APS bill tabled, allowing use of 12 bln in state guarantees to reduce NPLs

EconomyBanking Tags: Banking, NPLs

Greece’s much-anticipated Asset Protection Scheme (APS), nicknamed Hercules, that aims to help banks clean up their balance sheets is a few steps away from coming into effect after the Finance Ministry submitted the draft law to Parliament on Tuesday under the emergency procedure.

Approximately a year ago, share prices of Greek banks went through a period of turbulence that saw the value of the banking index in the Athens Stock Exchange essentially halve within a handful of months. Investors were alarmed by the domestic lenders’ ...

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