Key Highlights include: • Greek banks reduced their combined NPE stock by circa 39%, on a pro-forma basis, over the period January to September 2020, as the Hercules scheme facilitated sizeable volumes of NPE securitisations . • Asset quality metrics will materially improve post conclusion of the Hercules scheme, yet still significantly lag those of European peers. • Additional system-wide solutions required in order for the Greek banks to further converge their asset quality metrics towards the EU average.
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“We highlight the contribution of the Hercules Asset Protection Scheme in reducing the non-performing exposure (NPE) stock of the four systemic Greek banks in recent months. Once all NPE transactions have been finalized, the banks’ asset quality metrics are expected to materially improve, even though they will still lag those of their EU peers. As such, additional system-wide solutions are required in order for the Greek banks to further converge their asset quality metrics towards the EU average” said Lito Chousiada, Assistant Vice President.
