gross exposure to government bonds varies between 72% of equity at Marfin Popular Bank and 218% at National Bank of Greece. *** In other news, NBG PRA reached a new 52-week low of 9.51.
Here we go, more capital may be required at Greek banks: *** Greek Banks Must Have 10% Core Tier 1 by 2012, Kathimerini Says http://noir.bloomberg.com/apps/news?pid=conewsstory&tkr=ETE:GA&sid=ajQSdxYiB8xo June 15 (Bloomberg) -- Greek banks will be asked to maintain a 10 percent Core Tier I capital from 2012, Kathimerini reported, citing George Provopoulos, the head of the countryâs central bank. The 10 percent level will include government preference shares issued to the lenders and has been agreed with the European Union and International Monetary Fund as part of a plan to shield banks, the Athens-based newspaper said, without saying where it got the information. An international company will be hired to examine the loan books, non-performing loans and provisions of Greek banks and issue a report by the end of November, Kathimerini said. Last Updated: June 15, 2011 02:58 EDT **** source article from Kathimerini: http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_07/06/2011_393906 Sources suggest that the central bank will follow the Portuguese model, whereby banks were asked to raise their Core Tier 1 ratio by 10 percent before the end of 2012.
For all the talk about how French banks and German banks are exposed to Greek government debt, the real story is that Greek banks are even more exposed, as shown in the table on this page: http://ftalphaville.ft.com/blog/2011/06/17/597776/top-of-the-greek-bond-exposure-pops/
Default coming on Thursday? http://www.bloomberg.com/news/2011-...d-greek-bonds-as-collateral-nowotny-says.html "Nowotny Signals ECB May Bend on Greece" European Central Bank council member Ewald Nowotny suggested the bank may compromise and allow a temporary Greek default as officials scramble to fix a sovereign debt crisis thatâs spreading to Italy and Spain before a leadersâ summit in two days.
http://www.bloomberg.com/news/2011-...reek-lenders-lower-in-early-athens-trade.html "National Bank Leads Greek Lenders Lower in Early Athens Trade" National Bank of Greece SA (ETE), the countryâs largest lender, declined as much as 16 percent at the start of trading on the Athens exchange today. National lost 32 cents to 1.70 euros at 10:38 a.m. in Athens while EFG Eurobank Ergasias, the second-biggest lender, dropped 18 percent to 65 cents. Alpha Bank SA, the third-biggest bank, declined 17 percent to 96 cents.