By its announcement dated December 19th, 2019, Eurobank Ergasias S.A. (“Eurobank”) informed the investment community of its intention the securitisation under the code name Cairo (“Cairo”), amounting to €7.5 billion in total, to opt-in to the Hellenic Asset Protection Scheme HERCULES.
Cairo is consisted of three (3) securitizations of different size and with different types of loan claims, namely the Cairo I, II & III.
Following the above, Eurobank announces today that, having met all the relevant requirements, it has submitted to the Ministry of Finance two (2) applications pursuant to Law 4649/2019 (Government Gazette A’ 206/16.12.2019) for opting-in to HERCULES programme of the Cairo I and Cairo II securitisations. The applications relate to the provision of guarantee by the Greek State on senior notes amounting to €1,655 million in total.
The application for Cairo III will follow in the coming weeks.
Cairo securitization is the first securitization of non-performing exposures (NPEs) in Greece for which an application for opting-in to the HERCULES program is submitted. Together with the Pillar securitization, which completed in 2019, they are the first securitisation of NPEs in Greece and considered key components of Eurobank’s front-loaded strategy aiming at reducing the NPEs ratio to 15% area in the first quarter of 2020.