ATHENS – A successful issue of a Tier 2 notes from Piraeus Bank, worth 500 million euros, is credit positive for the bank, Moody’s said in an analysis released on Monday. The credit rating agency said that the Tier 2 note issue supported the bank’s capital adequacty rarising its capital ratio by around 110 basis points, while it also opened the way for achieving a strategic goal of significantly reducing non-performing loans in 2020 through securitization and diversified the bank’s funding sources.
Moody’s said that a new pro forma phased-in CAR rose to 17.1 pct following the latest Tier 2 issue, up from a goal of 14.25 pct set by supervision authorities. “The Tier 2 notes will moderate the impact that a revised NPEs reduction plan will have on the bank’s capital position, through two large securitizations worth around 7.0 billion euros in 2020. In comparison with the previous plan, the bank accelerates the reduction of NPEs with the aim to bring them below 8.0 billion euros by the end of 2022,” the credit rating agency said.
Moody’s added that the Tier 2 issue diversified the bank’s funding sources, improving its financing and liquidity profile. Deposits grew by around 5.2 pct in September, it added. It was the second Tier 2 issue completed by Piraeus Bank, the first one worth 400 million euros was made seven months ago. Piraeus Bank is the first Greek bank to issue non covered bonds in June 2019.
With the COVID-19 pandemic all but forgotten - despite still hospitalizing and killing people - tourists in 2023 returned to Greece in such numbers the sector is on a path to break records set in 2019 before the Coronavirus struck.
FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.
CASPAR BEACH, Calif. (AP) — A welding hammer strapped to her wrist, Joy Hollenback slipped on blue fins and swam into the churning, chilly Pacific surf one fall morning to do her part to save Northern California's vanishing kelp forests.
NEW YORK - Embattled New York City Mayor Eric Adams - a former police officer in his first term - has found himself between a rock and Turkish Taffy with an investigation into his campaign fundraising and ties to Turkish influences.
ATHENS - Greece is grappling with a dilemma over its biggest revenue engine, tourism: keep people coming year-round to bring in the euros but how to deal with so many overwhelming the infrastructure on popular islands.
NICOSIA - Police on Cyprus said they arrested two people for “national security” reasons after media reports that two Iranians were suspected of planning attacks on Israelis who fled to the island during Israel’s war with Hamas in the Gaza Strip.
ATHENS - A sudden revival in world interest in the stolen Parthenon Marbles housed in the British Museum for more than 200 years has now seen the Hellenic Caucus in the US Congress join in the battle.
Explore articles from the past and connect to your heritage!
Discover the benefits of a subscription including access to exclusive content, events, and more!
Have an idea for a story, or know of an event we should cover? We want to hear about it!
The National Herald is the paper of record of the Greek Diaspora community. Through independent journalism, we bring news to generations of Greek-Americans, with stories on the individual, community and international level. Visit and support our 106 year-old sister publication Εθνικός Κήρυξ.
To purchase a gift subscription, please log out of your account, and purchase the subscription with a new email ID.
Sign up to receive our daily email news briefing.
Sign up for a subscription to The National Herald,
starting as low as $1/week.
and receive more access to The National Herald
View our Terms of Service + Privacy Policy.
and receive more access to The National Herald
View our Terms of Service + Privacy Policy.
We use cookies on our site to personalize your experience, bring you the most relevant content, show you the most useful ads, and to help report any issues with our site. You can update your preferences at any time by visiting preferences. By selecting Accept, you consent to our use of cookies. To learn more about how your data is used, visit our cookie policy.
$1.08 USD
