Greek banks need 6.4 billion euro in extra capital, stress tests reveal

Written by on March 7, 2014 in Europe - No comments

The Bank of Greece has released the results of the stress tests that BlackRock Solutions carried out on the loan portfolios of the country’s banks.

Banks must come up with an extra 6.4 billion euro in capital to make themselves strong enough to deal with future crises, the central bank said on March 6.

The stress test showed the needs of Greece’s lenders are estimated as follows: 2.945 billion euro for Eurobank, 2.183 billion euro for National, 567 million euro for Attica Bank, 425 million euro for Piraeus, 262 million for Alpha and 169 for Panellinia. Three other smaller banks which were also assessed require no additional funds.

Lenders now have up to mid-April to show how they would cover their shortfalls while the Hellenic Financial Stability Fund (HFSF) – which has a buffer of 8-9 billion euro – said it is ready to supply banks with capital if needed.

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