Commission gives go-ahead for APS to reduce NPL pile

EconomyBanking Tags: Banking, EC

The European Commission (EC) announced on Thursday that it approved the Greek plan, codenamed “Hercules,” for helping Greek banks remove up to 30 billion euros in non-performing loans from their books.

The Commission concluded that under the proposed Asset Protection Scheme (APS), the Greek state will be remunerated in line with market conditions for the risk that it assumes. As such, the proposal submitted by Athens does not entail any state aid.

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