Transfer of Cooperative Bank of Peloponnese Coop Ltd deposits to the National Bank of Greece S.A.
18/12/2015 - Press Releases
In accordance with Regulation (EU) 575/2013, the Cooperative Bank of Peloponnese Coop Ltd does not meet the minimum capital requirements and failed to raise the necessary funds following the expiration of the deadline granted for that purpose. Consequently, its authorisation was withdrawn, according to the procedure prescribed in Regulation (EU) 1024/2013.
The Bank of Greece, with a view to safeguarding customers’ deposits held by the Cooperative Bank of Peloponnese Coop Ltd and aiming to ensure financial stability, explored, in the context of the resolution procedure provided for in Law 4335/2015, the interest of other credit institutions with regard to the acquisition of all the deposits of the Cooperative Bank of Peloponnese Coop Ltd and opted for the transfer of all deposits to the National Bank of Greece S.A., following an offer by the latter, which was duly approved by the Hellenic Financial Stability Fund.
The deposits of all Cooperative Bank of Peloponnese Coop Ltd’s customers are secure in full and their transfer to the National Bank of Greece S.A. has already started. The National Bank of Greece S.A. shall inform the public with an announcement regarding all relevant information.
The difference between the value of liabilities and assets to be transferred to the acquiring credit institution is covered by the Hellenic Deposit and Investment Guarantee Fund (HDIGF). The Cooperative Bank of Peloponnese Coop Ltd was placed under special liquidation, the proceeds of which will be used to satisfy claims of third parties in order of priority as specified by law. Athos Stylianou was appointed as the liquidator.