Press Release: ECB finds total capital shortfall of €14.4 billion for four significant Greek banks

The European Central Bank's Banking Supervision conducted a comprehensive assessment of the four significant Greek banks (Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank) in line with the decision by the Euro Summit on 12 July 2015 and the Memorandum of Understanding between the European Commission, acting on behalf of the European Stability Mechanism, the Hellenic Republic and the Bank of Greece, signed on 19 August 2015.

The assessment revealed total capital shortfall of €4.4 billion and €14.4 billion at the four significant Greek banks under the baseline and the adverse scenarios, respectively. Banks were given until 6 November 2015 to submit capital plans explaining how they would cover the shortfall.

• Primary Source

EurActiv, 02.11.15: Greek banks must find up to €14.4bn after ECB stress test http://www.euractiv.com/sections/euro-finance/greek-banks-must-find-eu144bn-after-ecb-stress-test-319072

EUObserver, 02.11.15: Greek banks have four days to plan €14.4bn capital rise https://euobserver.com/economic/130917

ECB: Banking Supervision: Greek Comprehensive Assessment 2015: Results overview https://www.bankingsupervision.europa.eu/pdf/ca/20151031_press_call_presentation.pdf

The Guardian, 31.10.15: Greek banks must find extra €14bn to survive dire economic downturn http://www.theguardian.com/world/2015/oct/31/greece-banks-14bn-survive-economic-downturn

Sputnik International, 01.11.15: $15.8 bln Needed to Cure Greek Banks - ECB http://sptnkne.ws/Z3k

Kathimerini, 31.10.15: Optimism about Greek bank recap prospects after ECB unveils test results http://www.ekathimerini.com/203020/article/ekathimerini/business/optimism-about-greek-bank-recap-prospects-after-ecb-unveils-test-results

Kathimerini, 31.10.15: ECB sets capital needs of Greek banks at 14.4 billion euros http://www.ekathimerini.com/203007/article/ekathimerini/business/ecb-sets-capital-needs-of-greek-banks-at-144-billion-euros

Deutsche Welle, 31.10.15: ECB: Greek banks must raise extra capital http://dw.com/p/1Gxa5

Kathimerini, 02.11.15: Greece sets terms for aiding $15.9 billion bank recapitalization http://www.ekathimerini.com/203034/article/ekathimerini/business/greece-sets-terms-for-aiding-159-billion-bank-recapitalization

ESO: Background information: The Greek debt crisis: Key sources http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/

ESO: Background information: Commission signs three-year ESM stability support programme for Greece http://www.europeansources.info/record/press-release-commission-signs-three-year-esm-stability-support-programme-for-greece/

ESO: Background information: Athens wants ECB stress tests to factor in banks' restructuring plans http://www.europeansources.info/record/athens-wants-ecb-stress-tests-to-factor-in-banks-restructuring-plans/

Blog: Open Europe, 02.11.15: Greek bank stress test misses the elephant in the room http://openeurope.org.uk/blog/greek-bank-stress-test-misses-the-elephant-in-the-room/

---