July 15, 2011 / 11:23 AM / 8 years ago

No outflows from Greek banks in Bulgaria - FinMin

SOFIA, July 15 (Reuters) - Greek bank units in Bulgaria are stable and no profit outflow has been reported, Finance Minister Simeon Djankov said on Friday, seeking to ease worries their parents may pull funds.

Greek banks account for 28 percent of assets in Bulgaria’s banking system and about a sixth in both Romania and Serbia.

“The institutions are well-capitalised, with good liquidity, they are profitable for 2010 and the first half of 2011 and are obviously able to react to changes in the environment,” Djankov said in parliament.

“From the reports of these banks, it can be seen there is no export of profits since 2008 ... and there is strengthening of their capital position in Bulgaria.”

The biggest Greek lenders in the region are National Bank of Greece (NBGr.AT), EFG Eurobank EFGr.AT, Piraeus Bank (BOPr.AT), Alpha Bank (ACBr.AT) and Emporiki Bank CBGr.AT.

Analysts say governments and central banks in southeast Europe have the resources to cover the gap if Greek parent banks start reducing their credit lines.

“In the Bulgarian banking system there are additional capital buffers equalling approximately four percent of gross domestic product,” Djankov said.

Reporting by Irina Ivanova; editing by Ron Askew

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below