HB — Hellenic Bank Pcl News Story

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Fitch Ratings: NPE Fall Reduces Cyprus Sovereign Contingent Liabilities

Hellenic Bank Pcl
08/02/2019 13:19
(The following statement was released by the rating agency)


Fitch Ratings-London-February 08: The decline in Cypriot banks' non-performing 
exposures (NPEs) significantly reduces contingent liabilities to the sovereign, 
Fitch Ratings says. Nevertheless, the banking sector remains weak and further 
NPE reductions will partly depend on the effective use of legal tools adopted in 
2018. 

Data released by the Central Bank of Cyprus in January showed that NPEs fell to 
EUR11 billion at end-3Q18, or 32% of total gross facilities, from EUR16.6 
billion (40%) at end-1H18. This is broadly consistent with our expectation at 
our most recent sovereign rating review in October 2018, when we upgraded Cyprus 
to 'BBB-'/Stable. The upgrade reflected a strong fiscal performance and 
favourable debt dynamics as well as declining contingent liabilities.

 /iframe 

The 3Q18 decrease was mainly driven by the transfer to Cyprus Asset Management 
Company (KEDIPES) of Cyprus Cooperative Bank's (CCB) EUR5.7 billion NPEs 
portfolio, as well as sales of loans, reclassification of restructured loans as 
performing, debt-to-asset swaps, write-offs and loan repayments, according to 
the central bank. The NPE ratio previously declined from 44% at end-2017 (one of 
the highest among Fitch-rated sovereigns) due to the securitisation of 
EUR2.7billion gross NPEs by Bank of Cyprus - the country's first large-scale NPE 
securitisation. 

Improving the overall health of banks by lowering NPEs reduces contingent 
liabilities stemming from the sector. Some costs to the sovereign have already 
been realised - for example when EUR3.19 billion of government bonds were placed 
into CCB to facilitate the sale of performing assets to Hellenic Bank (HB), 
causing a one-off increase in debt-to-GDP last year. Additional fiscal costs 
could arise from the government-guaranteed Asset Protection Scheme covering 
unexpected losses on EUR2.6 billion of the assets acquired by HB (an independent 
assessment has estimated that actual losses could amount to EUR155 million). 

Cyprus's banking sector is still burdened by a high stock of problem assets 
(average NPL ratios in EU members are around 4%), weighing on banks' 
profitability and internal capital generation as well as on capital at risk from 
unreserved NPEs. Further clean-ups would free up capital to support new lending. 


Various factors could support further NPE reduction. A supportive economic 
environment along with increased institutional investor appetite for Cypriot 
distressed assets could encourage more securitisations. Measures introduced in 
July 2018, in particular a more efficient foreclosure framework, could also help 
sustain momentum in the decline of NPEs, although its effectiveness is still not 
fully tested. The authorities estimate that the ESTIA scheme to incentivise 
repayment of NPLs secured on primary residences, set to become operational in 
early 2019, could reduce NPEs in the banking sector by EUR2 billion-EUR2.5 
billion, out of EUR3.4 billion of eligible loans. 

Although it is declining fast, high private-sector debt (215% of GDP in 3Q18 
excluding special purpose entities, of which slightly more than half was 
corporate debt) is another drag on the economy and a constraint on credit 
growth. The macroeconomic backdrop should bolster further private sector 
deleveraging as well as NPE resolution. A dynamic labour market, a pick-up in 
residential property prices, wage increases, and the ESTIA scheme may foster 
repayments. 

Prudent fiscal policy has created some headroom to absorb additional banking 
sector-related costs (such as ESTIA-related subsidies), should they arise. 
Cyprus recorded an estimated fiscal surplus of 2.9% of GDP in 2018 and the 2019 
Draft Budgetary Plan forecasts a headline fiscal surplus of 3.1% and a primary 
surplus of 5.6%. Fiscal surpluses and the robust economic recovery have led to a 
fast decline in gross general government debt, despite the one-off increase in 
2018.

Contact: 

Marina Stefani

Associate Director, Sovereigns

+44 20 3530 1809

Fitch Ratings Limited

30 North Colonnade

London E14 5GN

Michele Napolitano

Senior Director, Sovereigns

+44 20 3530 1882 

Mark Brown

Senior Director, Fitch Wire

+44 20 3530 1588

Media Relations: Louisa Williams, London, Tel: +44 20 3530 2452, Email: 
louisa.williams@fitchratings.com.

The above article originally appeared as a post on the Fitch Wire credit market 
commentary page. The original article can be accessed at www.fitchratings.com. 
All opinions expressed are those of Fitch Ratings.

Related Research 

Cyprus

https://www.fitchratings.com/site/re/10050300

Fitch Ratings 2019 Outlook: Western Europe Sovereigns

https://www.fitchratings.com/site/re/10052467

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19.55ZM16.35 14H19.75Q19.875 13.5 19.938 13.012Q20 12.525 20 12Q20 11.475 19.938 10.988Q19.875 10.5 19.75 10H16.35Q16.425 10.5 16.462 10.988Q16.5 11.475 16.5 12Q16.5 12.525 16.462 13.012Q16.425 13.5 16.35 14Z"></path></g></svg><stk-cookie-preferences></stk-cookie-preferences></div><script id="__NEXT_DATA__" type="application/json">{"props":{"pageProps":{"pageData":{"siteUrl":"https://www.stockopedia.com","imagesUrl":"https://securities-images.stockopedia.com","selectedNavIndex":3,"reportName":"News Story"},"env":{"apiUrl":"https://api.growth.stockopedia.com"},"title":"HELLENIC BANK PCL | Fitch Ratings: NPE Fall Reduces Cyprus Sovereign Contingent 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Includes bank holding companies."}],"stockTicker":"HB","ticker":"HB","updatedAt":"2025-06-28T20:03:50.675Z","version":0,"dividendReport":{"dividends":[]}},"article":{"title":"Fitch Ratings: NPE Fall Reduces Cyprus Sovereign Contingent Liabilities","content":"\u003cpre style=\"font-family: monospace; white-space: pre-wrap; word-break: break-word; line-height: 1.4;\"\u003e\n(The following statement was released by the rating agency)\n\n\nFitch Ratings-London-February 08: The decline in Cypriot banks' non-performing \nexposures (NPEs) significantly reduces contingent liabilities to the sovereign, \nFitch Ratings says. Nevertheless, the banking sector remains weak and further \nNPE reductions will partly depend on the effective use of legal tools adopted in \n2018. \n\nData released by the Central Bank of Cyprus in January showed that NPEs fell to \nEUR11 billion at end-3Q18, or 32% of total gross facilities, from EUR16.6 \nbillion (40%) at end-1H18. This is broadly consistent with our expectation at \nour most recent sovereign rating review in October 2018, when we upgraded Cyprus \nto 'BBB-'/Stable. The upgrade reflected a strong fiscal performance and \nfavourable debt dynamics as well as declining contingent liabilities.\n\n\u003ciframe \nsrc=\"https://e.infogram.com/8531c1cd-895a-4b43-940f-25a7a600881a?src=embed\" \ntitle=\"FW Cyprus NPEs Feb 2019\" width=\"650\" height=\"626\" scrolling=\"no\" \nframeborder=\"0\" style=\"border:none;\" allowfullscreen=\"allowfullscreen\"\u003e /iframe \n\nThe 3Q18 decrease was mainly driven by the transfer to Cyprus Asset Management \nCompany (KEDIPES) of Cyprus Cooperative Bank's (CCB) EUR5.7 billion NPEs \nportfolio, as well as sales of loans, reclassification of restructured loans as \nperforming, debt-to-asset swaps, write-offs and loan repayments, according to \nthe central bank. The NPE ratio previously declined from 44% at end-2017 (one of \nthe highest among Fitch-rated sovereigns) due to the securitisation of \nEUR2.7billion gross NPEs by Bank of Cyprus - the country's first large-scale NPE \nsecuritisation. \n\nImproving the overall health of banks by lowering NPEs reduces contingent \nliabilities stemming from the sector. Some costs to the sovereign have already \nbeen realised - for example when EUR3.19 billion of government bonds were placed \ninto CCB to facilitate the sale of performing assets to Hellenic Bank (HB), \ncausing a one-off increase in debt-to-GDP last year. Additional fiscal costs \ncould arise from the government-guaranteed Asset Protection Scheme covering \nunexpected losses on EUR2.6 billion of the assets acquired by HB (an independent \nassessment has estimated that actual losses could amount to EUR155 million). \n\nCyprus's banking sector is still burdened by a high stock of problem assets \n(average NPL ratios in EU members are around 4%), weighing on banks' \nprofitability and internal capital generation as well as on capital at risk from \nunreserved NPEs. Further clean-ups would free up capital to support new lending. \n\n\nVarious factors could support further NPE reduction. A supportive economic \nenvironment along with increased institutional investor appetite for Cypriot \ndistressed assets could encourage more securitisations. Measures introduced in \nJuly 2018, in particular a more efficient foreclosure framework, could also help \nsustain momentum in the decline of NPEs, although its effectiveness is still not \nfully tested. The authorities estimate that the ESTIA scheme to incentivise \nrepayment of NPLs secured on primary residences, set to become operational in \nearly 2019, could reduce NPEs in the banking sector by EUR2 billion-EUR2.5 \nbillion, out of EUR3.4 billion of eligible loans. \n\nAlthough it is declining fast, high private-sector debt (215% of GDP in 3Q18 \nexcluding special purpose entities, of which slightly more than half was \ncorporate debt) is another drag on the economy and a constraint on credit \ngrowth. The macroeconomic backdrop should bolster further private sector \ndeleveraging as well as NPE resolution. A dynamic labour market, a pick-up in \nresidential property prices, wage increases, and the ESTIA scheme may foster \nrepayments. \n\nPrudent fiscal policy has created some headroom to absorb additional banking \nsector-related costs (such as ESTIA-related subsidies), should they arise. \nCyprus recorded an estimated fiscal surplus of 2.9% of GDP in 2018 and the 2019 \nDraft Budgetary Plan forecasts a headline fiscal surplus of 3.1% and a primary \nsurplus of 5.6%. Fiscal surpluses and the robust economic recovery have led to a \nfast decline in gross general government debt, despite the one-off increase in \n2018.\n\nContact: \n\nMarina Stefani\n\nAssociate Director, Sovereigns\n\n+44 20 3530 1809\n\nFitch Ratings Limited\n\n30 North Colonnade\n\nLondon E14 5GN\n\nMichele Napolitano\n\nSenior Director, Sovereigns\n\n+44 20 3530 1882 \n\nMark Brown\n\nSenior Director, Fitch Wire\n\n+44 20 3530 1588\n\nMedia Relations: Louisa Williams, London, Tel: +44 20 3530 2452, Email: \nlouisa.williams@fitchratings.com.\n\nThe above article originally appeared as a post on the Fitch Wire credit market \ncommentary page. The original article can be accessed at www.fitchratings.com. \nAll opinions expressed are those of Fitch Ratings.\n\nRelated Research \n\nCyprus\n\nhttps://www.fitchratings.com/site/re/10050300\n\nFitch Ratings 2019 Outlook: Western Europe Sovereigns\n\nhttps://www.fitchratings.com/site/re/10052467\n\nALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. \nPLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:  \nHTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING \nDEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S \nPUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND \nMETHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF \nCONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, \nAND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF \nCONDUCT SECTION OF THIS SITE. 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Fitch \nconducts a reasonable investigation of the factual information relied upon by it \nin accordance with its ratings methodology, and obtains reasonable verification \nof that information from independent sources, to the extent such sources are \navailable for a given security or in a given jurisdiction. The manner of Fitch's \nfactual investigation and the scope of the third-party verification it obtains \nwill vary depending on the nature of the rated security and its issuer, the \nrequirements and practices in the jurisdiction in which the rated security is \noffered and sold and/or the issuer is located, the availability and nature of \nrelevant public information, access to the management of the issuer and its \nadvisers, the availability of pre-existing third-party verifications such as \naudit reports, agreed-upon procedures letters, appraisals, actuarial reports, \nengineering reports, legal opinions and other reports provided by third parties, \nthe availability of independent and competent third- party verification sources \nwith respect to the particular security or in the particular jurisdiction of the \nissuer, and a variety of other factors. Users of Fitch's ratings and reports \nshould understand that neither an enhanced factual investigation nor any \nthird-party verification can ensure that all of the information Fitch relies on \nin connection with a rating or a report will be accurate and complete. \nUltimately, the issuer and its advisers are responsible for the accuracy of the \ninformation they provide to Fitch and to the market in offering documents and \nother reports. In issuing its ratings and its reports, Fitch must rely on the \nwork of experts, including independent auditors with respect to financial \nstatements and attorneys with respect to legal and tax matters. Further, ratings \nand forecasts of financial and other information are inherently forward-looking \nand embody assumptions and predictions about future events that by their nature \ncannot be verified as facts. As a result, despite any verification of current \nfacts, ratings and forecasts can be affected by future events or conditions that \nwere not anticipated at the time a rating or forecast was issued or affirmed. \n\nThe information in this report is provided \"as is\" without any representation or \nwarranty of any kind, and Fitch does not represent or warrant that the report or \nany of its contents will meet any of the requirements of a recipient of the \nreport. A Fitch rating is an opinion as to the creditworthiness of a security. \nThis opinion and reports made by Fitch are based on established criteria and \nmethodologies that Fitch is continuously evaluating and updating. Therefore, \nratings and reports are the collective work product of Fitch and no individual, \nor group of individuals, is solely responsible for a rating or   a report. The \nrating does not address the risk of loss due to risks other than credit risk, \nunless such risk is specifically mentioned. 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Fitch receives fees from issuers, insurers, guarantors, other \nobligors, and underwriters for rating securities. Such fees generally vary from \nUS$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In \ncertain cases, Fitch will rate all or a number of issues issued by a particular \nissuer, or insured or guaranteed by a particular insurer or guarantor, for a \nsingle annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 \n(or the applicable currency equivalent). The assignment, publication, or \ndissemination of a rating by Fitch shall not constitute a consent by Fitch to \nuse its name as an expert in connection with any registration statement filed \nunder the United States securities laws, the Financial Services and Markets Act \nof 2000 of the United Kingdom, or the securities laws of any particular \njurisdiction. Due to the relative efficiency of electronic publishing and \ndistribution, Fitch research may be available to electronic subscribers up to \nthree days earlier than to print subscribers. \n\nFor Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd \nholds an Australian financial services license (AFS license no. 337123) which \nauthorizes it to provide credit ratings to wholesale clients only. Credit \nratings information published by Fitch is not intended to be used by persons who \nare retail clients within the meaning of the Corporations Act 2001\n\nFitch Ratings, Inc. is registered with the U.S. Securities and Exchange \nCommission as a Nationally Recognized Statistical Rating Organization (the \n\"NRSRO\"). While certain of the NRSRO's credit rating subsidiaries are listed on \nItem 3 of Form NRSRO and as such are authorized to issue credit ratings on \nbehalf of the NRSRO (see https://www.fitchratings.com/site/regulatory), other \ncredit rating subsidiaries are not listed on Form NRSRO (the \"non-NRSROs\") and \ntherefore credit ratings issued by those subsidiaries are not issued on behalf \nof the NRSRO. However, non-NRSRO personnel may participate in determining credit \nratings issued by or on behalf of the NRSRO\n\u003c/pre\u003e","date":"08/02/2019 13:19","slug":"fitch-ratings-npe-fall-reduces-cyprus-sovereign-contingent-liabilities-019e6b93-1750-7d5a-8233-a41eab01e727"},"news":[{"title":"Brief: Eurobank Completes Acquisition Of Additional 37.5% Stake In Hellenic Bank","date":"11/02/2025 08:02","link":"brief-eurobank-completes-acquisition-of-additional-37-5-stake-in-hellenic-bank-019e6dcd-4e5a-7e73-ac43-337847897f54"},{"title":"Brief: Eurobank To Acquire 24.659% In Hellenic Bank For Around EUR 493 Million","date":"25/11/2024 07:38","link":"brief-eurobank-to-acquire-24-659-in-hellenic-bank-for-around-eur-493-million-019e6dbc-cdfd-71cc-bb24-0899f08aee7f"},{"title":"Time to be selective on Greek banks as lower interest rates loom, MS says","date":"18/11/2024 07:21","link":"time-to-be-selective-on-greek-banks-as-lower-interest-rates-loom-ms-says-019e6dbb-4ba5-7279-8653-b5716dcbd44c"},{"title":"Brief: Hellenic Bank's 9-Month Net Interest Income Up 20% YoY To EUR 455.6 Million","date":"06/11/2024 11:21","link":"brief-hellenic-bank-apos-s-9-month-net-interest-income-up-20-yo-y-to-eur-455-6-million-019e6db8-06e4-7bf2-b973-7781fe0b25e7"},{"title":"Eurobank raises stake in Hellenic Bank, submits mandatory bid","date":"04/06/2024 12:24","link":"eurobank-raises-stake-in-hellenic-bank-submits-mandatory-bid-019e6d92-858a-797f-9b78-8a3b82b88dc7"}]},"__N_SSP":true},"page":"/news-article","query":{},"buildId":"YAtFkaWH2qurZBAs9UVhr","assetPrefix":"/sr-assets","runtimeConfig":{"name":"stockreports-app","environment":"stockreports-app","publicApiUrl":"https://api.account.stockopedia.com","publicSiteApiUrl":"https://www.stockopedia.com","searchApiUrl":"https://api.growth.stockopedia.com/v1/search","gtmId":"GTM-MPK5B9VZ","intercomId":"cpru3iqc","accountsUrl":"https://account.stockopedia.com","reportViewLimit":"3","activeCampaign":"cardless"},"isFallback":false,"gssp":true,"customServer":true,"locales":["en-gb","en-au"],"scriptLoader":[]}</script></body></html>