Reuters: Regulatory News: Greek banks to be recapitalised via common shares, convertibles- sources

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Greek banks to be recapitalised via common shares, convertibles- sources Oct 29th 2012, 09:35 ATHENS | Mon Oct 29, 2012 5:35am EDT ATHENS Oct 29 (Reuters) - Greek banks will face a 9 percent capital adequacy requirement when their recapitalisation goes ahead, issuing common shares to meet at least 6 percent with the rest raised by convertible instruments, sources close to the plan said on Monday. Athens is finalising the terms of the banking sector's recapitalisation as it awaits its next aid tranche from a 130 billion euro bailout. "They will have to issue common equity to meet a 6 percent Core Tier 1 capital ratio. The private sector will have to cover covers at least 10 percent of this for the bank recapitalisation fund (HFSF) to have restricted voting rights on the shares," one of the sources told Reuters.

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