National Bank of Greece S.A. (NBG) on Thursday issued a press release informing its investors that it has proceeded to repay the contingent convertible bonds (CoCos) amounting to 2,029.2 million euros held by the Hellenic Financial Stability Fund (HFSF).
It said the repayment, decided by the bank’s board of directors, was “in accordance with the commitments stemming from NBG’s updated restructuring plan, as this was approved by the European Commission on December 4th 2015.“
The bonds were issued in December 2015 and were held by the HFSF, following previous relevant approval by the Single Supervisory Mechanism (SSM) of the European Central Bank in accordance with the applicable regulatory framework.
Following the repayment of the CoCos, the bank said, the Group’s capital adequacy ratio remains at high levels (CET1 16.9%) in relation to the stipulated supervisory limits confirming the Bank’s strong capital base.
It has also paid off state subsidies to boost its capital, while it had already paid those for liquidity in July.
It has the highest liquidity, as defined by the loan to deposits indicator and the smallest dependence on ELA and the eurosystem.
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