ECB sets baseline CET1 requirements for Greek banks at 9.5 percent
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10/13/2015 | 04:44am US/Eastern
The European Central Bank has set the minimum Core Equity Tier 1 level that Greek banks need to hold at 9.5 percent in its baseline scenario during a stress test and 8 percent in its adverse scenario, a source close to the matter said on Tuesday.
The ECB is carrying out a stress test of Greece's four largest banks - National Bank of Greece (>> National Bank of Greece), Piraeus (>> Piraeus Bank SA), Eurobank (>> Eurobank Ergasias SA) and Alpha (>> Alpha Bank S.A.) - to determine how much capital they need after the recent downturn in the Greek economy.
Under an international bailout agreed last summer, Greece is set to receive up to 25 billion euros of public money to recapitalise its banks, many of which are partly state-owned and have been left with few private stakeholders to 'bail in' by converting their claims to equity.
During the 2014 EU-Wide stress tests, the CET 1 capital hurdle was set at 8 percet for the baseline scenario and at 5.5 percent for the adverse scenario.
(Reporting By Francesco Canepa; editing by Balazs Koranyi)
Stocks treated in this article : Piraeus Bank SA, Alpha Bank S.A., Eurobank Ergasias SA, National Bank of Greece, Attica Bank SA
