Press Releases

Transfer to Piraeus Bank of assets and liabilities of Panellinia Bank according to Law 4261/2014

17/04/2015 - Press Releases

In accordance with Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013, Panellinia Bank does not meet the minimum capital requirements. Furthermore, Panellinia Bank failed to raise the necessary funds, which had been identified in the context of the second recapitalisation exercise, following the lapse of all three deadlines granted for that purpose. Consequently, its authorisation was withdrawn, according to the procedure prescribed in Article 14 paragraph 5 of Council Regulation (EU) No 1024/2013 of 15 October 2013.

The Bank of Greece, with a view to safeguarding customers’ deposits of Panellinia Bank and financial stability, explored, in the context of the resolution procedure provided for in Law 4261/2014, the interest of other credit institutions for the acquisition of assets and liabilities of Panellinia Bank and decided their transfer to Piraeus Bank, following an offer by the latter, which had been authorised by the Hellenic Financial Stability Fund.

All deposits of the customers of Panellinia Bank are secured in their entirety and have been transferred to the acquirer. Additionally, the service of Panellinia Bank’s clients and the support of cooperative banks continues uninterrupted and will be provided by the acquiring bank, which will inform the public accordingly.

The liabilities to be transferred include the deposits in their entirety, while the assets to be transferred include mainly loans, except for those in permanent delay or in delay for more than three years. The difference between the value of assets and liabilities to be transferred to the acquiring credit institution is covered by the Hellenic Deposit and Investment Guarantee Fund (HDIGF).
The bank was placed under special liquidation, the proceeds of which will be used to satisfy claims of third parties in the order of priority specified by law. PricewaterhouseCoopers Business Solutions S.A. was appointed as liquidator.



 

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