Greek Bank Cost Savings May Help Rescue Fund Buffer- C-banker

Greek Bank Cost Savings May Help Rescue Fund Buffer- C-banker

Greece's top four banks, by cutting costs and selling non-core activities, may generate capital equivalent to a 5 billion euro boost in the bank rescue fund's current buffer, Reuters quoted the country's central bank chief as saying.
"The efficient use of the backstop during recapitalisation and resolution has left a buffer of around 8-9 billion [euro at the Hellenic Financial Stability Fund], should additional capital needs arise," Bank of Greece Governor George Provopoulos said, as quoeted by the news agency. "The sale of non-core assets and the exploitation of synergies arising from mergers could add some 5 billion euro to the (HFSF) buffer."
The country's four major banks, which control about 90% of the country's banking market, are currently undergoing a second round of stress tests.
Provopoulos, who is also a European Central Bank Governing Council member, said structural and fiscal reforms in Greece and the euro area were making progress, but the situation in the Mediterranean country remained fragile, partly due to political uncertainty.

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