Banks set to lose 17.6 bln euros

Greece’s top six banks are in for total losses of 17.6 billion euros as a result of their participation in the Greek debt swap plan, according to the Center of Planning and Economic Research (KEPE).

Alpha Bank is set to suffer the smallest loss in percentage-of-assets terms, amounting to 23 percent, followed by National Bank with 34 percent and Eurobank EFG with 39 percent.

The exposure of the other three banks is much greater as Piraeus will see its loss amount to 106 percent of its assets in 2011, Hellenic Postbank (TT) will post a loss of 196 percent and ATEbank will suffer losses equal to 356 percent of its assets. TT and ATEbank are state-owned.

KEPE concluded that given the limited amount of Greek lenders’ assets, all the losses will have to be recapitalized with new funds. The estimate includes the 12.1 billion euros from the latest private sector involvement plan, known as PSI+, and the 5.5 billion euros from the original PSI, agreed last July. 

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