European Commission approves Greek ‘Hercules’ NPL securitization scheme
The European Commission has approved Greek plans to set up a scheme called Hercules to enable the country’s banks to cut their non-performing loan (NPL) exposures.
The measures do not constitute state aid, ruled the Commission, opening the door for further securitization of Greek NPLs.Commissioner Margrethe Vestager, who is in charge of competition policy, said: “I welcome that, with the Greek government, we have a found a market solution to tackle the ...
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