“For better or for worse, whenever there are stress tests, in all likelihood something comes out,” said Anastasia Sakellariou, the HFSF’s chief executive officer. “The fact that private investors took part in the capital increases shouldn’t be underestimated. These are investors that have a successful investment track record. The fact that they took part is a big vote of confidence.”
Officials at Paulson declined to comment, while Fairfax and Fidelity didn’t immediately respond.
Following six consecutive years of recession that wiped out almost a quarter of the Greek economy, banks’ bad loans have ballooned to 77 billion euros -- more than 40 percent of the Mediterranean country’s gross domestic product.
We are talking Billions not Millions, all greek banks are worthless in my opinion.
Hello Brenda your correct its in Oct the stress test, I found this news on Bloomberg, 17, 2014 1:05 AM PT
Greece is unlikely to have to inject more money into its banks during the European bank stress tests this year, helping to boost the nation’s public finances, top executives at the Hellenic Financial Stability Fund said.
Money managers including Paulson & Co., Fairfax Financial Holdings Ltd. (FFH) and Fidelity pumped 8.3 billion euros ($11 billion) into Greece’s four biggest banks in the first half of this year. Institutional investors may again be called on to inject money if the European Central Bank’s own tests in October conclude more is needed, HFSF Chairman Christos Sclavounis said.
The HFSF may now be poised to return the 11.5 billion euros it has left from the 50 billion euros it received as part of the country’s international aid package. Greek government officials have pushed for those funds to be used to close a financing gap in the country’s bailout program, which the IMF last month estimated at 12.6 billion euros for 2015.
“Our strategic target has been to have the a market open for Greek banks so they can cover their capital and liquidity needs and I think that’s a goal that has been achieved,” said Sclavounis. If the stress test identifies further capital needs which are then met by institutional investors, “the conclusion could be that it’s less crucial for these funds to be there and be used as a backup.”
That could still run into opposition from Greece’s debt inspectors, the so-called troika of officials representing the euro area, ECB and IMF, who review Greece’s compliance with the terms of its bailout. The troika has in the past rejected Greek proposals to use the funds elsewhere, insisting a buffer is still needed. In a report last month, the IMF said Greek banks will probably require more capital.
I will take the IMF`s words over Greek Banks saying we shouldn't need more money LOL
and Russian stocks are now the number 1 buy stocks, buy on fear is what they are calling for, even Russia sold oil during the first cold war and definitely will continue to sell in this small so called cold war
Hello Front, Doral bank is being reduced by 2/3`s 40% in PR alone, and are probably being forced to sell there good assets in the U.S like in New York and Florida, banks are not allowed to file chapter 11 restructure if they have valuable assets that can be sold to bring them out of debt and back to Tier 1, The U.S assets should be worth good money especially the New York bank/banks, the reimbursement from the PR treasury is an added bonus. We have to remember tomorrow was their last day to file their restructure plan with the FDIC which gives them another 120 days to complete, even if deals are not completed they will only need signed sales. DRL still a great deal but max price cant be but 15 a share with the bank cutting its size, good luck
It means August is the biggest selloff month as September is the slowest trading month of the year as in every year for the past 80 years,,,,,, maybe they are betting on Greek Banks to crash after the stress test in August and you will see buyers come in in late August after the sellers sold, put your bid in at 1.60 to 2.00 a share on NBG
SepNov2014MarMayJul5.0010.0015.0020.0025.00* Price chart for DORAL FINANCIAL CORP. Click flags for important stories. DRL:US5.660.22 4.06%5.7407/30/2014
Doral Financial Corp. (DRL), the holding company for Puerto Rico’s second-largest mortgage lender, is trying to sell itself in parts, people with knowledge of the matter said, to maintain compliance with capital requirements.
Doral, based in San Juan, is in the early stages of shopping its commercial real estate business, valued at more than $600 million, the people said. The bank is also auctioning off branches and loans in New York and Florida that could fetch more than $100 million combined, said the people, who asked not to be identified because the information is private.
Doral, which posted a loss of $88.3 million last year because of mounting levels of unpaid business and home loans, said in May that it would consider selling “certain performing and non-performing assets and businesses” to raise capital to stay in compliance with regulatory requirements. The company also plans to sell a portfolio of collateralized loan obligations, the people said.
So you think 80 percent of Greeks will sign up for subsidized housing,its free money and Greeks love that kind of stuff
billy boy, read Asianones , Russia News media is at all time lows in reporting, I have to admit to report this on TV when no news media saw this is low, enjoy the read, MOSCOW - Russian state television has provoked a storm of criticism after it aired an uncorroborated report claiming the Ukrainian army publicly nailed a three-year-old boy to a board in a former rebel stronghold. Kiev on Monday accused Russia of ratcheting up its propaganda war by airing an interview in which a woman gave graphic details of the alleged crucifixion in the flashpoint city of Slavyansk, which neither AFP nor other media have been able to confirm. Channel One TV broadcast footage of a woman who said she saw Ukrainian soldiers round up people in central Slavyansk, which the army retook this month after three months of clashes with separatists, and nail an insurgent's child to a notice board. A spokeswoman for Ukraine's interior ministry, Natalya Stativko, slammed the report as "following in the footsteps of Goebbels," #$%$ Germany's minister of propaganda. "The cruder and the more monstrous the lie, the better it will look for the Russian propaganda machine," Stativko told AFP. Throughout the crisis both Russia and Ukraine have accused each other of "fascist" tendencies. Russian official rhetoric has often compared events in Ukraine to the darkest crimes of #$%$ Germany and called authorities in Kiev a "fascist junta". But the Channel One report appears to represent a new low in Russia's media war against the ex-Soviet country, which signed an association agreement with the EU last month, analysts said.
your good billy bob, your intelligences is still getting worse, enjoy this article,,,
Putin Sanctions Risk Access to $600 Billion in Funding
By Boris Korby and Lyubov Pronina
1 hour ago
European Union and U.S. sanctions jeopardize funding for Russian companies, which have tapped international capital markets for more than $600 billion in debt and equity since the country emerged from its 1998 default.
Russian businesses have about $165 billion in U.S. and European bonds and more than $100 billion in offshore syndicated loans currently outstanding, according to data compiled by Bloomberg. Whether banks based in China, which remains friendly with President Vladimir Putin's regime, can replace that lending remains to be seen.
Hello zsma yes its released after hours, greedy like making up posts
Russia just lost a 50 billion dollar law suit in the Hague courts, the highest lawsuit in history, of course they are going to ask for a retrial but they will lose again, Russia knows that a 50 billion dollar lawsuit they have to pay back, sanctions crimple their economy, and the cost of Russia helping Pro-Russians in Ukraine is costly and extremely costly in Russia goes into Ukraine, add that up with there military spending they will be close to bankrupt, also i wouldnt be calling EU dysfunctional when Russia depends on EU`s technology for war equipment and oil drilling.
I bought OGZPY this morning, I had a price set to buy at 7.40 but when the market opened my order got filled at 7.36 and now its going up, and I own Sberbank and RUSL which are both moving up.
After Russia pays 50 billion in the lawsuit they just lost. LONDON (AP) — Russian President Vladimir Putin's government must pay $50 billion for using tax claims to destroy Yukos, once the country's largest oil producer, and its Kremlin-critical CEO, an international court has ruled.
Monday's verdict by the Permanent Court for Arbitration increases the economic and diplomatic isolation of Russia at a time when it faces new, potentially painful sanctions from Western powers.
The court, a body that rules on corporate disputes, said the Russian government owes the money — a huge sum, even for such an oil-rich nation— to the former majority shareholders in Yukos Oil Co.
Moscow vowed to fight the decision, raising the prospect of a new round of legal battles as the shareholders seek to enforce the decision by seizing Russian state-owned assets in 150 countries around the world.
They can attempt to seize any assets used for commercial purposes. That means that while embassies are safe, planes, art, commercial property, gas pipelines and oil rigs are not.
"It's the end of the beginning," said Tim Osborne, executive director of GML, formerly Group Menatep Ltd., whose subsidiaries brought the suit to the court based in The Hague, Netherlands.
The court said Russia had used tax claims to take control of Yukos in 2003 and silence its CEO, Mikhail Khodorkovsky, an opponent of Putin who had begun to use his vast wealth to fund opposition parties challenging Putin's power. Khodorkovsky was arrested at gunpoint as he boarded a plane in Siberia that year and spent more than a decade in prison as Yukos' main assets were sold to a state-owned company. Yukos ultimately went bankrupt.
Monday's ruling, one of the largest commercial arbitration awards in history, adds to Russia's economic problems just as the U.S. and European Union are debating further sanctions against the country because of its support for rebels in eastern Ukraine. Though the country has ample reserves, uncer
I think I am going to wait before I add more, if sanctions go through and Ukraine crisis gets worse it could go much lower. Well I believe they release the news on DRL and hopefully in the morning, we will see, good luck
I replied in that other post that Triumph Bancorp is the buyer of Doral Insurance, the price is undisclosed. I tried to get a rough ideal on what the price would be so I found old news on Triumph Bancorp, in December of 2013 they announced they had a couple of deals they were working on. Triumph Bancorp has 300 million in assets and after these deals they would have a BILLION in assets, only deal I see they agreed to buy so far was Doral Insurance, they are planning to add 700 million in assets but Doral insurance can only be worth so much not even half of the 700 million, here is part of the Dec 2013 article from Triumph Bancorp,,,,,,,, ,,,,,,,,,,,,,I expect we’ll be over $1 billion (in assets) if the acquisitions we’re working on are completed,” Graft said. That “will bring in new lines of business as well.” He declined to provide details on the deals Triumph is working on, but did say that he expects the fund raising for them to be wrapped up around the end of January.
With its bank currently at about $300 million in assets, Triumph is the smallest of our four financial firms. Graft wants to add heft to the organization partly so Triumph can take advantage of proverbial economies of scale, partly so it can do bigger deals, and also so it can eventually provide a good opportunity for its investors to cash in their chips, whether that be through a sale or merger, a public stock sale or even dividend payments.
To Front, here`s the press release but I cant get it all up,,
Triumph Bancorp, Inc.
May 15, 2014 8:15 AM
DALLAS, May 15, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Triumph Bancorp, Inc., through its subsidiary, THE National Bank, a full service community bank, today announced the signing of a definitive agreement to acquire the lending platform and certain assets of Doral Healthcare Finance, an asset based lender focused exclusively on the healthcare industry. Doral Healthcare Finance is a division of Doral Money, which is a subsidiary of Doral Bank, with operations in Puerto Rico and the U.S. Doral Bank, Inc. is a subsidiary of Doral Financial Corporation (DRL).
Aaron Graft, founder and CEO of Triumph Bancorp, Inc. said, "Triumph's presence in the commercial finance marketplace makes Doral Healthcare Finance a natural fit for our organization as we expand our asset based lending offerings to the healthcare industry."
Dan Karas, Triumph's Executive Vice President of Asset Based Lending remarked, "I have worked with the leadership at Doral Healthcare Finance for years and am excited about the opportunity to reunite with former colleagues. We are eager to begin serving the asset based lending market in healthcare through the foundation they have built."
To Late, no 8K filed yet, the insurance company was sold for an undisclosed amount, the amount is to be reported the second quarter. The insurance unit is Home, Auto, Renters, Life, Health, Disability insurances including the Brokerage platform of the Insurance company which allows them to sell insurance policies of any company. There Insurance company is all revenue growth no debt, main office based in Texas, Doral does great in the U.S but terrible in PR, here is part of Wakemans restructure plan, and we all saw the bad assets he sold but we haven't seen profits from good assets sold. If I thought it was sold at a huge loss I would be out of this, heres part of the story,, For some time now, as we have indicated previously, we have been developing and evaluating alternative strategic initiatives to respond to significant trends affecting the company, including the adverse effects on our business from the continued economic problems in Puerto Rico as well as our success in building a US-based business,” said Glen Wakeman, CEO of Doral Financial Corporation.
“In response to the latest regulatory developments, we are now in the process of developing a revised capital plan, which may include a sale of certain performing and non-performing assets and businesses and a modification of our capital structure, in an effort to adequately meet the requirements of our regulators,” Wakeman said.
Also I can give complete breakdown on money owed to Doral by PR
On April 15, Doral received a letter from the Treasury Department asking the bank to provide information to prove that it made actual tax payments to the agency that are the subject of the 2012 Closing Agreement pursuant to which the local government agreed to pay back to Doral its tax over-payments.
In addition to the request for information, Treasury said it did not understand the basis upon which Doral would be due a tax refund of more than $229.8 million because the refund was due to “accounting” losses versus actual tax payments. Now ME: New PR Treasury doesn't know the difference between taxes paid in verses losses LOL
On April 23, Doral responded to the letter and provided copies of tax payments made of approximately $155.6 million, which together with interest entitled, the under Puerto Rico tax law as of the 2012 Closing Agreement to a refund of $232 million, it said. Now ME: Doral only made an over payment of 155.6 million and gets 77 million extra on the over payment, the 77 million might be negotiated but the over payment they get back, next they took losses on the NPL`s asset sale but will have high profit from there insurance unit they sold, the losses on the NPL`s asset sale offsets the profit from the insurance unit sale, they use the losses against their profit which is common and a smart thing to do.