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Visit by Laurence Fink, Chairman & CEO of BlackRock, to the Bank of Greece

12/12/2013 - Press Releases

Mr. Laurence Fink, Chairman & CEO of BlackRock visited the Bank of Greece today for a meeting with Governor George Provopoulos. The meeting took place following the completion of the second diagnostic study performed by BlackRock Solutions on the loan portfolios of Greek banks for the period June 2013 to December 2016. BlackRock Solutions’ recent assessment of the banking sector encompassed a detailed asset quality review (AQR), including an examination of the banks’ non-performing loan portfolios. The Bank of Greece, with the cooperation of the Troika, will use the results of the diagnostic study to calculate possible capital needs of Greek banks until the end of 2016.

Mr. Fink believes the Bank of Greece has taken all the appropriate measures to restore stability to its banking sector. He stressed that “the results of the first diagnostic study laid the foundations of the successful recapitalization of the Greek banking sector and significantly increased transparency and enhanced depositor and investor confidence.” The results of the current diagnostic will further reinforce confidence in the sector. He noted that “the banking system consolidation combined with the correction of fiscal and external imbalances set the ground for a recovery of the Greek economy in the coming years.”

Mr. Provopoulos also noted that the previous BlackRock exercise was instrumental in promoting the increased transparency and confidence in the Greek banking system. He stated that “despite the greater than expected deterioration of the macroeconomic situation during the forecast horizon of the previous exercise, realized losses were within the ranges estimated by BlackRock Solutions, which suggests that the independent exercise had been robust. The restructuring of the banking sector has been a cornerstone in Greece’s effort to emerge from the crisis with a modern and competitive economy that will underpin sustainable growth and higher employment”.

 

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