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Greeces Support Plan: Five More Banks To Be Assisted


National Bank of Greece, Alpha Bank, ATEBank, Attica Bank and Aspis Bank are the next Greek banks to be allocated funds from the Greek governments EUR28 billion support plan, in the form of state bonds.

These five banks are expected to be initially funded with EUR4 billion-worth state bonds. Along with Eurobank and Piraeus Bank (that have already been funded with EUR2 billion), the banks will have added to their portfolios EUR6 billion-worth bonds of the total EUR8 billion, according to the government scheme.

Furthermore, most private banks shall boost liquidity through loan securitization deposited in the European Central Bank (ECB). During the last months, commercial banks have received about EUR10 billion from loan securitizations deposited in ECB, in order to receive the liquidity they require.

Meanwhile, the financial institutions General Meetings shall take place within January 2009, in order to receive the necessary approvals for the governments support plan, in the form of capital increase up to EUR5 billion.

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