Regulatory Alerts2015-04-22
Resolution Measures Committee Decision on Transfer of Panellinia Bank Assets to Piraeus Bank
The Resolution Measures Committee of the Bank of Greece ordered the transfer of selected property items from the special liquidator of Panellinia Bank S.A. to Piraeus Bank S.A. to ensure financial stability and protect depositors. This resolution measure was selected as the most advantageous bid among competitors, aiming to preserve the continuity of banking operations for cooperative banks and minimize resolution costs. The decision mandates the immediate transfer of contractual relationships, assets, and liabilities while excluding specific non-transferred items such as employment contracts and tax liabilities.
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