Reuters: Regulatory News: Greece gives banks more time to report 2011 results

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Greece gives banks more time to report 2011 results Mar 28th 2012, 14:30 ATHENS, March 27 | Wed Mar 28, 2012 10:30am EDT ATHENS, March 27 (Reuters) - Greece on Wednesday extended a March 31 deadline for banks to report their annual results to April 20, allowing them more time to assess the impact from a sovereign debt swap and their capital plans, a finance ministry official said. "The deadline is extended to April 20," the official who declined to be named told Reuters. Banks had asked for an extension to assess losses resulting from a bond swap that formed part of the country's second international bailout and prepare funding plans. On March 12, Greece swapped a nominal amount of 177 billion euros ($235 billion) of government paper issued under domestic law for new securities as part of a restructuring to reduce its debt mountain. The swap inflicted real losses of about 74 percent on private bondholders. Greek banks, holders of an estimated 45 billion euros of bonds, will reflect the hit on their 2011 full-year results. Greece's second EU/IMF rescue programme estimates that total bank recapitalisation may reach up to 50 billion euros. The plan aims for their capital boost to be completed by the end of the third quarter of this year.

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