Greece’s Hercules Asset Protection Scheme faces 75 billion euros of bad bank loans. Pricing and tax credits remain unresolved, but the plan will give Athens a better shot at its ambitious goals for economic growth, writes Three_Guineas.
The European Commission ruled on Oct. 10 that the Hercules Asset Protection Scheme – the Greek government’s plan to securitize non-performing loans on its banks' books – does not involve state aid. The Greek government must still pass the plan into law.
Special purpose vehicles will buy NPLs from the banks and issue bonds. The senior tranche of bonds will benefit from a government guarantee if more than half the non-guaranteed subordinated notes are sold to private investors. Participating banks will have to pay a market-based fee for the guarantee. The plan is voluntary for the nation’s banks and will run for 18 months.
HAPS is structured similarly to a program in Italy that removed around 63 billion euros of NPLs from Italian banks’ balance sheets from 2016 to 2019. Standard & Poor’s upgraded Greece’s sovereign credit rating to BB-minus on Oct. 25. It subsequently upgraded the credit ratings of the National Bank of Greece, Eurobank, and Alpha Bank to B with a positive outlook and affirmed Piraeus Bank’s B-minus rating, changing the outlook to positive from stable. The aforementioned four banks are the country’s largest.
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