Regulatory Alerts2012-08-06
Resolution Measures Committee Decision on Transfer of Agricultural Bank of Greece Assets to Piraeus Bank
The Resolution Measures Committee ordered the transfer of property items from the special liquidator of Agricultural Bank of Greece S.A. to Piraeus Bank S.A. to preserve financial stability and maintain public confidence in the Greek banking system. The decision mandates the immediate transfer of specified assets, liabilities, and contractual relationships while excluding certain non-performing loans, employment contracts, and tax obligations from the acquisition. This resolution was executed following a successful bidding procedure approved by the Hellenic Financial Stability Fund to minimize the cost of the bank's resolution.
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