A PYMNTS Company

Greek Banks’ financial boost temporarily approved pending investigation

By  |  July 29, 2012

Four major Greek banks received a combined €18 billion in bridge recapitalization from the Hellenic Financial Stability Fund (HFSF) to stabilize the Greek banking system in the face of deep recession and weakened capital. The EU Commission gave temporary approval as it has opened an investigation typical to large grants of state aid to ensure compliance with state aid rules. Unable to raise capital on the financial markets, Alpha Bank, EFG Eurobank, Piraeus Bank and National Bank of Greece would have fallen below the 8% national regulatory capital requirements without state aid.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full content: EU

     

    Related content: Stability and Competition in EU Banking During the Financial Crisis: The Role of State Aid Control

     

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.