As part of a recapitalization plan, the capital boost will enable them to receive monetary assistance from the European Central Bank as their core Tier 1 capital ratios slumped below 8%.
The Hellenic Financial Stability Fund head Panayotis Thomopoulos was quoted by Bloombeg as saying that National Bank will be the biggest beneficiary with a capital chunk of EUR7bn, followed by Piraeus, which will get about EUR4.7bn.
During the fiscal year 2011, the four banks registered a combined loss of EUR27.9bn, showing a sign of improvement out of the sovereign debt restructuring.
