The Straits Times
Published on Dec 28, 2012

Greece says needs $44.4b to recapitalise 4 biggest banks


ATHENS (AFP) - Greece's four biggest banks need 27.5 billion euros (S$44.4 billion) in recapitalisation funds by the end of April, the national central bank said in a report released on Thursday.

"Capital needs for all Greek commercial banks were estimated in May 2012 at 40.5 billion euros, of which the 27.5 billion euros corresponded to the four core banks," it said.

The four banks, identified as the National Bank of Greece (NBG), Alpha, Eurobank, and Piraeus, will receive support from the state because they are considered crucial to the national banking sector.

A dozen smaller banks are to be recapitalised with private funds, also by the end of April, the national bank said.