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steamonlyΠετρελαϊκά και Εξόρυξη

8 Νοε 2013 (πριν από 3 χρόνια και 10 μήνες)

81 εμφανίσεις

1

International
Business Banking

Marfin Popular Bank
|International Business Banking

The Cyprus Economy
-

Key Economic
Developments

Sailing safely through the perfect

storm

Marfin Popular Bank
|International Business Banking

3


Source:
Eurostat



Comparisons of
Debt/GDP
R
atios
A
cross
the EU
at 2011


Debt / GDP comparison (%) 2011 estimates

162.8

120.5

108.1

101.6

97.2

88.0

85.4

84.0

82.5

81.7

75.9

72.2

69.6

69.6

64.9

64.2

56.7

49.1

45.5

44.8

44.5

44.1

39.9

37.7

36.3

34.0

19.5

17.5

5.8

0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
GR
IT
IE
PO
BE
EA
FR
UK
EU
GE
HU
AU
MT
SP
CY
NE
PL
FN
SL
LV
SK
DK
CZ
LH
SW
RO
LX
BU
ES
Marfin Popular Bank
|International Business Banking

4



Source: Cyprus Statistical Service, IMF and
in house
calculations to take account of the destruction of
their
Vasiliko

power plant and fiscal
consolidation
measures

*

Estimate


Major Economic Indicators


Adjusted for the destruction of the
Vasiliko
power plant and the recent fiscal measures



2007

2008

2009

2010

2011
*

2012
*

2013
*

2014
*

Real GDP growth (%)

5,1

3,6

-
1,
9

1
,14

0,
2

-
0,
1

1
,1

1,5

Consumer inflation (%)

2,4

4,7

0,
4

2,4

3,
1

2,7

2,
5

2,
5

Unemployment rate (%)

4
,0

3,6

5,3

6,2

7,2

7,4

7
,0

6,4

Budget

deficit

(%
of

GDP)

3,4

0,9

-
6
,0

-
5,3

-
6,3

-
2,5

-
1
,5

-
0
,5

Public debt (% of GDP)

58,3

48,3

58
,0

60,8

65,
2

66,
2

6
5
,
2

6
3
,
2

Current account (% of
GDP)

-
11,7

-
17,2

-
7,5

-
7,7

-
7,2

-
7,
0

-
6
,
5

-
4
,
5

Marfin Popular Bank
|International Business Banking

5

*

After the implementation of the fiscal austerity measures announced by the Cyprus government

Source : European Commission, IMF


Public D
ebt
as a % of GDP


66.5

69.6

71.6

70.8

65.4

58.5

48.6

58.3

61.3

65.2

66.2

65.2

0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
With fiscal measures
Without measures
Marfin Popular Bank
|International Business Banking


Aim is to reduce the budget deficit to 2,5% of GDP in 2012 and 0% by 2014



The EU requires that Cyprus returns to below 3% public deficit in 2012



A first package of measures was agreed in August 2011 with an Impact 1% of GDP on a 12 month basis



Additional measures enacted into law or included in the budget for 2012 amount to an added fiscal
adjustment of about 2,5%
-
3% of GDP resulting into positive comments by Olli
Rehn



Measures include an increase of the Vat rate from 15% to 17%, and a salary and cost
-
of
-
living
-
allowance freeze for 2 years



Additional measures will be taken during 2012 and beyond in order to reduce the budget deficit to 0%
of GDP by 2014



Vasiliko

Power Plant explosion impact less than expected. Restoration of production expected
beginning of 2013

6

European Commission
-

Press release

Belgium,
Cyprus
, Malta and Poland took
effective action
to correct deficit …

…Therefore, the Commission considers that
no further steps
in the excessive deficit
procedure are necessary for these four countries

(
Brussels, 11 January 2012
)

http://europa.eu/rapid/pressReleasesAction.do?reference=IP/12/12


Cyprus Fiscal
Plan
2011
-
2013


Marfin Popular Bank
|International Business Banking

7

Cyprus in
2011
-

Positive Signs




Income

from

tourism

flourishing
:

14
,
4
%

growth

y/y





Rynair

makes

Paphos

a

base

airport

(Jan

2012
)


14

more

destinations



7
%

increase

in

company

registrations

in

2011



Direct

tax

income

12
%

higher

for

the

10

months

of

2011



Investment

flow

into

specific

projects

underway



Government

decision

to

proceed

with

casino

licences,

to

boost

government

income

-

American

Investor

to

invest

in

Cyprus
.



Russian

Duma

approved

the

new

Double

Taxation

Treaty

with

Cyprus

on

16
/
2
/
2012
,

reinforcing

Cyprus

role

as

the

preferred

gateway

to

Russia

Marfin Popular Bank
|International Business Banking


8

Russian Loan for

2,5 billion signed and sealed

http://www.cyprus
-
mail.com/cyprus/first
-
tranche
-
russian
-
loan/20111230


Second Tranche received 26/1


The second instalment of 590 million was
received according to the Finance ministry
announcement.


Last Tranche expected end of March



Marfin Popular Bank
|International Business Banking


Cyprus
system has comfortable
liquidity


No
substantial deposit
withdrawals by
international customers


Loan growth under control


September 2011 loan / deposit at 96.9%

9

Source: KBW, Central Bank of Cyprus


Banking Sector : Strong Loan to Deposit
r
atio


System loans & deposits (

bn
)

L
oans to deposits ratio comparison (%)

157%

147%

129%

125%

124%

124%

116%

86%

Irish Banks
Portugese Banks
French Banks
European Banks
Spanish Banks
UK Banks
German Banks
Cyprus Banks &
Coops
25
30
35
40
45
50
55
60
65
70
75
Loans
Deposits
Marfin Popular Bank
|International Business Banking

10

Three
Major Cyprus
Banks


(Marfin Popular Bank Public Co Ltd, Bank of Cyprus
PLC,

Hellenic
Bank Public Company Ltd)


m

2010

1H10

1H11

Operating income



2
,
731


1
,
326


1
,
45
7


Operating profit



1
,
18
2


571


6
75


Provisions



716


307


427

Profit after provisions & tax



4
01


22
7


21
9


Provision for Greek Gov bonds



-




-




5
15


Net
profit

/

loss



4
01



227


-


296










Total equity



6
,
805


6
,
4
22



8
,
044

Capital
adequacy
ratio (
average)

1
3.
53
%

12
.13
%

13
.
00
%


Well C
apitalised
Banks


Marfin Popular Bank
|International Business Banking


11

Cyprus going
strong

QATAR


Our decision to proceed
with such a large
investment in Cyprus is
due to the fact that the
Cypriot economy has not
been affected to a great
extent by the (world)
financial crisis. The
Cypriot economy has
opportunities for
growth.”

Qatar's Emir, Sheikh
Hamad

bin
Khalifa

al
-
Thani


Nicosia 21 April 2010

VTTI


This terminal will turn
Cyprus into a regional oil
product hub allowing us
to export products from
this terminal into other
parts of the east Med


VTTI CEO Rob
Nijst

told a
news conference in the
Cypriot capital Nicosia.
Vitol the world's largest
energy trader, is building
an oil import and
distribution terminal in
Cyprus.

BOUYGUES BATIMENT

Bouygues

is
aking

part in
the development of a
major residential project
in Nicosia and interested
to support an exciting
mixed project on Larnaca
waterfront.

Bouygues

will also
participate in the
construction of the
Larnaca

marina
-
The
waterfront.

http://www.bouygues
-
cyprusbranch.com/

MIDDLE EAST
CORPORATION

Purchase of land in
Larnaca sea front
for the
construction of a
five star hotel


Similar investments
by Israeli interests
in same area in the
last few years

Petrolia

Norwegian listed
company, in the oil
& gas industry
transfers its head
office to Cyprus

Russian
Duma

Russian
Duma

approved new
Double Tax Treaty
on 16/2/12.

Cyprus removed
from the Russian
“Black List”,
elevating
prospects.


Marfin Popular Bank
|International Business Banking



12


Great P
otential
from 2012
Onwards


Price s in Billion USD

*Natural Gas spot prices: NBP (UK) = 60 pence per
therm

, GBPUSD:1.55

Field Name

Tamar

Dalit

Leviathan

Aphrodite

Plot 12

(
Avg
)

Levantine Basin

Discovery Year

2009

2009

2010

2011



Gas Reserve
Size

235
Bcm
/ 8.3

Tcf

14
Bcm

/ 0.50
Tcf

450
Bcm

/ 15.9
Tcf

198
Bcm

/ 7
Tcf

3,500
Bcm

/ 123.55
Tcf

Indicative Value
(Basis NBP
)
*

$78.69
bn

$
4.69
bn

$
150.69
bn

$ 66.40
bn

$
1,172
bn

0
10
20
30
40
50
60
70
80
Cyprus GDP
Aphrodite Value
Marfin Popular Bank
|International Business Banking


13

Exploration & Geopolitics

-
Noble announced on December 28th a natural gas
discovery at the Cyprus Block 12


-
The discovery well (A
-
1) was drilled to a depth of
19,225 feet in water depth of about 5,540 feet.


-
Results from drilling indicate an estimated gross
resource range of 5 to 8 trillion cubic feet (
Tcf
) of
approximate value $47


$76
bn
* with a gross mean
of 7
Tcf

($66.40
bn

*) .


-

Second round of licenses concludes 04/2012


-
Noble urges Cyprus to proceed with LNG
liquefaction investment
(27/1/12


Stockwatch
)


-

Israel prime minister Mr. Netanyahu visited Cyprus
on 16
th

of February 2012 to boost cooperation on
offshore drilling and commented:

“..
It is a tremendous opportunity before us and when we had discussed it
with President
Christofias

we had said that we should make some steps..”

*(according to NBP spot prices of 60 pence per
therm

and GBPUSD:1.55)

Marfin Popular Bank
|International Business Banking

14

European Sovereign

Debt Crisis

Marfin Popular Bank
|International Business Banking

Europe More Vulnerable to a Weak Banking Sector

Sources: IMF, BIS, Moody’s Analytics

Size of capital markets as of 2010, % of GDP



15

Marfin Popular Bank
|International Business Banking

Recent
Economic Developments


26

EU

countries’

leaders

are

to

create

a

new

intergovernmental

treaty,

after

agreeing

to

closely

monitoring

national

budgets

and

penalizing

countries

that

do

not

achieve

their

fiscal

targets,

thus

introducing

the

first

steps

towards

fiscal

consolidation
.

More

specifically,

the

draft

treaty

has

included

decisions

taken

at

the

9

December

EU

summit
:


Contracted

parties

are

committed

to

maintain

deficits

below

0
.
5
%

of

GDP,

excluding

inflation


Sanctions

will

be

applied

to

eurozone

countries

with

budget

deficits

above

3
%

of

GDP


The

new

treaty

is

expected

to

be

finalized

by

the

end

of

January

2012


Angela

Merkel

and

Nikola

Sarkozy

agreed

to

bring

forward

the

establishment

of

the

ESM

in

2012
.

The

ESM

will

be

used

to

finance

distressed

Eurozone

member

countries,

and

will

have

a

firepower

of



500

billion
.

The

ESM

is

likely

to

gradually

take

the

form

of

a

European

IMF


Mario

Monti
,

the

Italian

Prime

Minister,

has

recently

urged

Germany

to

be

more

supportive

towards

the

troubled

Eurozone

economies

or

else

face

Italy’s

discontent,

indicating

an

increasing

pressure

towards

the

German

government

to

protect

and

support

Eurozone

member

countries

that

have

undertaken

austerity

measures


The

ECB

has

approved

the

decisions

taken

during

the

8
th

and

9
th

of

December

EU

summit,

an

important

confidence

vote

that

could

result

in

a

more

aggressive

ECB

participation

in

the

EU

bond

markets
.

Importantly,

at

the

end

of

December,

the

ECB,

through

its

long
-
term

refinancing

operations

(LTROs)

program,

extended



489

billion

to

the

European

banks

that

face

liquidity

problems,

thus

acting

more

forcefully

to

stabilise

the

European

economy
.



The

ECB

relaxed

its

collateral

rules

yet

further

to

try

to

unblock

the

credit

pipes
……
..

The

move

is

targeted

at

small

banks

that

have

run

out

of

useable

collateral
,

freeing

up

an

extra


200
bn

of

lending
.



16

Marfin Popular Bank
|International Business Banking

EFSF


The

European

Financial

Stability

Fund

(EFSF)

is

a

Luxembourg
-
registered

company,

which

was

set

up

on

behalf

of

the

16

euro

area

member

states

on

7
th

June

2010



Its

mandate

is

to

“safeguard

stability

in

Europe

by

providing

financial

assistance

to

euro

area

Member

States”



Headed

by

Klaus

Regling
,

former

Director
-
General

for

economic

and

financial

affairs

at

the

European

Commission



EFSF

has

been

assigned

the

best

possible

credit

rating
;

AAA

by

Fitch

Ratings,

and

Aaa

by

Moody’s



EFSF

is

able

to

issue

bonds

and

other

debt

instruments

guaranteed

by

EAMS

for

up

to


440
bn

to

refinance

the

funds

required

to

fund

loans

to

sovereigns

facing

financial

difficulties



During

the

23
-
24
th

June

2011

European

Council

summit

it

was

decided

to

increase

the

maximum

commitments

guaranteed

by

the

17

euro

area

member

countries

to


780
bn

and

to

enlarge

the

operational

capacity

of

the

EFSF,

allowing

it

to

intervene

in

the

primary

debt

market

if

necessary

17

Marfin Popular Bank
|International Business Banking

Further EFSF
Enlargement


Eurozone

leaders

have

been

pressured

by

recent

developments

to

find

a

more

decisive

and

effective

solution

towards

solving

the

EU

sovereign

debt

crisis,

and

as

a

result

have

introduced

plans

to

expand

the

EFSF

and

extend

its

liquidity

producing

the

following

twofold

solution
:



The

recapitalisation

of

weak

financial

institutions,

and


adequate

liquidity

to

failing

banks

and

vulnerable

sovereigns


S&P,

on

Monday

the

16
th

of

January,

downgraded

EFSF’s

long

term

credit

rating

to

AA+

from

AAA
.

After

the

downgrade,

the

Eurogroup

President,

Jean
-
Claude

Junker,

stated

that

EFSF

continues

to

have

the

best

possible

credit

rating

by

Fitch

and

Moody’s,

and

that

“S&P’s

decision

will

not

reduce

EFSF’s

lending

capacity

of



440

billion”
.

Furthermore,

EFSF

chief,

Klaus

Regling
,

appears

confident

that

the

fund’s

firepower

could

be

up

to

quadrupled

even

after

S&Ps

downgrade

decision
.




EFSF’s firepower decisions




EU

finance

ministers

have

agreed

to

leverage

the


440
bn

of

EFSF

funds,

possibly

through

permitting

the

EFSF

to

swap

its

sovereign

bonds

with

loans

from

commercial

banks
.

The

latter

would

then

be

able

to

use

the

swapped

sovereign

bonds

as

collaterals

for

the

ECB,

in

order

to

attract

additional

liquidity
.




18

Marfin Popular Bank
|International Business Banking

Conclusion

19


The

first

decisive

steps

towards

fiscal

consolidation,

amongst

26

euro

area

member

countries,

were

taken

during

the

8
th

and

9
th

December

EU

summit,

while

the

final

treaty

is

expected

to

be

completed

by

the

end

of

January

2012



ECB

appears

determined

to

protect

Europe

and

promote

its

financial

stability,

after

pumping

a

substantial



489

billion

into

European

banks

facing

liquidity

problems
.




The

ESM

will

be

established

in

2012

with



500

billion

firepower,

in

order

to

support

distressed

Eurozone

member

countries



The

Eurogroup

has

agreed

to

leverage

the

EFSF
;

financial

institutions

will

be

able

to

attract

additional

ECB

liquidity



This,

in

effect,

could

calm

significantly

the

financial

markets,

and

ensure

that

Eurozone

banks

and

sovereigns

will

be

able

to

access

them

with

favorable

terms


Marfin Popular Bank
|International Business Banking

Eurozone agrees second Greek bail
-
out



During the latest
Eurogroup

meeting, on the 20
th

of February 2012, the EU member countries agreed on the
following:



Private
-
sector creditors agreed to take a write
-
down on their bonds of 53.5%

more than the 50%

write
-
down that
had been conceded before the meeting. The private
-
debt exchange is expected to cut Greece's debt by

107 billion,
according to the Institute of International Finance, which negotiated on behalf of bondholders.


The second bailout would offer Greece

130 billion in loans

on top of the

110 billion it received from the euro
zone and the IMF in May 2010.


In return for receiving the money from the ECB,
Eurozone members agreed to lower the interest rate
on Greek loans
and to pass on any profit from these bonds to Greece.

This would reduce Greek debt by an estimated 3.2 billion
euros
, bringing Greek debt down to a projected 120.5 percent of GDP by 2020
, close to the
Eurozone’s

target of 120
percent, which is deemed to be sustainable.


Greece would also benefit from an arrangement in which the
European Central Bank would distribute profits on its
estimated

45 billion to

50 billion in holdings of bonds,
bought in the secondary market in 2010
-
11, to euro
-
zone
governments which may then use them to help Greece.


Profits on an estimated

12 billion of bonds held by national central banks in the euro zone will be passed on to
Greece, reducing its debt by

1.8 billion before 2020
. The meeting decided against the central banks participating in
the private
-
sector debt exchange.


Europe’s Finance ministers also agreed to a further reduction in interest rates on the

53 billion in loans

from the
euro
-
zone made as part of the first bailout agreed upon in May 2010, saving some

1.4 billion.

20

Marfin Popular Bank
|International Business Banking

European Banking Authority’s (EBA) announcement



EBA

released,

on

October

26
,

an

official

statement

outlining

the

“EU

measures

to

restore

confidence

in

the

banking

sector”
.

More

specifically
:



Temporary

capital

buffer
:

EBA

suggested

that

the

EU

banking

system

will

need

to

generate

a

temporary

capital

buffer

which

will

allow

banks

to

ensure

a

Core

Tier

I

ratio

of

9
%
.

This

additional

capital

should

be

raised

by

June

2012
,

giving

banks

adequate

time

to

prepare

well
-
structured

capital

enhancing

plans
.

Banks

that

will

not

be

able

to

achieve

the

required

capital

increase

can

seek

state

support,

while

the

EFSF

will

work

as

a

lender

of

last

resort

if

state

support

is

not

available
.

EBA

provided

preliminary

estimates

of

the

target

capital

buffers

required

by

the

banking

system

of

each

Eurozone

member

country
.



Preliminary

estimates

rely

on

market

values

of

all

bonds

held



for

Greece

this

would

be

anything

between

60
-
75
%

haircut

instead

of

the

proposed

50
%
.


Preliminary

estimate

for

Cyprus

two

main

banks

is


3
,
5
bn

of

which


1
,
9
bn

estimated

for

MPB
.



EBA’s

support

towards

EU

banks
:

EBA

pointed

out

that

it

will

back
-
up

European

banks

through

public

guarantee

schemes,

ensuring

that

banks

will

be

able

to

attract

the

necessary

money

to

cover

their

funding

needs

at

reasonable

conditions
.

As

a

result,

EU

banks

should

be

able

to

avoid

enforced

deleveraging

during

2012
,

achieving

systemic

stability
.




21

Marfin Popular Bank
|International Business Banking


22

ECB to Eurozone’s rescue?

Euro

area

member

countries

face

economic

difficulties

that

need

to

be

addressed

with

a

strong

and

determined

European

solution,

supporting

the

Eurozone

as

well

as

the

Global

Economy
.



This

has

become

more

evident

after

the

recent

economic

developments

regarding

Italy,

as

the

size

of

its’

economy

imposes

a

real

threat

to

Europe

and

to

the

rest

of

the

world
.


The

solution

is

expected

to

come

from

the

ECB,

which

is

the

only

institution

with

the

required

capacity

to

support

unstable

Eurozone

governments
.




“Italy,

Spain,

and

perhaps

other

precariously

creditworthy

sovereigns

will

need

help

managing

market

contagion”

(from

Barclays

Capital)


ECB

should

act

as

a

lender

of

last

resort

for

certain

eurozone

governments
.

Importantly,

as

these

troubled

sovereigns

proceed

with

the

necessary

institutional

and

structural

reforms,

the

ECB

should

be

able

to

step

down

from

its

role

as

a

lender

of

last

resort
.


Source Barclays Capital economics research 7 November 2011

Marfin Popular Bank
|International Business Banking

23

Marfin
Popular Bank Public Co Ltd

Marfin Popular Bank
|International Business Banking


24

Key Financial Information

Key balance sheet figures
(

m)

FY2009

3Q10

FY2010

3Q11

3Q11/3Q1
0

Total equity

3.636

3.581

3.536

3.774

5,3%

Tangible equity

2.358

2.298

2.792
(1)

2.493

8,5%

Customer deposits

23.886

24.890

25.508

21.631

-
13.1%

Loans to customers (net)


25.894

27.169

27.431

26.796

-
1.4%

Operating Profit

301

367

367

18%

Profit attributed

to
shareholders

186,7
(2)

82,7

95,3
(2)

-
282,2
(2)
(3)


Key rations

FY2009

3Q10

FY2010

3Q11

3Q11/3Q1
0

Tier1

9,1%

10,2%

12,0%
(1)

11,0%

+80bps

Capital

adequacy
ratio


11,5%

11,8%

13,7%
(1)

12,6%

+80bps

Cost/income

58,1%

62,7%

63,8%

60,4%

-
230bps

Net interest margin

1,72%

1,83%

1,82%

2,4%

+57 bps

Loans/Deposits

105%

105%

104%

119%

+1.400 bps

NPLs

6,1%

7,2%

7,3%

8,7%

+150 bps

Provisioning

100 bps

89 bps

100bps

150 bps

+61 bps

1

(1)
Proforma

for the completion of the

488.2m rights issue and the disposal of the Australian subsidiary

(2) Adjusted for the

3,1m exceptional tax per quarter

(3) It includes 53,4 million capital gain on the disposal of Australian subsidiary

Marfin Popular Bank
|International Business Banking


25

BoD

of Marfin Popular Bank Strengthened





The Board of Directors of Marfin Popular Bank is significantly strengthened with the
addition of new members of renowned value and international standing. Mr. M Sarris
takes over from
Mr

C.
Mylonas

as Chairman from 1st January 2012





The former Finance Minister and World Bank top executive Mr.
Michalis Sarris
as
Chairman of the Board of Marfin Popular Bank, a credible and well
-
known figure within
European and international financial circles,



The experienced banker
Chris Pavlou
, a specialist in Treasury and Risk Management with
a long and successful career in international financial institutions Barclays and HSBC, where
he held the post of Chief Treasurer,




Mr.
Peter M
Baltussen
, Managing Director of the Commercial Bank of Dubai PSC who
represents the major shareholder Dubai Financial Group




Mr.
Stylianides
, CEO, who among others he served as Deputy Chief Executive Officer of
Marfin Popular Bank, General Manager & Deputy Managing Director of International Activities
of Marfin Popular Bank and Deputy Chief Executive Officer of Marfin CLR Public Co. Ltd.


Marfin Popular Bank
|International Business Banking


MPB and CBC, EBA related Press Releases


26

“New Marfin CEO, Christos Stylianides
expressed
his optimism on Monday that the bank will manage to absorb the necessary capita
l from
the private sector and will not need a state support.


In his first press conference after his election as CEO, Mr. Stylianides said that Marfin has the power and prospects to deal

wi
th the
difficulties of the times and to achieve its targets.


He said that the bank will announce its plan for the strengthening of its capital by

1.9 billion by January 20, 2012, a deadline given by the
European Banking Authority to the 72 banks that participated in the recapitalization test.


He did not exclude the possibility of an EBA extension until late December 2012. Mr. Stylianides noted that many foreign in
ves
tors have
expressed their interest in the bank……”

(Stockwatch, December 19
th
, 2011)

ECB

Governing

Council

member

and

governor

of

Cyprus's

Central

Bank

Mr

Athanasios

Orphanides

stated

the

following
:




“Despite

the

situation

worsening,

it

is

still

manageable“



“We

should

not

forget

that

our

banking

system

has

withstood

all

fluctuations

without

any

government

support
.

This

was

so

because

our

banks

were

careful

and

did

not

undertake

big

risks”



“Our

banks

maintain

a

relatively

strong

capital

base

and

have

shown

they

have

the

capacity

to

raise

new

capital

when

needed,

in

the

last

few

years”



“Our

banking

system

is

surely

facing

a

tough

environment
.

We

should

not

question

however

its

fundamental

strengths”


(Kathimerini newspaper, November 13th, 2011)



Finance Minister confirms banks’ abilities..


Finance Minister,
Kikis

Kazamias

confirmed on Thursday that banks
are able to absorb the Greek shock without state support.


Mr.
Kazamias

stressed that the state in cooperation with the Central
Bank of Cyprus is ready to offer its help to the Cyprus banking
system, if this is deemed necessary.


(
20
th

February 2012

Stockwatch
)

Marfin Popular Bank
|International Business Banking

Disclaimer

Recipients

of

this

presentation

in

jurisdictions

outside

the

UK

or

the

US

should

inform

themselves

about

and

observe

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.

This

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is

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parties

on

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basis

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they

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(
i
)

persons

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"Investment

Professionals",

as

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Article

19

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the

Financial

Services

and

Markets

Act

2000

(Financial

Promotion)

Order

2005

(the

"Financial

Promotion

Order"),

(ii)

persons

falling

within

any

of

the

categories

of

persons

described

in

Article

49

of

the

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(iii)

persons

to

whom

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may

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available
;

(B)

if

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States

persons,

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investors’

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promulgated

under

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United

States

Securities

Act

of

1933
,

as

amended
;

or

(C)

are

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and

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States

and

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.

By

accepting

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.

This

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must

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on

or

relied

on

and

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be

returned

to

Marfin

Popular

Bank

by

persons

who

are

not

Relevant

Persons
.

Any

investment

or

investment

activity

to

which

this

communication

relates

is

available

only

to

Relevant

Persons

and

will

be

engaged

in

only

with

Relevant

Persons
.

Each

person

that

receives

a

copy,

by

acceptance

thereof,

represents

and

agrees

that

he/she

will

not

distribute

or

otherwise

make

available

this

document

to

any

other

person
.

This

presentation

contains

forward
-
looking

statements,

which

include

comments,

statements

and

opinions

with

respect

to

our

objectives

and

strategies,

and

the

results

of

our

operations

and

our

business,

considering

environment

and

risk

conditions
.

However,

by

their

nature,

these

forward
-
looking

statements

involve

numerous

assumptions,

uncertainties

and

opportunities,

both

general

and

specific
.

We

caution

that

these

statements

represent

the

Group’s

judgments

and

future

expectations

and

that

we

have

based

these

forward
-
looking

statements

on

our

current

expectations

and

projections

about

future

events
.

The

risk

exists

that

these

statements

may

differ

materially

from

actual

future

results

or

events

and

may

not

be

fulfilled
.

We

caution

readers

of

this

presentation

not

to

place

undue

reliance

on

these

forward
-
looking

statements

as

a

number

of

factors

could

cause

future

Group

results

to

differ

materially

from

these

targets
.


Forward
-
looking

statements

may

be

influenced

in

particular

by

factors

such

as

movements

in

local

and

international

securities

markets,

fluctuations

in

interest

rates

and

exchange

rates,

the

effects

of

competition

in

the

areas

in

which

we

operate,

general

market,

macroeconomic,

governmental

and

regulatory

trends

and

changes

in

economic,

regulatory

and

technological

conditions
.

We

caution

that

the

foregoing

list

is

not

exhaustive
.


When

relying

on

forward
-
looking

statements

to

make

decisions,

investors

should

carefully

consider

the

aforementioned

factors

as

well

as

other

uncertainties

and

events
.

Any

statements

regarding

past

trends

or

activities

should

not

be

taken

as

a

representation

that

such

trends

or

activities

will

continue

in

the

future
.

All

forward

-

looking

statements

are

based

on

information

available

to

Marfin

Popular

Bank

Public

Co

Ltd
.

on

the

date

of

this

presentation

and

Marfin

Popular

Bank

Public

Co

Ltd
.

assumes

no

obligation

to

update

such

statements,

unless

otherwise

required

by

applicable

law
.

Nothing

on

this

presentation

should

be

construed

as

a

solicitation

or

offer,

or

recommendation,

to

acquire

or

dispose

of

any

investment

or

to

engage

in

any

other

transaction
.

N
either

this

presentation

nor

a

copy

of

it

may

be

taken

or

transmitted

into

Australia,

Canada

or

Japan,

or

distributed,

directly

or

indirectly,

in

Australia,

Canada

or

Japan
.

Any

failure

to

comply

with

this

restriction

may

constitute

a

violation

of

Australian,

Canadian

or

Japanese

securities

law
.

The

distribution

of

this

presentation

in

other

jurisdictions

may

be

restricted

by

law

and

persons

into

whose

possession

this

presentation

comes

should

inform

themselves

about,

and

observe,

any

such

restrictions
.




27