The Merger of Attica Bank with Pancreta
During a parliamentary committee meeting, central banker Yannis Stournaras expressed his support for the agreement between the bank bailout fund HFSF and Thrivest Holdings regarding the merger of Attica Bank with Pancreta. Stournaras emphasized that this merger is the ideal solution for the Greek state, aimed at promoting financial stability and benefiting taxpayers.
Addressing Misconceptions
Stournaras addressed concerns about the agreement, stating that claims of the state giving away money to bankers and private individuals stem from a misunderstanding of market dynamics, European Commission competition rules, and the necessity of protecting clients and financial stability in the country. He clarified that the merger of these two banks is a crucial step towards strengthening the overall credit system.
The Cost of State Participation in Capital Increase
The cost to the state resulting from the involvement of the HFSF and pension fund EFKA in the upcoming capital increase is relatively low when compared to other alternatives. This cost is primarily due to the inability of the two banks to fulfill the requirements for transferring all deposits to another institution. Consequently, uninsured deposits totaling 1.6 million euros would be at risk of loss in the event of a bailout.