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: http://www.aciassociation.com/?c=NBG

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: http://www.aciassociation.com/?c=NBG

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