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TBank: Transfer of deposits, personnel, and banking activities to the Hellenic Postbank on the basis of Law 4021/2011

17/12/2011 - Press Releases

The Bank of Greece has considered it necessary to apply to TBank the resolution measures prescribed in Law 3601/2007, as it has been amended by the recent Law 4021/2011. This action was taken because of the inability of TBank to restore its capital adequacy, despite the repeated efforts by the Bank of Greece to correct TBank’s weaknesses.

The auction process prescribed in article 63D of Law 3601/2007 has been implemented in order to find a transferee for the deposits and banking activities of TBank. As a result of this process, the full amounts of all of the deposits, employment contracts, and assets (loans and securities portfolio) of TBank are transferred to the Hellenic Postbank. The Hellenic Postbank is assuming the continuation of TBank’s activities. As prescribed by Law, the funding gap between the transferred assets and liabilities is being covered by the Hellenic Deposit and Investment Guarantee Fund (HDIGF).

TBank’s license has been revoked and the bank has been put into liquidation. Mr. Ioannis Galanopoulos has been appointed as liquidator.

The application of the new provisions on bank resolution to TBank guarantees the safety of the full amount of all deposits of all bank clients and the unimpeded continuation of its banking activities, which are made possible by the existing staff and branches.

 

 

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