Details on bank recapitalization to be announced through an Act of Cabinet, says FinMin

Gazzetta team 30 Οκτωβρίου 2015 - 20:28

The government will specify the details of the bank recapitalization plan through an Act of Cabinet on Sunday, after the vote on the relevant draft bill by the parliament, Finance Minister Euclid Tsakalotos said on Friday.

The details will include the percentage of the bank shares that will be held by the Hellenic Financial Stability Fund (HFSF) and what will be the percentage of the contingent convertible bonds (CoCos).

As the minister explained at the parliamentary Committee reviewing the bill, this procedure was deemed necessary in order to complete it in time by Monday when the markets will reopen and avoid speculative games.

“On Monday, when the markets will open, the draft bill will have been voted, the Act of Cabinet will have been issued, so we will optimistic that the procedure will go very well,” he said.

Tsakalotos also said that on Saturday, the Single Supervisory Mechanism (SSM), the ECB’s regulatory mechanism, will announce the final data and the two scenarios for the bank recapitalization.