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Systemic banks securitise business loans

The Solar Project securitisation (secured loans of small and medium-sized enterprises enters its  final phase as the four systemic banks submitted an application to the Ministry of Finance for the inclusion of senior notes in the state guarantee scheme (Hercules II). 

The Solar portfolio is the first and only venture of systemic banks to jointly manage loan receivables. Its servicing was entrusted in 2018 to doValue Greece. At the end of 2020, it included loans from mainly small and medium-sized enterprises, with a gross book value of €1.5 bn. 

Its current perimeter has not been clarified. However, the application submitted to the  Ministry of Finance by Piraeus Bank, NBG, Alpha Bank and Eurobank, shows that the amount of senior notes will move around €320 m. Piraeus, Alpha Bank and Eurobank classified the above portfolio as held for sale on June 30th and burdened their results with impairment provisions. The team of NBG was preceded by six months.

Original Source: Euro2day.gr

Adaptation/Summary: Kiki Athanasiadis

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