Piraeus first Greek bank to repay Pillar II bonds, others to follow

EconomyBanking Tags: Banking, Piraeus
Photo by MacroPolis
Photo by MacroPolis

Piraeus Bank said on Thursday that its remaining Pillar II bonds will be redeemed on Friday, which will make it the first Greek bank with zero reliance on any of the three pillars of the capital and liquidity support programme (Law 3723/2008) that was initiated in 2008.

The fact that Piraeus no longer relies on any of the three pillars means that the appointment of a representative of the Greek state on its board of its directors is no longer required.

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