Announcement for Investors - Report on National Bank of Greece S.A.

NEW YORK, September 10, 2015 /PRNewswire/ --

ACI Association has initiated research coverage on National Bank of Greece S.A. (NYSE: NBG). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.

Today, membership is open to readers on a complementary basis at the following URL:

Highlights from our NBG Report include:

  • Athens Exchange (ATHEX) resumes trading - National Bank of Greece S.A. published a  press release on August 3, 2015, thereby notifying investors that in accordance with the  decision of the Minister of Finance (Government Gazette B' 1617/31.7.2015) and the announcement of the Hellenic Capital Market Commission dated August 3, 2015, the Athens Exchange (ATHEX) has resumed trading. The release further informed that following Legislative Act dated July 18th 2015 signed by the Hellenic Republic President (Government Gazette A' 84/18.7.2015) as amended by Ministerial Decision and Legislative Act dated July 31th 2015 (Government Gazette A' 90/31.7.2015), the prohibitions concerning the transfer of funds abroad and limits on cash withdrawals are still applicable.
  • Key notes on NBG's Eurosystem exposure - National Bank of Greece S.A. published another press release on August 3, 2015, in response to the letter by the Hellenic Capital Markets Commission dated July 28th, 2015 and taking into consideration the current legal and regulatory framework and re-opening of the Athens Stock Exchange. In the release, National Bank of Greece informed investors that on June 30, 2015, its Eurosystem exposure stood at €27.6 billion of which €17.6 billion was through ELA (Emergency Liquidity Assistance), representing an increase of €2.0 billion compared to May 19, 2015, as announced during the presentation of the Q1 2015 results. The release added that there was no significant change in its Eurosystem exposure in July.
  • Comprehensive Assessment Expected to conclude by the end of 2015 - The release also highlighted that effects of recent developments happening in the Greek economy and banking system on NBG's capital adequacy and non-performing loans cannot be presently estimated. Furthermore, preparation for the Comprehensive Assessment that will be conducted by the Single Supervisory Mechanism (SSM) within the context of the Euro Summit Statement of July 12, 2015, is already underway and the Comprehensive Assessment including a possible recapitalization in case of a capital shortfall is expected to conclude by the end of 2015.
  • Update on Deferred Tax assets - The release also informed that as of March 31, 2015, NBG's deferred tax assets were €3,855 million, out of which €1,855 million relates to the 2012 Private Sector Involvement (PSI) losses, €1,385 million relates to credit losses and €582 million relates to tax losses. The Company noted that the recoverability of the deferred tax assets is reviewed periodically as part of the preparation of the annual and interim financial statements.  

To find out how this influences our rating on National Bank of Greece S.A., read the full report in its entirety here:


About ACI Association: 

Active Charter Investors Association ("ACI Association") produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. ACI Association has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

ACI Association has not been compensated; directly or indirectly; for producing or publishing this document.


The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer"). Rohit Tuli, a CFA® charter holder (the "CFA®"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on sound investment judgment and publicly available information which is believed to be reliable. The Reviewer and the CFA® have not performed any independent investigations or forensic audits to validate the information herein. Unless otherwise noted, any content outside of this document has no association with the Author, the Reviewer, or the CFA® (collectively referred to as the "Production Team") in any way. The Production Team is compensated on a fixed monthly basis and do not hold any positions of interest in any of the securities mentioned herein.


ACI Association, the Author, the Reviewer and the CFA® (collectively referred to as the "Publishers") are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted by the Publishers whatsoever for any direct, indirect or consequential loss arising from the use of this document. The Publishers expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, the Publishers do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.


This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither ACI Association nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit


ACI Association is not available to residents of Belarus, Cuba, Canada, Iran, North Korea, Sudan, Syria or Somalia. Do not send email to robottrap (at)

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.


Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.