Five banks applied for “Hercules 3” guarantees for the securitization of “red” loans in the amount of around 5.8 billion euros.
But the question is whether the Ministry of Finance will ask DG Comp and the Commission to increase the amount of guarantees, since there is 1.5 billion euros left of the initial 2 billion euros, so that “to be covered» all inquiries.
In particular, a request was submitted Attica Bank: and Pancreas For loan securitizations over EUR 3 billion, including “the red ones“loans”Hercules” is necessary to pave the way for the increase of share capital and their merger.
However, examination of the inquiry has not commenced as the DBRS assessment report has not yet been formally submitted.
Unofficially, stakeholders have been informed that the bill for capital needs to “clean up” Attica Bank’s balance sheet is 600 million euros, and that is not far from the amount the bank calculated.
An application to receive the guarantees of “Hercules 3” was also submitted for the joint securitization of the four banks of the Solar System in the amount of 1.2 billion euros.
A new Hercules 3 boarding request has been submitted National Bank Limit III for securitizations consisting primarily of collateralized loans of large, small and small and medium-sized enterprises, housing and consumer loans with a total book value of reserves of up to approximately EUR 630 million, with a reference date of June 30, 2023.
According to reports, he also submitted a request Eurobank for securitized loans of around 1 billion euros.
In early 2024, his requests were approved Bank of Piraeus For the Sunrise III securitization with a book value of EUR 508 million, which included approximately 37,000 private and corporate loans, as well as the Frontier II securitization of the National Bank with EUR 1 billion in housing and small business loans.
“Herakles3” guarantees for the main bonds of this securitization amounted to 500 million euros. Meanwhile, Solar’s senior bond coverage will require another €300+ million.
According to market sources, the remaining amount of guarantees is not enough to cover all the securitizations.
It should be noted that the “Hercules 3” program expires at the end of the year, and its main purpose was to be a tool for the consolidation of non-systemic and cooperative banks so that they also reach single-digit non-performing loan ratios.
Will it be necessary to extend the guarantees and to what extent will be decided in the coming days and after the reshuffle of the government?
