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Greece: the NPL reduction targets of the systemic banks

The targets set for the end of 2021 have been reconfirmed by the banks after the publication of the first quarter 2019 results.

More specifically, the NBG’s operational targets report a decrease of €11.5 bn, of which € 4.3 bn is the target for 2019. The target set to the end of 2021 is €2.4 bn NPLs and 4.3 bn NPEs (bank) and €4.7 bn (group). By achieving these goals, the NPE index will be decreased to low-level (low teens). At group level, a 5.9 €bn reduction will come from sales and securitizations, €2.2 bn from auctions and liquidations, €3 bn from debt recovery and adjustments and €400 m from NPL write-offs.

Alpha Bank: By the end of 2018 the bank’s NPEs were €21.9 bn at country level and 25.7 billion euros at group level. This year, NPEs will be reduced by €5.7 bn, and will reach €16.2 bn. According to the plan, the next sales include €0.1 bn corporate loans in 2019, €3.8 bn SME loan portfolio secured by RE assets, and securitization of retail loan portfolio with collateral in residential property (Project Neptune and Project Orion).

Eurobank: The drastic NPE reduction plan predicts that at the end of this year they will come down to €6.6 billion. At the end of 2018 the bank had €16.7 billion NPEs. The target is to reduce this number to €5,5 bn by 2021. This year a €10.1 bn reduction will come through two securitizations, the Pillar Project (€2 bn mortgages) and the Cairo project (€7 bn denounced loans).

Piraeus Bank: The bank sticks to the original plan to reduce its NPEs with sales, securitizations and organic actions that amount to €15.1 bn by the end of 2021. More specifically, €6 bn NPEs will be securitized in 2020-2021. For this year, the reduction is estimated to reach 3.5 €bn. In 2020 the reduction amount will reach 6.4 bn. euro and in 2021 5.2 bn.

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