Transfers after the cuts in ATE Bank
12.12.2010
16:14
Up to 1,000 workers will transfer to other government agencies, while about 25% of the capital increase will be covered with 250mil from the Deposits Fund
After the disclosure of the regulation for 10% cut to incomes of DEKO workers earning 1,800 euros or more, it seems that the final decisions of the government for the increase of the ATE share capital will soon be made.
The restructuring plan launched by the Panatalakis administration and voted under the Memorandum has at its core the decrease of the operational cost of the bank, the decrease of assets and the unlocking of the group from non-financial activities in Greece and financial activities abroad (mainly for subsidiaries of ABG in the region) aiming at a complete and operational rationalization.
According to the draft of the bank administration for the reduction of operational costs, a bill is expected to be submitted within the next 10 days providing for the transfers of 1,000 employees from the bank to other public services in the manner of the OSE decisions.
The issue of the participation of the Deposits and Loans Fund and the way it will be realized is still on the table.
The aim is to exploit the liquidity of the Deposits Fund, which is considering its participation in the share capital of the bank at 250mil euros, thereby becoming a major shareholder.
However, the Fund’s participation issue is still in abeyance for the government, who are looking at the possibility of the Fund’s separation into one purely deposit-related fund with the cheap and limitless liquidity of Deposits, and a loan part moved to a subsidiary with financial activity that will provide loans to civil servants and OTA, with the potential of expanding this activity.
The restructuring plan launched by the Panatalakis administration and voted under the Memorandum has at its core the decrease of the operational cost of the bank, the decrease of assets and the unlocking of the group from non-financial activities in Greece and financial activities abroad (mainly for subsidiaries of ABG in the region) aiming at a complete and operational rationalization.
According to the draft of the bank administration for the reduction of operational costs, a bill is expected to be submitted within the next 10 days providing for the transfers of 1,000 employees from the bank to other public services in the manner of the OSE decisions.
The issue of the participation of the Deposits and Loans Fund and the way it will be realized is still on the table.
The aim is to exploit the liquidity of the Deposits Fund, which is considering its participation in the share capital of the bank at 250mil euros, thereby becoming a major shareholder.
However, the Fund’s participation issue is still in abeyance for the government, who are looking at the possibility of the Fund’s separation into one purely deposit-related fund with the cheap and limitless liquidity of Deposits, and a loan part moved to a subsidiary with financial activity that will provide loans to civil servants and OTA, with the potential of expanding this activity.
This scenario does not counter the possibility of some kind of merger with ATE, which would mean that if the separation happens, the bank will not have access to the cheap liquidity of the Deposits.
Final decisions are expected by February.
Final decisions are expected by February.
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