ISBN 978-960-6867-18-7

T
2011 2012

2013

T
2011 2012
2013

21 - 106 72
. 210.3386.500 Fax: 210.3615.324
Website: http://www.hba.gr
E-mail: hba@hba.gr

ISBN 978-960-6867-18-7

-:
:
E: T
E:

. 2121/1993 ( . 100/1975) , , , ,
(, , , ,
) .
.


..........................................................................................................................................................................
1. ..........................................................................................................................
2. : ......................................................
2.1. .............................................................................................................
2.1.1. 
.....................................................................................................................................................
2.1.2.  ,

..........................................................................................................
2.1.3. 
.........................................................................................................................
2.1.4. ............................................................................................................
2.1.5. .....................................................................................
2.2. ...............................................................
2.2.1. ...............................................................................................
2.2.2. .................................................................................................
2.2.3. ......................................
3. ..................................................................................
3.1. ................................................................................
3.2. ..........................
3.3. ....................................................................
3.4. ......................................
3.5. ...........................................................................................
3.6. ................................................
3.7. ..........................................................................................................................
4. ..............................................................................
.........................................................................................................................
...............................................................................................................
5. ..............................................................................................................................................................
I. , ........
II.  :
..........................................................................................................................
III.  .
; ........................................................................................
IV. .................................................................................
V. 
.....................................................................................................

7
11
13
13
13

16
17
18
19
21
21
21
21
23
23
25
25
26
28
28
29
31
40
41
43
45
51
59
71
77



: , ALPHA BANK

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EUROBANK ERGASIAS
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, ALBA GRADUATE BUSINESS SCHOOL

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170,6% 148,3% 2010. 2012 , 176,7%,
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2010

2011

2012

2013

2014

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: European Economic Forecast - Autumn 2012

, European Economic Forecast - Autumn 2012, . 65-66.

12

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15

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2.1.2  ,


2009, 2010
2011 ( 4).
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, , (-4,35% -3,78%,
). , 2011,
2010, (-3,99%) (-3,12%)
(-3,08%).
(2012 2013),

2013.

4
(2007- 2011)
2007

2008

2009

2010

2011

%
(2011-2007)

%
(2011-2010)

-3,99

3.850

4.098

4.078

4.005

3.845

(-27)

233.333

237.647

232.424

230.387

223.188

-4,35

-3,12

(-17)

183.673

186.256

183.608

182.350

176.722

-3,78

-3,08

: , EU Structural Indicators for the EU Banking Sector, October 2012

16

 2011,
, (), (phone banking) (e-banking m-banking).

(2011: 7.277, 2010: 7.580)6,
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(12) ,
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17

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18

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1.000
800
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400
200
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FTSE/XA ..**

2011
. 11

1.435

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1.309

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1.279

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1.204

850

. 11

916

574

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798

469

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809

316

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682

293

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680

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769

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700

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525

180

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611

235

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599

207

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647

212

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739

281

* 31.12.1980=100
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20

2.2
2.2.1

(35 . 2011, 40 .
2010)15.
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, 2011, 130,1% (116,8%, . 2010)
132,7% (120,9%, . 2010) 16.

2.2.2
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(Core Tier 1), 8,9% (10,6% .
2010) 8,2% (9,9% . 2010) 17.

2.2.3

2011 7,1%
5,4% . ,
2011 , 7,4
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2012. ,
- 2012 ( ) 808
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, 2011, 2012, . 167.

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17
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1.1-31.12.2011.
19
PSI 2011.
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16

21

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,
 3% 2,0% (1,9%, 1.1-30.9.2010), 2,6% (2,7%, 1.1-30.9.2010),

- 2011 -2,1% (-0,5%, 1.1-30.9.2010)
-1,9% (-0,3%, 1.1-30.9.2010),
 -34,2% (-8,6% 2010)
-28,2% (-3,8% 2010).

6

%

. 2010

. 2011

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. 2011

116,8

130,1

120,9

132,7

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13,9

11,7

12,3

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12,5

10,7

11,2

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10,6

8,9

9,9

8,2

 (
)

(
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.-.
2010

.-.
2011

.-.
2010

.-.
2011

-0,5

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1,9

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2,7

2,6

63,9

58,6

58,2

56,5

: , 2011-2012, 2012

22

3.
3.1
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2011 ( 7).
( ), 2011
4,6 . 1,4 . 201021.
, ,
, , 201222.

23

2007

2008

2009

2010

2011

20,8%

18,9%

5,2%

1,1%

-2,0%

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22,2%

12,6%

3,1%

-1,2%

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24

21,5%

15,9%

4,2%

0,0%

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23
,
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24

: (%) 12 .

: , , 142, - 2012

, 2011
2010 6% ( 8 9).

, 2011, 2012, . 156.

, , 26 2012.
23
2010 ,
.
24
2010 ,
, , . , 2007-2009 .
21

22

23

 8


2007

2008

2009

2010

2011

50%

57%

56%

54%

56%

7%

47%

50%

52%

52%

53%

26

97%

107%

108%

106%

116%

25
,
,

25

26

: , (..)

9
,

2007

2008

2009

2010

2011

27

31%

33%

35%

35%

36%

14%

16%

16%

15%

15%

1%

1%

1%

1%

1%

46%

50%

52%

51%

52%

27

28
28

: , (..)

2010 , .
26
2010 ,
, , . , 2007-2009 .
27
.
28
2011 .
25

24

3.2


29, 2012
18,7% 16%
2011 10,5% 2010.
,
.

2011
. 2011 ,
.
,
,
:

46,2% ( 2010: 46,2%, 2009:
41,5%, 2008: 48,9%),
 ,

30.

3.3
, 2010, , ,
,
,
.
2010
2011 2012, ,
( ), , .

29
30

, , 2012, 2012, 173.

, 2011, 2012, . 165.

25

, - (
10), ,
, , 30 2012, 31 2011,
16,4%. , :
 ,
12,2%,
 ,

.

10



31.12.2011: 179.094

31.12.2011: 11,99 .

/

31.12.2011: 66.971

30.6.2012: 222.384
(24%)

30.6.2012: 12,38 . 30.6.2012: 55.670

(3,3%)
(-16,9%)

31.12.2011: 390.712

31.12.2011: 5,88 .

31.12.2011: 15.040

30.6.2012: 441.038
(13%)

30.6.2012: 5,88 .
(0%)

30.6.2012: 13.338
(-11,3%)

31.12.2011: 569.806

31.12.2011: 17,87 .

31.12.2011: 31.362

30.6.2012: 663.422
(16,4%)

30.6.2012: 18,26
(2,2%)

30.6.2012: 27.528
(-12,2%)

3.4
, ,
2012, 35% 2009.
, 30 2012, 93% -
10.000 , 0,4%
100.000 ,
().
( 11).

26

 11

0 - 2.000

81,5%

2.001 - 10.000

11,3%

10.001 - 50.000

5,9%

50.001 - 100.000

0,9%

100.001

0,4%

$ 0 - 2.500

76%

$ 2.501 - 12.000

13%

$ 12.001 - 60.000

8,5%

$ 60.000

2,5%

0-1.500

83%

1.501-8.000

11%

8.001 - 40.000

5%

40.001

1%

CHF 0 - 2.500
CHF 2.501 - 12.000

.
84,5%
8,5%

CHF 12.001 - 60.000

6%

CHF 60.000

1%

:  ,
.

27

3.5
. 3723/2008
, ,
35% , . 1
3 . 148/1967, .
.
, 19 . 3965/2011, 2010,

, .

3.6
3943/2011, 2011,
1 2011 , 20%.
. ,
, 25% .
3 10, 3842/2010,
2009
.
3845/2010
, 2010, 100.000.
,

2010 2011 (: 10%, : 16%, : 35%, : 10%,
: 23%, : 10%, : 10% : 26%).
, 12 ,
.
, 2011 312 .
712 . 2010, 43,7%,
2011.

28

 12
&
( .)

2010

2011

&
1

&
1

182

79

261

153

153

84

40

124

26

26

105

62

167

64

64

62

25

87

42

42

17

17

16

16

16

16

40

40

206

712

312

312

Eurobank Ergasias
Alpha Bank

506

(1): 
.
(2): (1-9.2010 & 1-9.2011).
(3): 

.

: 2011

3.7
, 2011
, ,
. :
.
.
.

, ,
.

29

 .
31.
13
2011
, ,
, , 32.

13

( .)

Eurobank Ergasias AE

7,0

Alpha Bank

1,5

31
32

: 31.12.2011.
: 2011.

30

14,3

12,8
35,6

4.
201133 16
(8) , 48 (2010: 48) ( 14).
, 2011 ,
, .
, , 2011, :
 17,6 . 72,8
. , 90,4 . 2010,
20% ( 15-),
 53,2 . , 13%
2010 ( 15-),

,
 6,6 . 37 . , 15% 2010 ( 15-),
 , 555 . ( 15-),
 2.922 , 4.422 34, 33.01135 ( 16-17).
:

,
 , ,

 - -
.


, .

2012 .
2011 , Alpha ,
.
35
2011 , Alpha ,
.
33

34

31

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14
36

(1) / (2)

NBG SA - TIRANA BRANCH

ALPHA BANK - TIRANA BRANCH

TIRANA BANK IBC

EMPORIKI BANK ALBANIA SA

UNITED BULGARIAN BANK

EUROBANK ERGASIAS

EUROBANK EFG BULGARIA AD

ALPHA BANK - SOFIA BRANCH

PIRAEUS BANK BULGARIA AD

EMPORIKI BANK BULGARIA EAD

VOJVODJANSKA BANKA

EUROBANK ERGASIAS

EUROBANK EFG AD BEOGRAD

ALPHA BANK SRBIJA AD

PIRAEUS BANK BEOGRAD AD

NBG (CYPRUS) LTD

. 14 17
, , 1.1-31.12.2011.
36

32


EUROBANK ERGASIAS

EUROBANK EFG CYPRUS LTD

ALPHA BANK LTD (CYPRUS)

EUROINVESTMENT & FINANCE

PUBLIC LTD

I (
PHENILLION)

EMPORIKI BANK CYPRUS LTD

EMPORIKI BANK CYPRUS BRANCH

ATEbank SA FRANKFURT BRANCH

NBG CAIRO BRANCH

PIRAEUS BANK EGYPT SAE

NBG LONDON BRANCH

EUROBANK ERGASIAS

EFG EUROBANK ERGASIAS LONDON

BRANCH

ALPHA BANK LONDON LIMITED

LONDON BRANCH

PIRAEUS BANK - LONDON BRANCH

EMPORIKI BANK LONDON BRANCH

EUROBANK ERGASIAS

EFG PRIVATE BANK

STOPANSKA BANKA AD - SKOPJE

ALPHA BANK AD SKOPJE

FINANSBANK MALTA LTD

33


EUROBANK ERGASIAS

EFG EUROBANK ERGASIAS

SA ODDZIAL W POLSCE

BANCA ROMANEASCA

EUROBANK ERGASIAS

BANCPOST SA ()

ALPHA BANK ROMANIA SA

PIRAEUS BANK ROMANIA SA

ATEBANK ROMANIA SA

EMPORIKI BANK ROMANIA SA

FINANSBANK AS

EUROBANK ERGASIAS

EUROBANK TEKFEN AS

EUROBANK ERGASIAS

PUBLIC JSC UNIVERSAL BANK

OJSC ASTRA BANK

INTERNATIONAL COMMERCE BANK

MARATHON BANKING CORPORATION

THE SOUTH AFRICAN BANK OF

ATHENS LTD

: , , 2012

34

 15

. (31.12.2011)

248

310

EUROBANK ERGASIAS

3.822

3.455

539

532

690

234

890

1.717

254

1.295

230

680
1.228

3.075

6.634

1.457

754

172

358

770

158

1.147

108
**

2.545

4.541

3.940

3.504

1.052

1.753

806

694

20.669

2.317

31.718

15.895

14.377

9.330

259

1.517

72.837 .
*  , 2011, ,
.

**  , 2011, Eurobank Ergasias ,

.

. (31.12.2011)

88

230

3.109

EUROBANK ERGASIAS

2.874

65

396

435

172

849

1.547

214

843

182

429

905

137

1.236

4.559

858

628

35

654

106

798

302

72
**

EUROBANK ERGASIAS

1.991

3.218

3.286

3.002

729

1.077

881

576

15.074

1.514

23.126

10.573

10.992

7.331

212

1.226

53.248 .
*  , 2011, ,
.

**  , 2011, Eurobank Ergasias ,

.

. (31.12.2011)

151

223

2.195

552

EUROBANK ERGASIAS

2.021

444

503

93

361

653

118

410

40

591

797

2.666

920

306

43

107

922

64
**

776

1.814

1.160

915

596

792

573

252

11.937

884

18.241

8.512

5.721

3.981

273

92

2.695

73

557

37.012 .
*  , 2011, ,
.

**  , 2011, Eurobank Ergasias ,

.

36

. (31.12.2011)

-2,1

0,9

12,0

-7,8

EUROBANK ERGASIAS

10,9

-4,0

-6,24

-20,7

41

-6,35

22,2

11

3,9

-0,3

43,3

6,9

14

-13,2

2,8

-19

12,9

-43,5

-3,4
**

-21,7

-25,1

11,5

31

-9,3

27,6

-10,3

474,0

13,0

462,5

56,5

5,0

92

-5,14

-61,23

554,77 .
*  , 2011, ,
.

**  , 2011, Eurobank Ergasias ,

.

37

 16
. (31.12.2011)

18

27

EUROBANK ERGASIAS

223

209

45

56

22

102

100

22

13

17

35

14

24

45

11

50

64

24

135

276

165

178

119

117

137

44

522

59

1.135

719

533

451

29

84

2.922 14

. (31.12.2011)

18

34

EUROBANK ERGASIAS

780

..

60

83

33

113

136

27

16
16

..

38

14

..

25

55

101

154

..

226

255

136

..

154

55

1.826

..

3.066

..

639

614

23

4.422 11
*..: .

38

11

32

103

 17
(31.12.2011)

228

265

2.790

EUROBANK ERGASIAS

..

51

478

254

912

947

288

66

16
158

302

..

828

333

373

708

194

..
22
163

..

1.021

1.516

..

2.292

1.870

1.823

..

1.485

565

12.045

..

20.226

..

6.616

5.075

384

276
358

1.094

33.011 14
*..: .

39


1. , 2009, 2010, 2011, 2012
2. 2009, 2010, 2011
3. 
2009, 2010, 2011
4. ( )
5. , 2011-2012, 2012
6. , 2010-2011, 2011
7. , 2011, 2012
8. , 2010, 2011
9. , - ( )
10.  , (
)
11. , ( )
12.  , (
)
13. , 2010, 2011
14. , 2009, 2010
15.  , , 2008
16.  , , (
2011 2012)
17. European Central Bank, Structural Indicators for the EU Banking Sector, 31 October 2012

40


1.

12

14

15

(2007-2011)

16

20

22

23

24

24

10

26

11

27

12

&

29

13

30

14

32

15A

35

15

35

15

36

15

37

16

38

16

38

17

39

2.

(%)

18

FTSE/XA

19

41


,


, ALPHA Bank

2007-2009
2009 ,
. 1, .

, ,

. ,

45

 ,
. , 2009
,
.
,
2010.
2010
.

. ,
. ,
.
, ,
.
,
,
, , ,
.

2
-

&

-
.

46

 2010 2012
73,1 . -25%. 2012 , , 1,6 . 2
PSI plus, 2012,
.
, , , 6 2012,
8,6 ., 3 . . 17
2012,
, , .
-
.
, ,
, 2012
2008. ,
13,9 . .
,
, . , 12
2012 -4,5% +15,9%
2008 +21,5% 2007.

, , ,
()
( 2). , 20072009, 2009
51 . . 2012,
( ) 124 . .
grosso modo , , , , ..
,
200 .
,
, 2010-11
, .

. 1,

.

47

 1

( 2012)

5.000
4.493

85.000
60.176

8.000
1.851

50.000
20.396

Alpha Bank

940

9.827

491

1.9001

Eurobank Ergasias

950

17.776

4.2001

1.350

13.891

827

6.9001

3242

770

13.486

424

5.0001

4.697

100

500

225

80

1.372

50

98

( .)

ttica
-Bank
-

Geniki
Proton
N Proton
FBB
Millennium

700

28

11

.
 - 3 (, -
) .
3
- T-Bank .
4
Proton ( 250 .) Proton ( 1.122 .) .
1

, 62 .
( II III), .


. , ,
. ,
( ) 4,5 .

48


. 10% . ,
894 . 2011, 1.174 . 2012, ,
.
,
. , ,
.
, 15,9%
2011, 7,7% 2009.
, 4
17 ., 7 . 2009, 3 .
2011 61% , 54% 2009,
. , 100% .
, , 74%

(PSI plus), 4 28,2 . 2011.
,
, (EBA Core Tier I),
-4,6 . 21,5 .
PSI PSI plus ( 2011).
, PSI plus,
() EFSF 18 .
.
Blackrock ,
,
.
50 .
. , , 18 . 4 ,
2,4 . Proton Bank, T-Bank 3
, - .

. , ,
.

49


conditio sine qua non
.
, .
, .
18 . EFSF ,
, .
. , ,
, .
PSI plus ,
,
.
,

. ,
,
. , ,
.

50

 II
:


& ,

,
.
,
, ,
-
- .
( ), ,

.

,

: , ,

51

 2008, Lehman,
, , .
1990 (
96% 2008 28% 2000)
(
0,92 2008, 1,27 , 1,48 1,22 ), ,
.
,
, 7% .
,
40 . ,
2008.
Lehman,

,
.
, 2009
-
1 2009, .
2009

2 2009
2010,
.

52

 3
: (% AE)



2009 - -
.
2 2010,
, ,
.
( 30 .)
,
(. ).
 2009
, 2010,

, .
90 . 3 2009 ( ) 2012,
35% .
33 . , 40 . (
, ),
15 . ( ,

,
).

53


...
, , 2
, 90 . 30 . , - 50 . 2008.
,
- 120 . -,
.
,
, - - .

4

()

: (
)

, 2008-2011
85 . ( 4
) , , 70-75 .,
50% . , 130
. (1 2012), .

54


, 2011 (ELA) , , ,
3,0% .
...

,
ELA 2011,
(. ).

5

12-

, ,

2010 (
-12 . 2010-5:2012), 4,6% .
,

, , , . ,
, ,
.
,
,

. , , , .
2 ( -3.9

55

. 3,0% ) ,
.
19%
2009 1 2012, 21%
70%. ,
( 800.000 ),
16% .
,
11% , 18 .
(
10% )
30 . ( 2009 1
2012). - 18% ,
1 2012 5,3% 2008 -
,
( 20% 2011)
13,4 , 22,6% 1 2012, 9,5%
2009. Blackrock
,
. -
- 17%
( ) (-10% 2008-2010 , -14%
2008-2011 , 20% 2012). ,

.
,

,

, ,
. , ,
50%
, .

56

 6

(.. )

.
,
,
.
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.
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.
, , ,
, (.. ELA)

57

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.

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- .

58


A .
;

,

1.
, 2009 ,
. ,
.
,
. ,
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.
,
,

.
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, ,
.

. , ,

59


.
,
, .

. ,

- .

2. 


2009 329 . ,

.
,
. 2011
96 . 233 .

1

(. )

(. )

:
 2 = + + 2 + 3 .
: , Piraeus Bank Calculations

60


,
. ,
80 .
.
, . .

3.
,
,
. , ,
.
,

,
. , (.
2011)
.

2
3
(% )

: , M. 2011

61

 ,

.
2000-2008 9,16% , 11,7% (
95,8% ).

3
vs
(% )

(% , LHS)

, RHS) .
: 2 =

(%

: , , Piraeus Bank Calculations

,
,
. , 2009,
( ) .

. 2010
,
() .

.

62

 4
(. )

: , Piraeus Bank Calculations

4.
 :

- . ,

,
,
.


(excess reserves)
.
,

. ,
. ,
,
. ,
,

63

 , .
,
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5
& ,
(, . )1

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(stock, . )

: , Piraeus Bank Calculations

5.

.
, :

1
. :
, ,
. : ,
, , 2009.

64

()

()

( & )

( & )

( & )

& &
()

()
&
& , .

&
& . 1

()

( , )

1:

( & )

: , Piraeus Bank Calculations

,
( )
:
& Repos () =
& , (
)
+ & ( )
+ 2

[( () + ( & ) +
()] [ () + ( & ) +
].

65

+ 3
+ () 4
- & Repos E
-
-
.
 ,
.


. ,
.
, 2000
(financial
deepening), ,
( ). , 2009,
,
.

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.
4
[ + + ( & ) + + +
+ + + ] [
+ + + + ].
3

66

6

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(stock, . )6

: , Piraeus Bank Calculations

, , & -.
, ,

,
.



.


,
4 . 2008, 130 . 2011.

2011
4 .,
21 2011.
6
, 1.
5

67

 7
(. )

: , Piraeus Bank Calculations

. , 76% , 22% 2% ,
2011 49%, 14%,
37% .

: , Piraeus Bank Calculations

68

6.

.

, .
,
.
,

- . ,
... .
,
.
.
, . ,
100%
. ,
.

7.
:
, ,

.

, -
1 .
, ,
- .

69

 V


,
, Eurobank Ergasias
EMAC, European Banking Federation

Economic Analyst, Eurobank

1.

. : ()
1980 ,
, ()
1990
,
. ,

10-15 .

2.
,
( )
( ) 1980 .
.
1.
2. Baxter King (1999).
1 , , ,

1
2

1997 , .
.

71

 , .
( )

, .

, ,
.
.

:

i.
3. 1,
-6% 5%, -2% 2%.

1980-1999
20004.

, Haldane
(2010).
4
Haldane (2010) .
3

72

ii.  1980 1990

, ,
. , 1983 1985
(15-16%)
,
1982-1985 ( -3,7% 1982 -7,3%
19855).

. 1,
1983 (-1,6%)
1986. 1988, 3% .
iii.
 1980,

.

.
1990-1993 ( 27% 11%
). , 20% 1990 10%
1994. 1992,
() .

.
2,5% 15%
1993.
1994 ,
..
,
,
. 1, 1992 1994
, 1994, 6%
.
iv.

1990,

().

73

 6. , 1995
,
7. , ,
1997
.
, ,

, TARGET
. ,
( 0,5 1980-1999
0,7 2000-2011)8.
v.  2003,

. , 5% (2008),
2% .
,
,
.

3.

(credit crunch),

.
,
.
, 1%
0,50%.

1995 , EMAC (2011).

7
(2008).
8
EMAC (2011),
, , , , .
6

74

, . ,
(credit crunch),
. , ,

.

:
;

.

(financial accelerator)9. ,
,
.
(.. ) , .
, ,
.
. Bernanke Blinder
(1988) ,
.
,

.

, .
.

. ,

.
,

Bernanke and Gertler (1989), Carlstrom and Fuerst (1997).

75

 10.
, ,
,
, .

, (2008):
. , , 31, 2008, . 55-82.
Basel Committee on Banking Supervision (2011): The Transmission Channels Between the Financial
and Real Sectors: A Critical Survey of the Literature. BIS Working Paper No. 18.
Baxter, Marianne and Robert G. King (1999): Measuring Business Cycles: Approximate Band-Pass
Filters for Economic Time Series. The Review of Economics and Statistics, vol. 81(4), pp. 575-593.
Bernanke, B.S. and A.S. Blinder (1988): Credit, Money, and Aggregate Demand. American Economic
Review, vol. 78, pp. 435-439.
Bernanke, B.S. and M. Gertler (1989): Agency Costs, Net Worth, and Business Fluctuations. American
Economic Review, vol. 79, pp. 14-31.
Carlstrom, C.T. and T.S. Fuerst (1997): Agency Costs, Net Worth, and Business Fluctuations: A
Computable General Equilibrium Analysis. American Economic Review, vol. 87, pp. 893-910.
Diamond D.W. and R.G. Rajan (2005): Liquidity Shortages and Banking Crises. Journal of Finance, vol.
60, pp. 615-647.
EMAC (2011): Credit cycles and their role for macroprudential policy. Economic and Monetary Affairs
Committee, European Banking Federation, November 2011.
Haldane, A. (2010): Curbing the Credit Cycle. Speech presented at the Columbia University Center of
Capitalism and Society Annual Conference, New York, 20 November 2010, revised March 2011,
http://www.tcmb.gov.tr/yeni/konferans/financial_stability/Conference_files/Curbing%20the%20
Credit%20Cycle.pdf

10

Diamond and Rajan (2005).

76

 V






1980
, , .
1.

;
. . ,
,
.
, .
, .
, , , :
 ,

,
 ,
 ,
 .
2. , ;
,
(1995-2008), .
2008 (2007-2009) ,
. ,

77

 , .
, , ,
.
3. ;

. , , .

, ,
, , ,
.
(, .., ),


Blackrock.
4.
 ;
, -
, -, - 96% . ,
2007 80 . , ,
, 3 .
, 2008, ,
,
13,7 ., .

5.

;
2012 PSI+,
50
., 25% .
PSI+
(96,6%).
, .
(-) 37 .:

78

  PSI,
 () .
, , .
, , ,
PSI+,
.
6.

Eurogroup ;

. ,
.
,
14 ., 45%
.
31,9 .,
33,8%. , 20,6 .

7.

;
30 . . (.
4046/2012, 28/14.2.2012).

PSI+ 2012 ( 28 . 4 ), .
, ,
.
, (4) 18 .
. , , .
18 . 50 .

79

 ,
.
,
,
,
.

,
. , ,

.
8. ;
, ,

, .
, . 38 ( 223/12.11.2012)
:

()

,

(CoCos) ,


(warrants)
,
(10%) .
,

2013.
9.

;

,
, .
,
, ,

80

 , , , 7%, 50
.
10.

;
,
, ,
.
,
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,
:
 ,
 ,

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.
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 - -
,
 , , .
, , ,
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, .

81

11.

PSI;
- 37 .
PSI, , ,
,
. ,
, , PSI,
,

BlackRock.
,
,
.
( ) ( )

, , , ( ), .
12. (Monitoring Trustee);
Monitoring Trustee ( ) , .
, , , .
.
, ,
, ad hoc . :
()  ( ) :
 ,
 ,

 ,
() ,
() .
,

.

82

13.
 / ( , ,
T-Bank Proton Bank)
, , ,
:

( Proton) (
),
 .
, :
 ,
 .
, , ,
.
, ,
. , ,
, ,
, , ,
(Financial Stability Board). , ,
, , .

14.

;
(-25%, .09.12, 70 .), ,
,
, ,
.

98 ., :

83

(1) :
 , 5 . (. 3723/2008, 1).
 18 . (4)
.

(. )

7.430

Eurobank Ergasias

3.970

Alpha Bank

1.900

4.700

18.000

(2)  :
 85 . (. 3723/2008, 2, . 3845/2010, . 3872/2010 3965/2011).
 , 8 . (. 3723/2008,
2).
(3) ,

, 60 .
(.. . 2/43219/0025/6.5.2011, . 4031/2011).

( ELA).
, ,
, . ( 2012),
ELA 122,8 .
158 . 97% .
,
, , . ,
,
1 . .
, ,
, , , (

84

 ELA), 129,3 . ( 6,5 . 122,8 . ELA),

,

. 200 .
15.
 10%

;
. 2009-2011 1,2 .
.
3723/2008. 2012, ( ),
10%.
,
, ,

. , ,
10% ,

. .. 2190/1920
, . 3723/2008.
, . 3723/2008
.. 2190/1920,
. ,
(
500 ),
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,
(555.600.000 ),

, 21 2012.
16.

;
( ELA),

85

 . , .

.
, , :
 ,
 70 . ,


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PSI+ ( 2012
, 13 26 , 18,4 .
).
, ,
.
,
- -
.
, :
 2009 ( 25%

),
 (-4,9% 2010, -7,1% 2011
-6,2% 2012),
 (Q1 2012: 18,5%, Q4 2011:
16%),
(, 8% 2009).
,
, (
) .
( ,
2012), 2009 2012, , , (3,5%)
(3,2%), .

86

17.

;

. , ,

. ,
(
),
,
.

-
18.
 ,
;
. K ,

, , . ,
, - -
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.
(, ) 800.000, . :
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.

87

 , , . ,
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.
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 ;
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 ,
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 .
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( , ,
).

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/ ,
.

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88

20.
 , . 3869/2010
;
() -

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 ,
 ,
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25.000, 01.01.2010
35%.
:
 , ,

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89

() . 3869/2010

, ,
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.
51% .



,
10% 40 .

.

,
.
()
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(scoring),
.

90



21. ;

.
, :
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;
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, PSI, . ,
, ,
.
, , ,
, , .
(-4,8% ,
2012) ,
30% 2009,
,
.
.
, ,
.

91

ISBN 978-960-6867-18-7