Troubled European Banks Look to Reduce Dependency on European Central Bank
August 03 2011 - 8:16AM
Marketwired
While share prices for many European Banks remain near 52-week
lows, several firms have begun showing signs of recovery. In recent
quarters Euro Banks have been developing methods to make sufficient
returns for their shareholders while meeting a myriad of new and
expensive regulatory requirements. The Bedford Report examines the
outlook for companies in the Foreign Banking Sector and provides
stock analysis on National Bank of Greece SA (NYSE: NBG) and Allied
Irish Banks (NYSE: AIB) (Irish: AIB.IR). Access to the full company
reports can be found at:
www.bedfordreport.com/NBG
www.bedfordreport.com/AIB
Greek banks have been left largely reliant on emergency support
from the European Central Bank amid a shrinking economy, downgrades
by credit-ratings companies and concern over their holding of Greek
government bonds. The Organization for Economic Cooperation and
Development argues that Greek banks should look at mergers with
foreign lenders to help them tap market funding and shouldn't rush
to reduce their reliance on the European Central Bank.
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When Allied Irish Banks announced first half earnings last week,
executive chairman David Hodgkinson said the firm is hopeful of
returning to profit on an operating level in 2012, and of that it
is possible of doing so on a net basis too.
Like all Irish banks, AIB is currently dependent on funding from
the European Central Bank to pay for its day-to-day operations,
although it hopes to begin raising funds on the external market in
the near future. "We are lessening our dependence all the time. As
the capital has come into place we will be actively looking to ways
to raise funds from the external market so that the dependence on
the ECB continues to lessen," said Mr. Hodgkinson.
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