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Athens News Agency: News in English, 09-10-19

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] Piraeus Bank doesn't examine share capital increase plan
  • [02] Greek current accounts deficit down 23.4% in Jan-Aug

  • [01] Piraeus Bank doesn't examine share capital increase plan

    Piraeus Bank on Monday said it was not examining any share capital increase plans as the bank enjoyed strong capital levels.

    In an announcement, Alexandros Manos, the bank‚s chief executive, said "Piraeus Bank was not examining a share capital increase plan since it enjoyed a strong capital adequacy ratio, with its equity Tier I rate at 8.2 pct ‚ excluding the preferred stocks held by the Greek state worth 370 million euros and its Tier II capital -- up from 7.4 pct in December 2008.‚

    Manos said Piraeus Bank‚s tangible equity to tangible assets rate surpassed 5.7 pct currently from 5.0 pct in December 2008 and stressed that organic profitability and a careful management of risks allowed the bank to grow safely and without the need to seek for additional capital.

    [02] Greek current accounts deficit down 23.4% in Jan-Aug

    Greece‚s current accounts deficit shrank by 23.4 pct to 16.7 billion euros in the January-August period, compared with the corresponding period last year, the Bank of Greece said on Monday. The central bank, in a report, said this development reflected mainly a big reduction of the trade deficit and ‚to a lesser extent- a decline in the incomes deficit, while both the services and current transfers surpluses recorded a big decline in the eight-month period.

    The trade deficit fell by 9.460 billion euros in the January-August period, reflecting mainly a lower deficit in goods ‚except fuels and ships- by 5.363 billion euros, while excluding fuel and ships, import payments fell by 6.941 billion euros, while export receipts fell by 1.578 billion euros.

    The services surplus fell by 3.655 billion euros, reflecting lower net revenues from transport and travel services. Tourism revenues fell 14 pct compared with 2008, while gross receipts from transport services (commercial shipping) fell by 31.4 pct. The incomes deficit shrank by 334 million euros, while the current transfers‚ surplus shrank by 1.080 billion euros and the capital transfers balance showed a surplus of 1.534 billion euros.

    The financial transactions balance showed a net capital inflow of 1.7 billion euros in the January-August period, with capital inflows from foreign investors totaling 2.280 billion euros. The investment portfolio category recorded a net capital inflow of 21.1 billion euros in the eight-month period, reflecting strong interest for Greek bond and state bills by foreign investors, while in the other investments category net outflows totaled 6.8 billion euros.


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