스톡 옵션 12973

IBEF 상파울루.

Comissão de Tributos는 주식 매매 선택권이 스톡 옵션을 결정합니다.

사진 : Mario Palhares / IBEF SP.

조세형 평국은 2015 년 5 월 1 일부터 2015 년 5 월 31 일까지 스톡 옵션을 요구할 수 있습니다. 인종 차별 정책, 인종 차별 정책, 인종 차별 정책, 인종 차별 철폐 정책

적합성, 효과 성 및 기능성을위한 혁신적인 기술은 Fisco의 혁신과 발전을 촉진합니다.

Dar maior visibilidade은 (는) 다음과 같은 행사에 집중적으로 관련되어 있습니다. 마르셀로 비에이라 (Marcelo Vieira)는 다우 지수 (Tributos de Dow)로 파리에서의 경쟁 우위를 점했습니다.

"Queremos fomentar는 비자 면제 프로그램에 대한 정보를 제공하고, 비자 면제 프로그램에 대한 정보를 제공하며, 비자 면제 프로그램에 대한 정보를 제공하며, 비자 면제 프로그램에 대한 정보를 제공합니다.

Palestrante convidado, Marcel Cordeiro, PwC에 대한 특별 행정구, Direc Trributario에 대한 정보, 주식 선택권에 관한 정보, 주식 시장에 대한 유용한 정보 등이 포함되어 있습니다.

Segundo Cordeiro, 더 나은 평판을 가진 사람들의 이야기. 상원 의원 (상원 의원), 상원 의원 (상원 의원), 상원 의원의 상원 의원 (상원 의원). 콘돌도, 평행선, 평평한 평원, 평평한 평평한 평행선, 평평한 증표는 최근에 논의되지 않았다.

정교한 성격, 특별한 성격, 성격, 성격, 성격. 짝을 지어 모여 사는 여성들은 평생 동안 평등 한 기회가 될 수 있습니다 - 즉, 포루투갈은 타당한 인과 관계를 구축 할 수 있습니다.

다음 항목을 선택하십시오 :

& # 8211; Risco : 토공사는 대기실에 있습니다. 유능한 tanto pode ganhar como perder dinheiro. Portanto, todo movimento que and empresa fizer para mitigar oscisco para o funcionário, aproximará plano da natureza salarial, explicou Cordeiro. 예를 들어, 다음과 같은 사례를들 수 있습니다.

& # 8211; Onerosidade : Cobrar 펠로 플라 노 드 ações 중요합니다. 당신이 진짜 남자 또는 여자 친구, 남자 친구, 남자 친구, 남자 친구, 남자 친구, 남자 친구, 남자 친구, 남자 친구, 남자 친구, 남자 친구, 남자 친구, 남자 친구, 남자 친구. 기자 회견은 20 %가 넘지 않습니다.

& # 8211; 자발적으로 : 당신은 평소와는 다르게 자신의 목표를 달성 할 수 있습니다. 명예의 전당은 총리의 직책을 맡을 수있는 권한을 가지며, 정식은 예비 선거가 될 수 있으며, 정당은 예비 선거가 아니며 예비 선거가 가능합니다. Portanto, 성 평야의 성격에 관한 계획.

& # 8211; Contraprestatividade : 대퇴골 두근 대퇴골과 대퇴골 두 개의 대퇴골 두 개의 대퇴골 두 개의 대퇴골 두 개의 대퇴골 두 개의 대퇴골 두 개의 골격이있다.

& # 8211; Habitualidade : 섹스 컨셉트. "코데로 관측통은"관측통은 관례에 따라 달라질 수있다 "고 말했다. 습관성 - 최후의 결과 - 자연을 보호하는 성격.

& # 8211; 자물쇠를 채우십시오. 네임 스페이스, 스톡 모드 및 팬텀 스톡 옵션 등이 포함될 수 있습니다. 프로페셔널 한 옵션은 프로페셔널이 아니며, 플라스크 그랑프리는 샐러리맨이 될 수 있습니다.

& # 8211; 조끼 : Tempo de espera. 본질적으로 중재자와 상응하는 인물은 자연 재해로 간주됩니다. 여성 의상은 남성과 여성 모두에게 5 점을줍니다. 늙은이들, 여자들, 여자들, 여자들을위한 성격에 관한 이야기들.

법학부는 국회의원들에 의해 결정된 기준을 충족시키지 못하면서 도덕적 인 결과를 도출하지 못하도록한다. 더할 나위없이 즐거운 시간 보내십시오. Por isso, todo cuidado에 대한 필요성은 quaso se estár esturuturando os planos de ações. 현재 존재하는 리사이도!

그 (것)들에있는 브라질 카지노, 브라질, 브라질, 브라질, 브라질, 브라질, 브라질, 브라질, 브라질, 브라질, 2006 년 3 월 1 일부터 3 일까지의 스톡홀름에서 주식 매매 옵션과 주식 매수 선택권에 관한 정보를 제공합니다.

다시 말하자면, 마닐라와 마리아는 마침내 마지막으로 결정될 것이고, 마드리드는 마드리드가 될 것입니다 : 지역 사회 계획, 지역 사회 계획, 지방 자치 단체 계획, 지방 자치 단체 계획, ea onerosidade (에스토니아어 : Ελληνικά)

탐사선은 탐험가들이 탐험가가 탐험가로서 탐험가가 탐험가로서 탐험가가 될 수있는 스톡 옵션을 제공 할 수있는 스톡 옵션으로 결정될 수있다.

12.973 / 2014 년 12 월 12 일, 12 월 3 일, 12 월 3 일, 12 월 3 일, 연방 정부와 연방 정부는 연방 준비 제도 이사회의 위원장으로 선임 공무원 명단을 제출했으며, 이 법안은 연방 준비 은행에 송금한다. 아테네 순간, 그전에는 준비가 필요하지 않습니다.

Fica, então, Marcel Cordeiro에게 경고합니다. 재무부의 견해를 밝힙니다, 정보는 정보를 신속하게 수집 할 수 있도록 도와줍니다. 주식 매입 선택권은 스톡 옵션과 관련이 있습니다. "라고 말하면서, 당신은 자신의 능력을 충분히 발휘할 수있을 것이라고 생각했다. Para que, ao final, 그저 큰 성공을 거둘 수있는 기회가 될 것입니다. "

Comissão de Tributos에서 공유 할 수 있습니다.

마르셀로 비에이라 (Marcelo Vieira) 토요타의 열정과 열정은 Comissão Tributária와 토론의 장이되었습니다.

자신의 선택에 따라 참가자들과 협의회를 구성 할 수 있습니다. "Queremos terum은 시간을 재정비하고 시간을 절약합니다. 이벤트는, 대화를 나누거나 대화를 나누기 위해 토론 할 수 있습니다. "결론을 내립니다.

Av. Presidente Juscelino Kubitschek 1726, Cj. 151

시장 통찰력 블로그.

옵션을 A에서 Z로 바꾸는 방법, 일반 영어로 설명.

특성 및 위험 표준 옵션. 저희 사이트에서 제공되는 제품을 사용하면 서비스 약관에 동의하게됩니다.

저작권 및 사본; 2007-2017 년 Davos Investments LLC. 판권 소유.

MarketTamer는 투자 자문가가 아니며 미국 증권 거래위원회 (SEC) 또는 금융 산업 규제 당국에 등록되지 않았습니다. 또한 MarketTamer의 소유자, 직원, 대리인 또는 대리인은 투자 자문가가 아니며 미국 증권 거래위원회 (SEC) 또는 금융 산업 규정에 등록되어 있지 않을 수 있습니다.

이 회사는 이에 언급되거나 권장되는 회사 또는 단체의 제품, 관행 또는 절차에 대해 어떠한 진술이나 보증도하지 않으며 해당 회사 또는 회사가 해당 법률 및 규정을 준수 함과 관련하여 진술하거나 보증하지 않으며, SEC 또는 CFTC가 공표 한 규정 이 발송인은 여기에 언급되거나 추천 된 회사 또는 단체가 제공 한 제품 또는 서비스 판매로 인한 수익금의 일부를받을 수 있습니다. 수취인은 전술 한 회사 또는 법인에 대해 자체 실사를 수행 할 책임이 있으며 책임을 전적으로 책임지고 본인이 언급하거나 추천 한 회사 또는 단체의 구매 또는 주문에 대해 책임을지지 않습니다.

MarketTamer 웹 사이트, 제품 또는 커뮤니케이션의 컨텐츠는 교육 목적으로 만 제공됩니다. 제품, 서비스 또는 커뮤니케이션의 어떠한 내용도 보안을 구매하거나 판매하기위한 권유 및 / 또는 권장으로 해석되어서는 안됩니다. 트레이딩 주식, 옵션 및 기타 증권은 위험을 동반합니다. 유가 증권의 손실 위험이 상당 할 수 있습니다. 주식, 옵션 및 기타 증권 거래와 관련된 위험은 모든 투자자에게 적합하지 않습니다. 옵션을 매매하기 전에 투자자는 자신의 개인 재무 상황을 평가하고 모든 관련 위험 요소를 고려해야합니다. 참조 : 표준화 된 옵션의 특성 및 위험. MarketTamer 교육 교육 프로그램 및 소프트웨어 서비스는 재무 이해를 향상시키기 위해 제공됩니다.

이 사이트에 제공된 정보는 투자 결정의 유일한 근거로 사용되도록 의도 된 것이 아니며 특정 투자자의 투자 요구를 충족하도록 고안된 조언으로 해석되어서는 안됩니다. 우리 연구의 어떤 것도 법률, 회계 또는 세무 자문 또는 개별 맞춤형 투자 자문을 구성하지 않습니다. 우리의 연구는 일반적인 유통을 위해 준비되었으며, 개인의 재정적 상황과 그것에 접근 할 수있는 사람들의 목적에 상관없이 준비되었습니다. 우리의 연구는 신뢰할 수 있다고 믿는 출처를 기반으로합니다. 그러나 우리는 연구의 정확성, 완전성 또는 정확성에 대해 명시 적이거나 묵시적인 어떠한 진술이나 보증도하지 않으며 연구 결과를 통해 얻을 수있는 결과에 대한 보증이나 약속을하지 않습니다. 법이 허용하는 한도 내에서 우리, 계열사 또는 기타 다른 사람도 직접적, 간접적, 결과적, 부수적 또는 기타로 인해 발생한 손실이나 비용에 대해 어떠한 사람에게도 책임을지지 않습니다 어떤 방식 으로든 우리의 연구 또는 여기에 포함 된 정보를 사용하거나 의존하는 행위. 일부 토론에는 현재 기대치에 기초한 미래 예측 진술이 포함될 수 있으며 차이점이 예상 될 수 있습니다. 견적, 의견 및 정보가 포함 된 당사의 모든 연구는 연구 결과의 발표 또는 기타 보급 시점에 대한 당사의 판단을 반영하며 사전 통보없이 변경 될 수 있습니다. 또한, 우리는 그러한 연구를 업데이트 할 책임을 명시 적으로 포기합니다. 투자에는 상당한 위험이 따른다. 과거 실적은 미래의 결과를 보장하지 않으며 원래 자본의 손실이 발생할 수 있습니다. 우리의 연구를 수령하거나 액세스하는 사람은 누구나 먼저 자신의 개인 재정 고문과상의하고 해당되는 안내서, 보도 자료, 보고서 및 기타 공개 자료를 면밀히 검토하는 등의 조사를하지 않고 투자 결정을 내려야합니다. 고려중인 유가 증권의 발행자. 제시된 정보 중 어느 것도 특정 보안을 판매하거나 구매하는 제안으로 해석되어서는 안됩니다. 항상 그렇듯이 투자 할 때 최선의 판단을 사용하십시오.

바이너리 옵션 원터치 신호.

옵션에 대한 최고의 중개 계정.

스톡 옵션 12973.

이 쉘 회사 보고서가 필요한 이벤트 날짜. 등록자가 큰 가속화 된 파일러, 가속화 된 파일러 또는 가속화되지 않은 파일러인지 여부를 체크하여 표시하십시오. 등록자가이 서류에 포함 된 재무 제표를 준비하는 데 사용한 회계의 기준을 확인 표시하여 : 이전 질문에 대한 응답으로 "기타"가 확인 된 경우, 등록자가 선택한 재무 제표 항목에 체크 표시를하십시오 : 역사적으로 그리스 법률은 은행이 전통적인 예금 및 대출 기능 이외의 금융 서비스 활동에 직접적으로 참여하는 것을 금지했습니다.

따라서 특정 유형의 금융 서비스를 제공하기 위해 그리스에 전문 금융 기관이 설립되었습니다. 고객에게 여러 금융 서비스를 제공하려는 그리스 은행은 은행의 다양한 금융 서비스 회사 통합 그룹에 속한 여러 전문 기관을 설립 할 것입니다. 이 역사적 관행의 결과로 오늘날 그리스 금융 서비스 부문은 주요 은행 주위에 설립 된 일련의 전문 회사가 특징입니다.

이 연차 보고서에서 은행 및 연결 자회사는 집합 적으로 "NBG 그룹"또는 "그룹"으로 언급됩니다.

본 연례 보고서에서 "우리", "당사"또는 "당사"에 대한 모든 언급은 상황에 따라 은행 또는 NBG 그룹 전체에 적용됩니다. 통화 및 재무 제표 프리젠 테이션. NBG 그룹은 많은 국가에서 운영되며 많은 돈을 벌고 다양한 통화로 지불합니다. 편의를 위해이 연례 보고서에는 U 자로의 특정 유로 금액에 대한 번역이 포함되어 있습니다. 이는 편의를위한 번역 일 뿐이며 실제로 유로 금액이 명시된 U를 나타내는 것은 아닙니다.

이 연례 보고서에서는 유로화의 번역이 남아프리카 공화국 랜드, 키프로스 파운드, 마케도니아 디나르, 불가리아어 레바, 루마니아어 lei, 세르비아 디나르 및 터키 리라의 U 로의 번역과 같은 편의 번역이 가능합니다.

아래 표는 유로와 U 사이의 가장 높은 환율과 가장 낮은 환율을 설정합니다. 다음 표는 유로와 U 간의 평균 환율을 나타낸 것입니다. 다음 환율은 미국 달러화에 대한 정오표 매수의 평균을 사용하여 계산되었습니다. 유로는 지난 5 년 동안의 매월 마지막 날에 지급됩니다.

미래 예측 진술에 관한 특별 참고. 이 연차 보고서에는 미래 예측 진술이 포함됩니다. 그러한 진술은 일반적으로 "믿는다", "기대한다", "할 수있다", "해야한다", "해야한다", "할 수있다", "할 수있다", "계획을 세웠다", "예상한다"등의 용어를 사용하여 식별 할 수있다. 용어 및 그러한 용어의 제외 어. 본 성격 상 미래 예측 진술에는 위험과 불확실성이 관련되어 있으며, 본 연례 보고서의 미래 예측 진술 문맥에 기술 된 요소로 인해 실제 결과 및 진전이 미래 지향적 인 것으로 표현되거나 암시 된 것과 크게 다를 수 있습니다 진술.

우리는 미래의 사건에 대한 우리의 현재 기대치 및 전망에 대한 미래 예측 진술을 기반으로합니다. 이 미래 예측 진술은 다른 무엇보다도 그룹에 대한 위험, 불확실성 및 가정에 영향을받습니다. 우리는 새로운 정보, 미래의 사건 또는 기타 이유로 인해 미래 예측 진술을 공개적으로 업데이트하거나 수정할 의무를지지 않습니다. .

이러한 위험, 불확실성 및 가정에 비추어 본 연례 보고서에서 논의 된 미래 지향적 인 사건은 발생하지 않을 수 있습니다. 과거 추세 또는 활동에 관한 모든 진술은 그러한 추세 또는 활동이 장래에 계속 될 것임을 나타내는 것으로 받아 들여서는 안됩니다.

독자는 본 연례 보고서의 날짜 시점에만 당사에 알려진 사실에 근거한 이러한 미래 예측 진술에 과도하게 의존하지 않도록주의해야합니다. 이 재무 제표는 미국에서 일반적으로 인정 된 회계 원칙 "U.

GAAP 재무 제표 "는 본 감사인의 회계 감사 기준에 따라 감사를 받았습니다. 자본 변동을 반영하여 조정 된 주식수는 다음 표에 제시되어 있습니다 : 그리스 법률에 따라 은행은 다음 중 배당금을 지불 할 수 있습니다. 잔여 배당되지 않은 배당금은 특별 준비금으로 이전되어야합니다. 주주 총회는 주주 총회에서 배포되어야합니다.

그러한 모든 금액의 계산은 IFRS에 따라 작성된 은행의 재무 제표를 기초로한다. 위에 설명 된 필수 배당금을 초과하는 배당 가능 이익 분배는 본 연례 보고서에서 언급 한 이사회의 제안에 따라 일반 정족수 및 과반수 투표 요건을 갖춘 주주 총회의 승인을 받아야합니다. "이사회"또는 "이사회".

최종 회계 연도 결산일에 자본 총계가 해당 분배 이후이거나 은행의 자본금과 분배금 총액보다 적 으면 분배가 불가능한 경우 분배가 이루어질 수 없다 그리스 법률 또는 은행의 정관에 따라. 어떠한 경우에도, 배당금은 분배 가능 준비금으로 증가하고, 분배는 주주 총회에서 결정된 바와 같이 허용되며, 전년도에 이월 된 이윤은 이전 회계 연도의 순이익을 초과 할 수 없습니다. 이전 회계 연도의 손실 및 법 또는 은행의 정관에서 요구하는 강제적 준비금.

승인을 받으면 은행의 연차 재무 제표가 승인 된 날로부터 2 개월 이내에 주주에게 배당금을 지불해야합니다. 일반적으로 배당금은 신고 기간 이후에 신고되고 지급됩니다. 다음 표는 해당 기간 동안 은행이 선언 한 실제 배당금과 IFRS 순이익을 기준으로 전년도 당기 순이익의 배당금 비율을 나타냅니다.

은행은 현재 은행의 재무 상태, 투자 프로그램의 자금 수요 및 기타 관련 고려 사항에 따라 위에서 설명한 공식에 따라 배당금을 계속 지급 할 것으로 예상합니다.

제안의 이유와 수익의 사용. 우리 주식 또는 미국 예탁 증권 영수증을 구입하려는 경우 투자 결정을 내리기 전에 아래 명시된 위험 요소를 포함하여이 문서에 포함 된 모든 정보를주의 깊게 읽고 생각해야합니다.

사업과 관련된 위험. 특히 그리스에서의 정치 및 경제 환경의 상태는 우리의 실적에 중대한 영향을 미칩니다. 결과적으로 그리스 경제의 상태는 우리 은행의 주식 시장 가격과 유동성뿐만 아니라 재무 성과에 상당한 영향을 미친다.

점차적으로 우리의 실적은 우리가 운영하는 다른 나라, 특히 터키에서 경제적 상황과 경제 활동의 수준에 영향을받습니다. 결과적으로 경제 침체, 그리스의 조건 악화 또는 기타 그리스에 영향을주는 불리한 변화 경제 또는 우리가 운영하는 다른 주식의 경제는 다른 무엇보다도 높은 이자율을 초래할 수 있습니다. 마지막으로, 글로벌 금융 및 기타 자산 시장의 수준 및 유동성, 투자 심리 및 가용성 및 신용 비용과 같은 세계 경제 상황은 사업, 운영 결과 또는 재무 상태에 악영향을 미칠 수 있습니다.

터키에서의 운영은 특정 거시 경제 및 정치적 위험을 수반합니다. Finansbank A를 인수 한 결과 우리는 중요한 국제 활동을 수행하고 신흥 시장으로 확대하고 있습니다. 그리스와 터키에서의 사업 외에도 불가리아, 루마니아, 마케도니아의 이전 유고 슬라비아 공화국 "FYROM"세르비아 및 기타 개발 도상국에서 실질적인 사업을 수행했습니다.

우리의 국제 사업은 우리가 사업을 영위하고있는 국가에서 정치적, 정부 적 또는 경제적 인 부작용의 위험에 노출되어 있습니다. 또한, 우리가 사업을 영위하고있는 그리스 이외의 국가들 대부분은 특별한 영업 위험에 직면하고있는 신흥 시장입니다.

이러한 요소는 사업, 재무 상태 및 운영 결과에 중대한 영향을 미칠 수 있습니다. 우리의 국제 사업은 또한 우리를 외환 위험에 노출시킵니다. 당사의 국제 자회사가 유로화 가치와 관련하여 수입을 얻거나 자산을 보유하고있는 통화의 가치 하락은 재무 상태 및 영업 실적에 악영향을 미칠 수 있습니다.

우리는 SEE, 동유럽 및 남동부 지중해 지역의 인수를 통해 주로 국제 시장 지위를 확대하기 위해 적극적으로 노력하고 있습니다. 우리는 현재이 지역에서 많은 인수 후보자를 평가하고 있으며 결과적으로 인수와 관련된 위험뿐만 아니라 이머징 마켓의 비즈니스 운영과 관련된 특정 위험에 대해 사업 운영과 주주들이 점점 더 많이 노출 될 것으로 예상합니다.

이자율의 변동성은 순이자 수입에 부정적인 영향을 미칠 수 있으며 기타 불리한 결과를 초래할 수 있습니다. 이자율은 통화 정책 및 국내외 경제 및 정치 상황을 포함하여 우리가 통제 할 수없는 많은 요소에 매우 민감합니다.

어떤 은행과 마찬가지로 시장 금리의 변화는 우리가 이자부 부채에 대해 지불하는 이자율과 다른 방식으로이자 수익 자산에 부과하는 이자율에 영향을 미칠 수 있습니다. 이 차이는 순이자 수입을 감소시킬 수 있습니다. 우리 대출 포트폴리오의 대다수가 5 년 이내에 효과적으로 반복되기 때문에 고객이 높은 이자율 환경에서 재 융자를 할 수없는 경우 이자율 상승은 대출 손실 충당금을 증가시킬 수 있습니다.

또한 금리가 상승하면 대출 수요와 대출 원천이 줄어들 수 있습니다. 반대로 일반적 수준의 금리 하락은 우리 대출 및 모기지 포트폴리오에 대한 선 지불액 증가 및 예금 경쟁 증가를 통해 우리에게 악영향을 미칠 수 있습니다.

마찬가지로, 금리 하락은 모기지 담보 증권 발행, 대차 대조표의 증권화 또는 채무 증권 발행 능력에 영향을 미칠 수 있습니다. 우리의 대출 여백은 줄어들 수 있습니다. 그리스 은행 산업은 역사적으로 다른 EU 국가들에 비해 높은 대출 마진을 누리고 있습니다. 그러나 그리스 경제가 유럽 연합 (EU)의 다른 국가의 경제와 수렴함에 따라 마진은 감소하고있다.

또한 그리스 은행의 금융 서비스 시장 투명성 강화 및 최근 소비자 보호에 관한 법원 판결의 채택은 그리스에서 운영하는 은행에 대한 소비자 대출 및 신용에 관한 마진을 낮출 것으로 예상됩니다. 대출 마진이 추가 하락하면 운영 결과에 부정적인 영향을 미칩니다.

우리는 그리스와 외국 은행들과 상당한 경쟁을하고 있습니다. 규제 완화 12973로 인해 그리스 은행 부문의 경쟁이 치열 해졌습니다. 또한 그리스 은행 간 통합으로 효율성이 향상되고 이러한 결합 된 기관의 자원이 늘어남에 따라 경쟁이 심화되었습니다. 우리는 또한 외국 은행과의 경쟁에도 직면 해 있습니다. 그 중 일부는 우리 회사보다 훨씬 큰 자원을 가지고 있습니다. 우리는 앞으로 국내 및 국제 은행과 성공적으로 경쟁 할 수 없을 수도 있습니다.

터키의 경쟁 환경 변화는 Finansbank의 사업에 부정적인 영향을 미칠 수 있습니다. 기존 경쟁 업체 또는 신규 진입 업체와의 경쟁이 치열 해지면 Finansbank의 시장 점유율이 계속 증가하거나 제한 될 수 있으며 마진 하락 압력을 유발할 수 있습니다. 이로 인해 터키의 전략적 목표를 달성 할 수있는 역량에 부정적인 영향을 미칠 수 있습니다.

동시에 기존 EU 회원국의 경제와의 융합으로 인해 터키의 금리 수준이 하락할 수있어 Finansbank의이자 마진이 감소 할 수 있습니다. 그리스 직원을 줄일 수있는 능력은 제한적입니다. 우리 전략의 일부는 운영을보다 효율적으로 만들어 수익성을 향상시키는 것입니다. 직원을 감축하는이 요소 중 하나를 실현하는 우리의 능력은 그리스 노동법, 회사 단체 협약, 현 고용 규정 및 직원과의 좋은 관계 유지에 대한 제한으로 인해 제한됩니다.

결과적으로, 우리는 직원 삭감을 달성하기 위해 자발적인 잉여 및 감소에 계속 의존 할 것입니다. 우리는 직원 감축 여부를 지속적으로 평가할 것입니다. 그러나 우리는 그러한 삭감을 성공적으로 달성하지 못할 수도 있습니다. 고위 경영진의 상실은 우리의 전략 이행 능력에 부정적인 영향을 줄 수 있습니다. 우리의 현재 고위 경영진에는 우리가 활동하는 은행 부문에서 경영진에게 상당한 경험과 전문성을 제공 할 것으로 생각되는 많은 임원이 포함되어 있습니다.

우리 비즈니스의 지속적인 성공과 비즈니스 전략을 수행하는 능력은 대부분 고위 경영진의 노력에 달려 있습니다. 고위 경영진의 상당 부분이 우리를 떠나는 경우, 우리 사업에 중대한 영향을 미칠 수 있습니다. 우리의 성장은 자격을 갖춘 경험이 풍부한 금융 및 관리 인력을 계속 끌어 들이고 유지하며 동기를 부여 할 수있는 능력에 부분적으로 달려 있습니다.

자격을 갖춘 개인의 이용 가능성이 상대적으로 제한되어 있기 때문에 그리스 및 기타 SEE 은행 산업에서 관련 전문 지식을 갖춘 인력에 대한 경쟁이 치열합니다. 자격을 갖춘 숙련 된 직원을 채용하고 출발 가능성을 최소화하기 위해 관련 노동 시장에서 진화하는 표준과 일치하는 보상 패키지를 제공합니다.

그러나 그리스 및 SEE에서 자격을 갖춘 경험이 풍부한 인력을 채용하고 보유 할 수 없거나 현재 직원을 성공적으로 관리하지 못하면 비즈니스, 재무 상태, 운영 결과 또는 전망에 중대한 부정적인 영향을 미칠 수 있습니다. 우리는 미래의 중요한 연금 및 퇴직 후 급여 부채에 노출 될 수 있습니다.

그리스의 공공 부문에있는 대형 대기업과 마찬가지로 은행의 은행 직원 및 일부 자회사는 직원 관리 연금 제도에 참여합니다. 은행 및 일부 자회사는이 제도에 상당한 기여를합니다.

또한, 우리 은행 및 일부 자회사는 의료 급여 제도를 포함한 퇴직 후 퇴직 급여 제도를 제공하고 있습니다. 그러한 편차는 우리로 하여금 상당한면에서 책임을지게 할 수 있습니다. 은행은 이러한 지불금을 다른 은행에 부과 된 것과 비교하여 불공정하다고 주장하고 모든 법적 권리를 보유하고 있지만 이러한 노력에는 실패 할 수 있습니다.

또한 그리스 정부는 은행 직원 보조 연금 제도가 은행 종업원 "ETAT"의 새로운 보험 기금과 병합되도록 허용하는 법안을 통과 시켰습니다. 관계 법령은 ETAT와 보조 제도의 합병과 관련하여 관련 사업주가이 법에 따라 재무부가 위탁 한 독립적 인 재정 보고서에 의해 결정될 금액으로 ETAT에 지불해야한다고 규정하고있다.

ETAT와의 은행의 종업원 연금 제도의 합병과 관련하여 ETAT에 현저한 현금 지급을 요구할 수 있습니다. 앞에서 언급 한 현행법 및 연금 및 연금 부채 또는 기타 퇴직 후 급여 채무와 관련한 향후 법령의 향후 해석뿐만 아니라 연금 및 퇴직 후 퇴직 급여와 관련하여 은행 또는 자회사의 부채가 증가 할 수있다 그 보험의 보험 수리적 또는 영업 적자를 충당하기위한 기부.

그리스 은행 부문은 파업의 대상이된다. 우리 직원 대부분은 노조에 가입하고 있으며 그리스 은행 업계는 주로 연금과 임금 문제에 관한 파업의 대상이되었습니다. 노동 불안이 장기화되면 그리스 은행 업무에 심각한 악영향을 미칠 수 있습니다. 부실 채권은 우리 사업에 부정적인 영향을 미치며 계속해서 그렇게 할 것입니다.

부적절한 대출은 대략 3을 나타냅니다. 특정 세금 및 법적 고려 사항의 결과로 부실 채권은 일반적으로 대차 대조표에 EU의 다른 은행보다 훨씬 오래 유지됩니다. 당사의 현재 신용 승인 및 모니터링 절차는 차용자의 현금 흐름과 대출 자산의 품질을 개선하고 미래의 대손 충당금을 줄이기위한 상환 능력에 중점을 둡니다. 그러나 이러한 신용 승인 및 모니터링 절차로 인해 향후 불이행이되는 대출 조항이 줄어들 수 있습니다.

부실 채권의 미래 충당 부채는 우리의 영업 실적에 중대한 영향을 미칠 수 있습니다. 또한 세계 경제의 침체로 인해 잠재적으로 부실 채권 비율이 높아질 수 있습니다. 우리는 신용 위험, 시장 위험, 유동성 위험, 운영 위험 및 보험 위험에 노출되어 있습니다. 우리의 활동의 결과로 우리는 다양한 위험에 노출되어 있으며 그 중 가장 중요한 것은 신용 위험, 시장 위험, 유동성 위험, 운영 위험 및 보험 위험입니다.

이를 통제하지 않으면 재무 실적 및 명성에 심각한 악영향을 미칠 수 있습니다. 시장 여건 악화로 인한 자산 평가의 악화는 우리의 미래 수익에 악영향을 미칠 수 있습니다. 최근 몇 년 동안 그리스와 SEE는 소매 및 주택 담보 대출 시장에서 급속한 팽창을 경험했습니다. 이들 국가의 경기가 둔화되거나 실질 이자율이 상승하면 부실 채권이 증가하고 우리의 익스포저의 공정 가치가 크게 변경 될 수 있습니다.

자산 유동화 CDO, 미국의 서브 프라임 모기지 시장 및 레버리지 파이낸싱에 영향을 미치는 최근의 사건들이 보여 주듯이 심각한 시장 상황은 예견하기 어렵고, 발생하는 경우에는 예측하기가 어렵습니다. 또한 시장 변동성의 증가 또는 자산 유동성의 불리한 변화는 특정 자산 및 익스포저를 평가할 수있는 능력을 손상시킬 수 있습니다.

당시 지배적 인 시장 여건을 반영한 미래의 평가는 이러한 자산과 익스포저의 공정 가치에 중요한 변화를 가져올 수 있습니다. 재고가있는 경우, 우리가 궁극적으로 실현 한 가치는 당시 결정된 공정 가치에 달려 있으며 현재 또는 예상 공정 가치와 크게 다를 수 있습니다.

이러한 요인들로 인해 우리는 재무 상태 및 영업 실적에 악영향을 줄 수있는 평가 차손을 인식하거나 손상 차손을 인식하도록 요구할 수 있습니다.

시장 변동 및 변동성으로 인해 당사의 거래 및 투자 활동에 큰 손실을 입을 수 있습니다. 우리는 부채, 통화, 주식 및 기타 시장에서의 거래 및 투자 지위를 유지합니다. 이러한 포지션은 금융 시장 및 기타 시장의 변동성에 의해 악영향을받을 수 있으며 상당한 손실을 초래할 수 있습니다.

변동성은 스왑, 선물, 옵션 및 구조화 상품을 포함한 우리가 사용하는 광범위한 거래 및 헤지 상품에 대한 손실로 이어질 수 있습니다.

우리의 헤징은 손실을 예방하지 못할 수도 있습니다. 우리가 사업에서 다양한 유형의 위험에 노출되는 것을 헤지하기 위해 사용하는 다양한 수단과 전략이 효과적이지 않으면 손실이 발생할 수 있습니다. 우리의 전략 중 상당수는 과거의 거래 패턴 및 상관 관계에 기반합니다. 따라서 예기치 못한 시장 개발은 헤지 전략의 효율성에 부정적인 영향을 줄 수 있습니다.

또한 모든 시장 환경 또는 모든 유형의 위험에 대해 모든 위험 노출을 헤지하지 않습니다. 또한 비효율적 인 위험 회피로 인한 손익이 기록되는 방식에 따라보고 된 이익 변동성이 추가로 발생할 수 있습니다.

정보 시스템의 보안이 중단되거나 보안 위반이 발생하면 업무 및 기타 손실이 발생할 수 있습니다. 우리는 사업을 수행하기 위해 제 3자가 제공 한 통신 및 정보 시스템에 의존합니다. 우리는 그러한 실패 나 중단이 발생하지 않을 것이라는 확신을 줄 수 없으며, 그러한 실패 나 중단이 발생하더라도 적절하게 해결 될 것이라는 확신을 줄 수는 없습니다. 실패 또는 중단이 발생하면 고객 데이터가 손실되고 고객에게 서비스를 제공 할 수 없게되어 명성, 재무 상태 및 운영 결과에 심각한 악영향을 미칠 수 있습니다.

국가 관련 기관은 은행에 중요한 영향을 미칠 수 있습니다. 우리의 정관은 어떤 종류의 주식이나 주주들에게도 특별한 투표권을 제공하지 않으며, 그리스에 대해 은행을 통해 그리스 공화국을 통제 할 수있는 법률이 없습니다. 그러나 주어진 주주 총회에서 모든 주주들의 전체 투표 참여가없는 경우, 주 주주 총회의 소량을 보유하고 있음에도 불구하고이 주 관련 기관은 투표권을 행사할 수 있습니다.

예를 들어, 이사회 구성원 선거에 영향을 미칠 수 있습니다. 미래의 인수는 예기치 않은 손실을 초래할 수 있습니다. 일반적으로 은행 업무를 인수하면 모든 부채와 자산을 취득합니다. 우리의 인수 절차는 인수 전에 회사의 실제 또는 잠재적 부채를 모두 식별하지 못할 수 있으며, 그러한 취득 된 부채로부터 자신을 보호 할 수있는 충분한 배상금을 확보하지 못할 수도 있습니다.

예를 들어 인수 은행이 인수 전에 노출 된 신용 위험 또는 시장 위험의 수준을 파악하고 정확하게 결정하지 못하면 인수 결과에 예기치 않은 손실이 발생할 수 있으며 이는 영업 결과에 심각한 악영향을 미칠 수 있습니다 재정 상태. 우리 산업과 관련된 위험.

은행 업계의 규제가 변화하고 있습니다. 그리스의 은행 산업에 관한 규제는 그리스 법률의 변경에 따라 최근 몇 년 동안 변경되어 주로 적용 가능한 EU 지침을 준수하게되었습니다. 8 월에 새로운 바젤 캐피탈 어코드 "Basel II"의 채택에 관한 EU 지침은 신용 기관의 사업과 투자 회사 및 신용 기관의 자본 적정성과 관련된 그리스 법률에 통합되었습니다.

유럽 ​​연합, 그리스 은행 또는 미국의 규제 이니셔티브의 결과로 미래에 어떤 규제 변화가 부과 될 수 있는지 예측할 수 없습니다. 터키의 은행 규제는 글로벌 변화 및 국제 규제 환경과 병행하여 진화하고 있습니다 . 공식적인 발표는 없지만, 바젤 II에 관한 현지 규정이 내부에 발표 될 것으로 예상됩니다. 은행이 Basel II 표준화 접근법을 준수하도록 요구하는 것은 Basel II 표준화 된 접근법을 채택함으로써 소매 금융에 대한 자본 요구량을 감소시킬 것입니다. 기업 및 상업 대출은 악영향을 미친다.

우리는 바젤 II의 고급 방법에 대한 타이밍을 예측할 수 없습니다. 그러나 우리는 이미 고급 접근법에 필요한 모델을 개발하고 구현하기 위해 작업을 시작했습니다. 잠재적 인 규제 변경으로 인해 추가로 중요한 충당 부채를 준비하거나 준비금을 늘려야하는 경우 이는 재무 상태 나 운영 결과에 악영향을 미칠 수 있습니다.

시장과 관련된 위험. 환율 변동은 우리 주가의 가치에 중요한 영향을 줄 수 있습니다. 아테네 거래소 "ATHEX"에서 거래되는 우리 주가의 시장 가격은 유로화로 표시됩니다. 유로화와 다른 통화 간의 환율 변동은 유로화를 통화로 채택하지 않은 미국 및 기타 국가의 투자자 현지 통화로 인한 은행 주식의 가치에 영향을 미칠 수 있습니다.

또한 우리 주식에 대한 현금 배당금은 유로화로 지급되므로 U를 포함한 투자자의 현지 통화로 환산 할 때 환율 변동이 발생할 수 있습니다. ATHEX는 다른 주요 거래소보다 유동성이 낮습니다. 우리 주식의 주요 거래 시장은 ATHEX입니다.

ATHEX는 서유럽과 미국의 주요 주식 시장보다 덜 유동적입니다. 결과적으로 ATHEX에 대한 이전 거래 기록을 바탕으로 주주들이 주식의 과거 실적을 평가하는 데 어려움을 겪을 수 있습니다. 우리는 주식 시장의 미래 유동성에 대해 확신 할 수 없습니다. 우리 주가는 변동성이 있고 계속 될 수도 있습니다.

우리 주식의 시장 가격은 과거에는 변동성이 있었고, 많은 요인들이 우리의 통제 범위를 벗어났습니다. 이러한 요소에는 다음이 포함됩니다. 선제 권리 행사는 미국에 제공되지 않을 수 있습니다.

그리스 법과 협회 정관에 따르면, 새로운 주식 발행 이전에 기존 주식 보유자에게 기존 소유권 비율을 유지하기에 충분한 수량의 주식을 지불하고 선결제를받을 권리를 제공해야합니다. 이러한 선점 권은 일반적으로 관련 상품에 대한 권리 거래 기간 동안 양도가 가능하며 ATHEX에서 거래 될 수 있습니다.

또한, 은행의 비례 지분은 희석 될 것입니다. 회사의 역사와 발전. 은행의 본사와 등록 된 사무실은 그리스, 아테네 86 Eolou Street에 있습니다. 그 기간 동안 우리 사업은 NBG 그룹으로 구성된 대규모의 다양한 금융 서비스 그룹으로 확장되었습니다. 그리스의 중앙 은행 인 그리스 은행이 상업 은행 업무 이외에 설립 될 때까지는 그리스에서 통화 발행을 담당했습니다.

12 월에이 은행은 은행의 과반수 소유 자회사 인 투자 은행 인 "ETEBA"의 투자 및 산업 개발을위한 국가 은행의 운영을 완전히 인수하고 통합했습니다. 은행은 유기적 성장을 통해 확장하고 인수, 합작 투자 및 파트너십 기회가 발생할 때이를 지속적으로 평가할 것입니다.

이 전략에 따라 SEE에서 우리의 입지를 넓혔습니다. 10 월에는 루마니아의 Banca Romaneasca를 인수했으며 루마니아 자동차 임대 회사 인 Eurial과 다른 그리스 은행에서 인수 한 Alpha Romania Insurance를 인수했습니다.

2 월에 자회사 인 NBG Canada를 처분했으며 4 월에는 성숙한 시장에서 벗어나 신흥 시장에 집중하기위한 전략에 따라 자회사 인 Atlantic Bank of New York을 처분했습니다. 우리는 지금까지 최대 규모의 국제 인수를 수행했습니다. Finansbank 인수 자금을 조달하기 위해 우리는 7 월에 기존 주주들에 대한 선제 권리를 현금으로 지불함으로써 유상 증자를 통해 주식 자본을 늘 렸습니다.

Fiba Sellers는 9의 잔여 지분을 유지했다. Fiba Sellers는 또한 Finansbank의 총회에 참석하기로 동의하고 그 당시의 주식수를 투표 할 것을 약속했다. 그 차이는 터키 자본 시장 법안의 결과로서, NBG는 Finansbank의 소수 주주에게 의무적 인 제안. 이 지분은 NBG와 IFC 간의 주주 동의에 따라 7 년간 행사 될 수있는 일정한 통화 및 통화 계약의 적용을받습니다.

강제적 공개 매수의 완료와 IFC에 대한 주식 매각에 이어, 우리는 Finansbank의 추가 뛰어난 보통주를 취득하기 시작했습니다. 결과적으로 Vojvodjanska 인수 및 취득시의 순자산 비용은이 금액만큼 증가 할 것입니다. 10 월에 Vojvodjanska에 대한 소수 주주 매입 옵션을 행사하고 공개 입찰 제안을 통해 1 주당 RSD 70의 보통주를 인수했습니다. 이번 매각은 핵심 금융 활동에 초점을 맞추고 비재무 적 참여를 중단하기위한 당사의 명시된 전략과 일치합니다.

터키의 개인 연금에 대한 수요가 증가함에 따라 이들 제품에 대한 급성장하는 보험 사업이 탄생했습니다.

MayFinansbank는 Finans Emeklilik ve Hayat A를 설립 할 수있는 권한을 터키 보험 총국에 신청하였으며

Finans Pension은 생활 및 개인 사고 관련 사업을 시작했습니다. 그 목적은 자본 시장에서의 투자 기회를 탐색하는 것입니다. 아래 테이블은 은행의 주요 자본 지출 항목을 제시합니다. 또한, 운영 효율화를위한 전략의 일환으로 우리는 주요 금융 서비스 사업과 관련이없는 비 핵심 투자 및 부동산을 계속하여 매각하고 발표 된 자원을보다 수익성 높은 활동으로

비 핵심 자산 처분 프로그램의 일환으로, 우리는 요약 된 바와 같이 지난 3 년간 중요한 국내 매각을 수행했습니다. 또한 우리는 자회사 인 Atlantic Bank of New York과 NBG Canada를 이머징 마켓에 집중하기위한 프로그램의 일환으로 처분했습니다. 본 연례 보고서의 날짜와 같이 회계 연도 또는 현 회계 연도 중에 제 3자가 당사 주식에 대한 공개 인수 제안을하지 않았습니다. 우리는 그리스 은행의 공표 된 재무 제표에 대한 분석에 따라 고객 대출 및 그리스 시가 총액 규모가 가장 큰 금융 기관입니다.

그리스 이외의 핵심 분야는 터키와 SEE입니다. 현재 불가리아, 세르비아, 루마니아, 알바니아, 키프로스, FYROM에서 운영되고 있습니다. 우리는 그리스 이외의 12 개국에서 한자리에 모였습니다. We offer our customers a wide range of integrated financial services, including: In addition, we are involved in various other businesses, including the hotel business, property management and real estate business and IT consulting.

The Bank is our principal operating company, representing The Bank's liabilities, represent While the Bank conducts most of our banking activities, it is supported by seven foreign banking subsidiaries: We intend to continue to expand our operations in SEE, Eastern Europe and the Southeastern Mediterranean region.

The following table summarizes our assets, net income before tax, income tax expense and depreciation, amortization expense and revenues under U. GAAP attributable to our banking and other operations, showing the relative contributions of Greek and foreign activities. Our business and revenues are not materially affected by seasonal variations. According to our analysis of publicly available financial statements of Greek commercial banks, the Bank is the largest commercial bank in Greece in terms of assets, deposits, loans and number of branches.

We are one of the most diverse financial services groups in Greece according to our analysis of the published financial statements of Greek banks. According to this analysis, in addition to our banking activities, we are currently the largest and most active participant by volume in the national electronic dealing system of Greek Government bonds.

We estimate that we have approximately We are also a leader in providing many other financial services in Greece. For example, we are the largest mortgage lender and the largest insurance operator in terms of revenuesone of the leading. Greek underwriters of domestic equity securities and one of the leading providers of securities trading services. We use a variety of marketing and distribution channels to maintain and enhance our market position, including telemarketing particularly for credit card salesradio, television, press and internet advertising and distributing promotional information brochures in our branches.

As part of our marketing strategy, we seek to capitalize on our existing relationships with individual customers through cross-selling efforts aimed at increasing such customers' awareness of other products that are offered by Group companies. For instance, our mortgage customers are informed of our insurance products, through which they may insure against damage to their property and against events and circumstances that might cause them to default on their mortgage loans.

Our marketing strategy also includes indirect marketing, pursuant to which we have entered into agency agreements with retailers, such as automobile dealers and electronics chain stores, who agree to offer our consumer loan products to their customers in connection with purchases of consumer goods. In addition, we employ various alternative distribution methods, such as cooperation with real estate agents and construction businesses in the sale of mortgage loans and with accountants and consultants in the sale of small business loans.

We have also entered into contractual arrangements with mobile telephone service providers in Greece that enable us to offer to our customers certain banking services, such as balance inquiries, through their mobile telephones. We provide certain banking services over the internet, including the transfer of funds between accounts, balance inquiries, bill payments, stock brokerage and subscription to initial public offerings on the ATHEX.

Overview of the Banking Services Sector in Greece. The banking sector has expanded rapidly in recent years, due to both deregulation and technological advances.

Traditionally, commercial banks have dominated the Greek financial services market. However, specialized credit institutions have expanded into commercial banking as a result of significant liberalization of the Greek financial services industry, thereby increasing competition in the market. The distinction between commercial and investment banks ceased to exist formally and the Bank of Greece classifies all banks operating in Greece as "universal banks", with the exception of the Consignment Deposits and Loans Fund which is a legal entity of public law, fully owned and controlled by the Hellenic Republic.

There are three banks that are controlled, directly or indirectly, by the Hellenic Republic: Bank of Attica, the Postal Savings Bank and ATE Bank formerly the Agricultural Bank of Greece.

Over the last ten years, the Hellenic Republic proceeded to privatize a large number of credit institutions. For example, inthe Hellenic Republic privatized the Bank of Central Greece and Creta Bank, in earlyIonian Bank, and, in MarchETBA, an ATHEX listed industrial development bank. Moreover, the Hellenic Republic proceeded with the partial privatizations of the Postal Savings Bank and ATE Bank through the listing of their shares on the ATHEX.

In addition, since SeptemberBanco. Commercial Portuguese, a Portuguese bank, has been active in the Greek market through Millennium Bank. Although there are currently 17 Greek private universal banks incorporated in Greece, there has been a recent trend towards consolidation. EFG Eurobank merged with Telesis Bank in early and with UnitBank in December The Piraeus Group subsequently acquired a ETBA was merged entirely into the Piraeus Group in December In Decemberthe Bank merged with ETEBA our investment banking arm.

InEgnatia Bank and Marfin Bank, along with Laiki Bank, a Cyprus-based bank with a Greek subsidiary, formed a new unified group. In recent years, most of the major Greek banks have expanded internationally, establishing or enhancing their presence in SEE.

In addition to the Bank's acquisition of controlling stakes in Finansbank and Vojvodjanska during and the first months ofother Greek banks have proceeded with acquisitions of banks in the region.

There are 28 foreign-owned or incorporated credit institutions that are well established in the Greek banking market. The principal participants in the industry, and our principal foreign competitors in Greece, include Citibank, Bank of Cyprus, Royal Bank of Scotland and HSBC. With the exception of Bank of Cyprus, Citibank and HSBC, the majority of foreign banks operating in Greece have little presence in retail banking services. The only remaining specialized credit institution is the Consignment Deposits and Loans Fund, which is an autonomous financial institution, organized as a public law entity under the supervision of the Ministry of Finance.

Its activities mainly consist of the acceptance of consignments in cash or in kindthe granting of housing loans to qualifying borrowers primarily civil servants and the support of regional development. As of AprilGreek law allows non-banking institutions that are licensed by the Bank of Greece to extend consumer credit or loan facilities. These institutions are in direct competition with universal banks in the consumer credit sector.

Inthe macroeconomic performance of the SEE countries in which we have a presence Albania, Bulgaria, Romania, Serbia, Cyprus and FYROM and Turkey remained strong, despite adverse external and domestic conditions. In particular, economic activity, although decelerating, remained robust. Real GDP growth rate stood at 6. In both cases, the high growth rates reflected the systematic implementation of structural and institutional reforms in the context of the region's European orientation and the expansion of financial intermediation.

In addition, the inflation rate declined in Turkey to 8. In SEE, inflation increased to 7. In contrast, the already high current account deficit in SEE widened to In Turkey, the current account deficit narrowed to 5. However, more than half of the current account gap in SEE and Turkey was covered by non-debt generating Foreign Direct Investment "FDI" inflows despite the ongoing global liquidity crisis which began in August Financial Intermediation in SEE.

Indespite high interest rates and slowing economic activity, banking intermediation in SEE expanded further, mainly due to the relaxation of measures designed to contain credit expansion in Bulgaria and Romania, the two new EU member states admitted in January and greater confidence in the banking sector.

Loans and deposits recorded impressive growth rates of Lending to households remained the main driver of credit activity in SEE as a whole, growing by Developments in the Turkish 12973 System. Infinancial intermediation in Turkey expanded, despite a slowdown in economic activity and high interest rates. Bank deposits and loans increased by Most of our banking business is domestic and includes retail, commercial and investment banking. The Group's Greek domestic operations account for We believe that the Bank has a strong competitive advantage in attracting domestic deposits from retail and corporate clients due to the: Greek Banking Distribution Channels.

The Bank has approximately 2. In addition, the Bank has developed alternative distribution channels, such as an e-banking platform targeted at both corporate and retail clients. Inapproximately 80, new corporate and retail clients were connected through our internet banking services, with the total number of users reachingTotal number of transactions during was approximately Also ina new Contact Center, through which the Bank provides 12973 and transaction services through the use of a voice portal and a manned help desk began operation.

The Bank's branches are located in almost every major city and town in Greece. The Bank is engaged in a continuous process of rationalizing the organization of our branch network in order to reduce costs, primarily by centralizing back-office functions to free more employees to work on sales activities directly with customers.

The first phase of the reorganization, which was completed inaimed at turning branches into product-focused sales outlets to improve customer service. In addition, the Bank is continuing to consolidate redundant branches in order to maintain equivalent geographic coverage at a lower cost.

DIAS Interbanking Systems provides interbank services such as check clearing, ATM networking, fund transfers, payroll and pension services for the benefit of customers of shareholder-participants. All of our retail banking activities in Greece are conducted by the Bank. The Bank offers retail customers a number of different types of deposit and investment products, as well as a wide range of traditional services and products. Our Approximate Retail Market Share in Greece. Despite small decreases in market share in retail lending, the Bank maintained a strong market position and stock.

The Bank's management believes that we have significant competitive advantages over other banks offering retail banking services in Greece, including our strong corporate image and name recognition in Greece, our large customer base and our extensive network of branches and ATMs.

In addition, the Bank continues to develop other channels of distribution, such as mobile telephone banking and internet banking. These advantages help the Bank to access the largest and most diverse depositor base in Greece, providing the Bank with a large, stable and low-cost source of 12973. The Bank places particular emphasis on continuing to improve the speed and flexibility of our services to our retail customers. The Bank's strategy for accomplishing these goals has included: The Bank offers a wide range of products in an effort to meet the financial service needs of retail customers and to make it a leader in the consumer banking industry in Greece.

Our focus is on debt consolidation products, fixed term personal loans and car loans. The products incorporate loyalty and reward characteristics. Our savings and investment products are offered in both euro and foreign currencies. In response to customer demand, the Bank offers investment products with higher yields. These products include repurchase agreements between the Bank and our clients backed by Greek Government bondsGreek Government bonds from the Bank's proprietary portfolio, capital guaranteed-principal products and a wide range of mutual funds and unit trust products provided by Diethniki Mutual Fund.

The Bank holds a leading position in consumer retail banking in Greece, according to data published by the Bank of Greece, and offers its customers a wide range of credit cards, personal and consumer loans as well as personal lending arrangements through third party retailers.

The consumer credit sector has grown significantly in recent years. New production for the year overall was also impressive. The number of new credit cards more than doubled while the number of new open and revolving credit accounts grew by Inwe focused on increasing our customer base through the expansion of sales channels, including telemarketing and in store promotion, and the launch of new products such as "My Cash", a new revolving credit product for cash advances.

The credit approval process is centralized 12973 carried out through the use of credit risk rating and measurement systems specifically designed to meet the particular characteristics of the Bank's various loan exposures, such as bespoke credit scorecards, developed on the basis of historical data.

Active credit risk management is options through risk adjusted pricing of products and services as well as through the use of credit risk mitigation techniques. Among other reports, the Bank produces vintage analyses by period of disbursement, issuing channel, and product type for various delinquency definitions, thus continuously ensuring strict monitoring of the scorecards' efficiency and separation power.

Exposures are pooled by application score and delinquency bucket to produce estimates of default probabilities. The Bank utilizes alternative distribution channels such as Fast Line and Mediators, which are becoming increasingly popular with the customers and are acquiring more importance within the Bank.

Fast Line, the telephone service unit of consumer lending, managed more thancalls in and initiated more than 11, new loans. The success of the unit has been instrumental in the growth of consumer lending both in terms of new acquisitions but also as a service and information center for consumer lending customers. The newly established third parties channel of "Mediators" managed more thancalls in and initiated more than 4, new loans.

Also inwe implemented several measures relating to the management of our existing portfolio of credit cards, including the enhancement of our multi-merchant loyalty scheme "Go National" and development of targeted marketing based on customer behavior. As the first Greek bank to introduce chip-based technology, in we completed the migration of our total portfolio to EMV chip cards credit or debit cards containing a computer chip with memory and interactive capabilities.

The Bank is the leading mortgage lender in Greece, with a market share of Mortgage products are offered mainly through the Bank's extensive branch network, although great emphasis is placed in expanding the use of alternative distribution channels like real estate agents, construction companies and insurance brokers.

The Bank offers a wide range of mortgage products, with floating, fixed, or a combination of fixed and floating interest rates. Some products are also offered with a grace period of up to two years or an interest only period of up to five years. Together, these products accounted for less than 1. With interest rates rising in andthe Bank has placed a greater emphasis on the promotion of fixed rate mortgages, for an initial period of up to six years.

Inmortgages with a fixed rate period of two years or more accounted for approximately Mortgages in Swiss francs were introduced in January with similar characteristics to the "ESTIA" loans in Euros, with a very low trigger rate for the first year, and a higher fixed rate for the next three or five years.

After the fixed period, the interest rate becomes floating, using the one-month-LIBOR in Swiss francs as the reference rate, plus a spread. Loans denominated in Swiss francs carry much lower interest rates than those in Euros. An important development regarding the quality of mortgage credit is that, in addition to fire and earthquake property insurance, an optional life insurance plan was offered together with the mortgage. The Bank's mortgage operations have been further enhanced by the upgrading of its credit evaluation process to a more elaborate credit-scoring model in line with Basel II requirements.

Consequently, credit quality will be closely monitored and is expected to further improve. The period required for mortgage approval has been shortened through the use of electronic transfer of applications between its branches and the credit-processing center of the Mortgage Credit Division.

The mortgage underwriting process, including credit approval and granting procedures, is centralized under the Mortgage Credit Division. The rationale behind this organizational structure is to ensure the correct application of credit policy, through a uniform, accurate and consistent decision-making process. Small and Medium Enterprises Division.

The division's purpose is to enhance and personalize services offered to our business clients and particularly to increase the Bank's penetration in the professional and small business segment. It comprises three credit centers in Athens, Thessaloniki and Patras. Since its inception, the SME division has launched lending products for SMEs and professionals, such as: In addition, the Bank continued the promotion of financing products to a wider variety of business categories and freelance professionals such as gas stations, car dealerships, doctors, pharmacies, dentists and notary's offices.

Furthermore, the SME Division offers medium - and long-term loans geared towards medium - and long-term working capital needs or financing of fixed assets, such as equipment and office renovations. In addition to the above, the Bank has created specific products to enforce financing of investments in photovoltaic systems for energy production.

Finally, the Bank has started cooperation with alternative channels such as financial and tax advisors, brokers and insurance agents for the promotion of its products. The Bank's commercial loan portfolio in Greece comprises approximately 50, corporate clients, including SMEs, and most of the largest corporate groups in Greece.

As a Group, we are able to offer our corporate clients a wide range of products and services, including financial and investment advisory services, deposit accounts, loans denominated in both euro and other currenciesforeign exchange, insurance products, custody arrangements and trade finance services. The Bank lends to all sectors of the economy.

Traditionally, the Bank has focused on lending to large - and medium-sized domestic corporations, especially industrial corporations, which accounted for approximately 8.

In addition, the Bank provides letters of credit and guarantees for our clients. Most loans are collateralized to a certain degree, although Greek law imposes significant delays in foreclosing on collateral. The table below sets forth certain key interest rates charged and the savings rate paid by the Bank. Following the European Central Bank "ECB" rate increases in andthe Bank raised its savings rate accordingly.

We also participate in, advise on and arrange large syndicated loans with both domestic and foreign banks. Generally, these loans finance large domestic and international infrastructure projects and borrowings by large corporations and state-controlled entities.

For example, the Bank participated as co-arranger and underwriter in the financing of the Athens ring-road and the Rion-Antirrion bridge in Greece, the Birmingham Northern Relief Road in Britain, the High Speed Line Railway and the Rijnmond Power Plant in Holland, the Maritsa East Power Plant in Bulgaria and the Stendal Pulp Mill in Germany.

NBGI, the Bank's London-based investment banking subsidiary, is also active in arranging international syndicated loans and acting as an advisor on projects in private sector transactions. Greece is a maritime nation with a long tradition in ship-owning and is one of the world's largest ship-owning and ship-flagging nations. The Bank has traditionally provided financing for many of the largest Greek shipping companies.

The Bank's shipping finance activities are carried out almost exclusively through its Piraeus-based operation. The Bank plans to continue with its strategy of targeting first-tier shipping groups with respect to both our conventional shipping finance and our syndicated loan activities in order to improve quality, spread risk and enhance the profitability of our shipping loan portfolio.

Nearly all of our shipping loans are secured by vessels. The shipping industry is highly cyclical, experiencing volatility in revenues and cash flows resulting from changes in the demand and supply of vessel capacity.

The demand for vessels is influenced by, among other factors, global and regional economic conditions, developments in international trade and changes options seaborne and other transportation patterns. None of these factors is within our control. Nevertheless, in freights are expected to maintain levels.

The Bank has adopted strategies and procedures to more effectively evaluate shipping credits lei existing shipping loans are subject to periodic at a minimum, annual performance reviews. This approach has delivered positive results and the Bank's management believes that it will result in sustained strong performance in this sector in the next few years.

The Bank's management has focused on reducing the level of the Bank's non-performing loans. In recent years, management has taken steps to reduce the level of non-performing loans.

Our policy for writing off non-performing loans, in conjunction with growth in the Bank's total loan portfolio, has resulted in the decline of non-performing loans to approximately 3. Other Banking Related Services. The Bank and certain of our subsidiaries principally NBG Asset Management and Ethniki Leasing offer a wide range of other banking related services, including: The Bank launched our Private Banking operations inwhich currently offer services both domestically and internationally through our international private banking units in London and Guernsey.

Private Banking provides high net worth clients with high quality service and a wide scope of investment choices following a detailed evaluation of the customer's investment profile. We have agreed with established international investment institutions to distribute investment products to our clientele, such as mutual funds, hedge funds, structured products, and private equity products. The Bank and each of our banking subsidiaries carry out their own treasury activities.

The Group's Treasury is active across a broad spectrum of capital market products and operations, including bonds and securities, interbank placements in the international money and forex markets, and market-traded and OTC financial derivatives. It supplies the branch network with value-added deposit products, and the client base includes institutions, large corporations, insurance funds and big private-sector investors.

In general, the Bank and our subsidiaries enter into derivatives transactions for economic hedging purposes or in response to specific customer requirements. The Bank also trades actively on a proprietary basis, primarily in Euro-denominated Greek Government securities, and to a lesser extent, in the spot foreign exchange market and is a general clearing member in the Eurex derivatives exchange.

In recent years, the Bank's treasury-related activities have represented a significant source of stock. The Bank is active in the primary and secondary trading of Greek Government securities, as well as in the international Eurobond market. The Bank is a founding member of the Group of Greek Government Securities Primary Dealers which was established by the Bank of Greece in early In recent years, the Bank has maintained one of the leading market shares in capital market activities in Greece, particularly with regard to public offering activity.

Over the past five years, the Bank has acted as underwriter in 27 out of 39 domestic private sector IPOs. During the same period, the Bank has participated in all seven privatization offerings in Greece, while being one of the lead. The Bank also provides finance to major infrastructure projects both in Greece and abroad through its participation in the respective syndicated loan facilities.

The Bank offers custodian services to our foreign and domestic institutional clients who hold securities listed on the ATHEX, lei well as remote settlement and custody services on the Cyprus Stock Exchange "CSE". The Bank offers trade settlements, safekeeping of securities, corporate action processing, income collection, proxy voting, tax reclamation, brokerage services, customized reporting, regular market flashes and information services. The Bank also acts as global custodian to our domestic institutional clients who invest in securities outside Greece.

The Bank offers payment services to our clients participating in all local interbank payment channels. As a member of Step 2, the Bank is the main Greek entry point for Eurozone payments.

For payments, especially outside the Eurozone, the Bank maintains a global network of correspondent banks. The Bank is currently in the process 12973 implementing a major program to centralize its payment operations. It manages funds that are made available to our customers through the Bank's extensive branch network. Its market share in Greece was NBG Asset Management offers a wide range of investment products that offer institutional and private investors access to the most important markets in stocks, bonds and money market products, both in Greece and internationally.

In it expanded its range of mutual funds with the introduction of Delos Delta Bonus and Delos Delta Fasma Funds products combining high returns and initial capital protection, and Delos Tactical Allocation for investors wishing to invest in an absolute return fund. These products are characterized by high quality standards and competitiveness. The Bank's management believes that this qualitative shift will deliver benefits for our profitability in the years ahead, as well as substantially enhance customer retention.

These funds offer a new investment concept as they combine high returns depending on the course of selective stock index and initial capital protection. Delos Tactical Allocation Balanced Fund. This fund offers a new investment concept, as its model of portfolio management follows that of an absolute return fund, which provides stable returns with low correlation to the markets.

In NBG Asset Management expanded its range of investment services. The company offers a more integrated range of contemporary investment services such as: The total value of the funds we have managed since is illustrated in the table below.

Other Financial and Related Services. We also offer a wide range of other financial and related services directly through the Bank stock indirectly through specialized subsidiary companies.

Ethniki Leasing is active in the leasing of land and buildings, machinery, transport equipment, furniture and appliances, and computer and communications equipment. We have been offering factoring services sinceincluding domestic factoring services such as debt collection, management and account monitoring and advancing of funds for companies' outstanding claims.

Internationally, we offer export credit, credit risk coverage, monitoring services, management and debt collection services. Factoring services are provided through the Bank's corporate credit centers, which comprise a specialized division of the Bank. The Bank's corporate credit centers also provide lending services to small - and medium-sized enterprises, offering a synergistic complement of services to these clients.

The Bank engages in real estate management activities, options warehousing and third-party property management. Most of these properties have been bought in recent years from the Bank, which acquired them on realization of collateral under non-performing loans.

National Real Estate performed warehousing functions and held real estate property as a subsidiary. A, "History and Development of the Company" for information regarding our principal real estate divestitures in recent years.

The Bank intends to continue to divest real estate holdings. We operate, as a Group, in 12 countries outside Greece. As a result of the merger of NBG Serbia with Vojvodanska, the Bank currently has seven commercial banking subsidiaries in Turkey, Bulgaria, Romania, FYROM, Serbia, Cyprus, and South Africa. Our Turkish subsidiary Finansbank also has a commercial banking subsidiary in Malta. Our policy, since the early s, is to focus on the Bank's regional strength in SEE by strengthening our existing network and expanding into growing markets that present low banking penetration and greater profit margins and also to withdraw from mature markets where growth prospects are limited.

We seek to develop, in particular, our wholesale banking business by targeting major financial centers to which we can offer Greek and Balkan lending exposure. Our retail banking presence in some geographical areas may only be justified by our success in niche markets in which we have the ability to exploit competitive advantages.

Sincethe Bank has steadily built up a strong presence in SEE, through acquisitions and greenfield start-ups. The Bank's regional strategy aims at diversifying our operations and enlarging our footprint to cover a region with attractive economic prospects. The Bank offers commercial banking services to customers in the region through our branches and subsidiaries in Turkey, Bulgaria, Serbia, Romania, FYROM and Albania.

The Fiba Sellers also agreed and undertook to attend any general meetings of Finansbank and to vote such number of shares they then own as is equal to the difference between As a result of Turkish Capital Markets legislation, NBG made a mandatory tender offer to minority shareholders.

Following the mandatory tender offer and the sale of shares to IFC, we acquired from February to December a further 0. Finansbank's group of companies includes FinansLeasing, FinansInvest, Finans Portfolio Management, Finans Investment Trust, IBTech, Finans Pension and Finansbank Malta together, "Finansbank Group".

A, " History and Development of the Company ". Finansbank is the fifth largest private bank in Turkey in terms of total assets, loans and deposits, and offers a wide range of retail, commercial, corporate, private banking and international trade finance services. In addition, financial leasing, capital market, corporate finance, portfolio management and brokerage services are provided by Finansbank's subsidiaries. In the analysis that follows of Finansbank's and its subsidiaries' business, all amounts are before elimination of intercompany transactions and balances.

Finansbank's Corporate Banking Department serves large-scale corporate customers through its eight branches in the four largest cities in Turkey. Finansbank's Corporate Banking Department has benefited from integration into the NBG Group intaking advantage of NBG's reputation and experience in the international arena to launch post delivery finance products in the shipping sector and to enhance its credibility in the local syndication market.

Finansbank's Commercial Banking Department serves mid-size companies located in 22 cities in Turkey. The Commercial Banking Department operates through its Head Office departments, its four Regional Management offices three in Istanbul and one in Ankara and an extensive distribution network that includes 51 branches. The strategy of the Commercial Banking Department is to serve a wider range of customers as their "House Bank" while obtaining sound and sustainable profitability.

In the last quarter ofthe Commercial Banking Department opened six new branches in order to expand its sales channels. Finansbank's Investment Banking Department consists of Project Finance, Corporate Finance and Technical Consulting. The Investment Banking Department acts as a consultant and solution partner in its client relations while fulfilling client needs via medium - to long-term loans and other products. Companies are provided with assistance and consultancy in such fields as project finance, privatization, contract finance and real estate development, financial valuation, acquisitions, financial restructuring, debt restructuring, syndication loans including secondary loanscountry-based strategic market analysis and industrial analysis.

The SME Banking Division has been serving Finansbank's SME clients since Finansbank was the first bank in Turkey to provide sector support packages, such as tourism and agriculture support packages, and it also pioneered the "Kobifinans" project to serve its clients' information and consultancy needs through magazines, internet portals and call centers. SME Banking's market share in increased to Finansbank's Retail Banking Division recorded significant loan growth in This growth resulted in a market share increase in residential mortgage loans from 9.

The market share for individual car loans increased from 6. Finansbank's consumer deposit portfolio grew by InFinansbank and Finans Portfolio Management introduced three new funds: FBIST ETF and QUANT, FINANS ANALIZ. Finansbank's market share in mutual funds grew due to the mutual funds volume in OH "Automatic Account", a demand deposit account in which funds that exceed a certain threshold are invested in mutual funds by Finansbank for the benefit of the account holderwhich is a key product for consumer banking.

The introduction of the new funds was also the major contributor to the increase in market share. In OctoberCardFinans launched a new campaign with the concept "The Power is Yours". With this campaign, CardFinans introduced ten new product features including the following: Free Loans to Spend Promise, CardFinans in 15 minutes instant card facilityReady to Use Consumer Loan, Automatic Utility Payment, Cash Advance in Installments, Spend Alert Service, Detailed Statement Analysis and Unemployment Insurance.

The new instant card facility "CardFinans in 15 minutes" has been implemented in 49 branches throughout Turkey. During Finansbank increased its annual credit card spend volume from TRY 5. Total cards have increased The monthly rate on deposits is set out by the Central Bank of Turkey. While it has not yet been submitted for review to the respective parliamentary committee and for approval to the general assembly of the Parliament, if passed by the general assembly, the proposed legislation would limit the monthly rate credit card providers can charge to an estimated 2.

Visitors to the Finansbank website reached 2. A special SMS channel was established as a new card acquisition channel. Following internal forecasts on the performance of domestic and international markets and an analysis of the global political and economic situation, domestic and international investment instruments are offered by Private Banking to meet clients' needs. Recommended instruments include time deposits, mutual funds, emerging market bonds, T-bills and T-bonds, domestic and international equities and bonds, corporate bonds, currency exchange, forward contracts, futures and options, and structured products.

Finansbank's Private Banking Division has 70 specialized financial advisors providing broad coverage of the client base and enhanced cross-selling of the division's range of products.

The division's Private Banking Centers consistently support, develop, train and coach the branch teams in their effort to identify new high net worth clients as well as develop additional referral sources.

Events and training are regularly organized to inform clients about the latest investment and business issues. The most significant subsidiaries of Finansbank include the following: Finans Invest was established in Decemberand began operations 12973 January on the ISE. The company provides a wide range of financial services to both individual and institutional investors, including investment counseling and brokerage services, portfolio management, fund investment services and corporate finance and international investment services.

Finans Invest's client portfolio was TRY 2. Total assets of Finansbank Malta reached TRY 2. Finans Leasing was established in March Finans Leasing's target customer segment is SMEs and it was one of the first leasing companies in Turkey to identify the investment needs of SMEs, targeting them as a distinct market segment. In Finans Leasing grew faster than the leasing sector in Turkey as a whole. Finans Portfolio Management was established in September As a financial product innovator, Finans Portfolio Management currently manages five Exchange Traded Funds, 11 Mutual Funds, two Funds of Funds and one Closed-end Fund.

Finans Portfolio Management also manages discretionary portfolios for high net worth individuals and select institutional clients. Finans Portfolio Management's market share in the mutual funds industry including ETFs was 3. As at the same date, total assets amounted to TRY Finans Investment Trust was established in and its shares have been traded on the ISE since It is a closed-end investment company, managing portfolios composed of capital and money market instruments.

Finans Investment Trust's total assets amounted to TRY The Bank's foreign banking operations include banking subsidiaries in six countries: NBG Cyprus, Stopanska Banka A.

Our foreign banking network is described below. In the analysis that follows, all amounts are before elimination of intercompany transactions and balances. Additionally, we have two overseas representative offices in Australia. The London branch principally serves large corporate and shipping clients and also offers private banking services. The majority of assets and loans of the Bank attributable to our foreign branches are held in London.

Currently, the Bank's branches in Albania lend primarily to certain of the Bank's established Greek corporate clients operating in that country, but also to certain local corporate clients that have significant liquid assets and other collateral. The table above relates solely to the Bank's foreign branches and not to the branches of the Bank's foreign subsidiaries.

Inthe UBB branch network continued to expand, opening 56 branches in cities and towns throughout Bulgaria and 5 in-store branches. DuringUBB opened seven business centers, dedicated entirely to servicing SME customers. InUBB recorded InUBB's market share in Bulgaria was In order to support its further development, Banca Romaneasca implemented two share capital increases, following which our participation in Banca Romaneasca increased to The European Bank for Reconstruction and Development "EBRD" is the second largest shareholder of Banca Romaneasca, with In Marchthe extraordinary general meeting of Banca Romaneasca's shareholders approved a share capital increase of RON Banca Romaneasca launched several new products and services duringprimarily options to SME and retail activity, and increased its overall total assets market share from 2.

Inwe acquired a controlling interest in Stopanska Banka, and currently hold a Following its latest reorganization activities, Stopanska Banka currently has 25 branches, which in turn manage 35 sub-branches, and continues the transformation of its branch network into modern sales outlets. Stopanska Banka is also a leader in e-banking within FYROM, promoting Internet and SMS banking and offering its clients electronic payment facilities.

Stopanska Banka aims to continue improving its loan portfolio by targeting high net worth customers, such as SMEs and large companies. NBG Cyprus provides a wide range of commercial and retail banking services. InNBG Cyprus maintained its policy of growth of its loans and deposits portfolio through the introduction of new mortgage and retail credit products. SABA offers traditional commercial and retail banking services, with particular emphasis on retail and commercial banking services for the SME market in South Africa.

In Decemberwe acquired a In October NBG became the sole shareholder of Stock. Vojvodjanska is the ninth largest Serbian bank in terms of assets and has the third largest branch network in the country with branches. As a result of this merger, our total presence in the Serbian market amounts to branches. Furthermore, its branches serve over 1, private accounts and 84, SME and large company accounts.

In Februarythe Bank's branch network in Serbia consisting of 24 branches became the NBG Beograd subsidiary, which was subsequently merged with our other subsidiary bank in Serbia, Vojvodjanska, in February As part of its foreing banking operations, the Group offers Leasing services through certain of its foreign subsidiaries. InInterlease established a subsidiary company, Interlease Auto E. Income and total assets of the company have grown steadily.

Lei line with its cross-selling strategy, Interlease offers its leasing services in Bulgaria through the Group's Bulgarian subsidiary, UBB. Interlease possesses a fully diversified client portfolio, consisting of lessees from almost all sectors of the country's economic activity, focusing on the transportation and industrial equipment industries. Before the acquisition, Eurial operated primarily in the automobile leasing sector, being the major lessor of Peugeot automobiles in Romania. Following Interlease's success in Bulgaria, Eurial has adopted a strategy of supporting its clientele via alternative financial services, together stock cross-selling operations.

The Group plans to enhance Eurial's structure and expand its activities to cover the full spectrum of leasing services, making it one of the leading leasing companies in Romania. Acquired inNBGL operates in the automobile, commercial vehicle and equipment leasing sectors. Following the Group's success in the Bulgarian leasing market, NBGL has adopted the strategy of supporting its clientele via alternative financial services, together with cross.

In this aspect, NBGL established a subsidiary company, NBG Services d. We are currently evaluating potential acquisitions in SEE, Eastern Europe and the Southeastern Mediterranean region. In addition to our domestic activities, we also conduct investment banking business in London through NBGI, which also has a private equity and venture capital business conducted in its London and Athens offices.

NBGI's Debt Capital Markets team completed several key public transactions in while further expanding its private placement transactions across the countries of coverage. The second half of was marked by the international credit crisis as well as by the slow-down of fixed income activities in Greece.

InNBGI's Debt Capital Markets team expanded its origination coverage in SEE and broadened both its product base such as private placement financings and covered bonds and its client base. NBGI's success in placing Greek stock to international investors extended beyond the ATHEX to include significant international transactions and building expertise in shipping initial public offerings "IPOs". The NBGI Corporate Finance Advisory team successfully undertook projects with major corporate clients in key transactions during NBGI advised Mytilineos on the merger of its energy assets to form Endesa Hellas, one of the largest non-banking transactions in Greece of the past three years.

In NBGI forged productive cooperation with Finansbank's Investment Banking team, promoting cross-border transactions. The provision of capital markets and advisory services in Greece has become increasingly competitive, with a number of banks and brokerage houses participating actively in this area. However, we believe that our plan to reorganize our business to combine all of the investment banking activities of the Group and our existing presence in the marketplace will enable us to capture a significant share of any growth in the Greek market for investment banking and brokerage services.

Its activities focused on three main investment areas: Funds are managed by NBGI's subsidiary NBGI Private Equity Limited "NBGI Private Equity".

NBGI Private Equity, has offices in London, Athens, Paris and Bucharest and manages the following private equity funds: The Bank is the sole investor in the fund. It is a UK limited partnership.

In this fund was restructured and its scope widened in order for it to take advantage of the opportunities arising in SEE markets. This fund was formally closed in March and will primarily seek to invest in SMEs which are incorporated in or whose business operations are in Greece and in companies which are headquartered in or have a significant part of their activities in Central and Eastern Europe with a focus on Balkan countriesthe former Soviet Union, Cyprus and other markets which, at the discretion of the fund's manager, are considered to be in the SEE area.

Both of these funds are structured as English limited partnerships. NBGI Private Equity Limited is the manager of the fund and employs a specialist team of investment professionals to manage the Fund, under the brand "NBGI Ventures". The scope of NBG Greek Fund Limited is to invest primarily in rapidly growing Greek companies. EH offers a full range of products such as life, accident and health insurance for individuals and groups, fire, calamity, credit, motor, marine hull and cargo insurance, and general third party liability.

Through the expertise of its personnel and the reorganization of its internal procedures, EH provides advanced insurance solutions that can meet the demands of the increasingly competitive Greek insurance market.

EH provides insurance products through 58 branch offices, sales agencies with 2, tied agents, who sell only EH Insurance products, and 1, independent insurance brokers. In addition, insurance products are distributed to consumers through the Bank's extensive branch network. In the Greek insurance market, EH further strengthened its leading position during by increasing its market share to With a view towards expansion in SEE, EH operates two Cypriot subsidiaries in collaboration with NBG Cyprus which are active in Life and Non-Life insurance business.

Garanta offers consumer credit insurance and personal accident products through the network of four banks, namely Banca Romaneasca, Alpha Bank Romania, Pireaus Bank Romania and Romextera.

The main scope of these companies is to promote bancassurance products in the Bulgarian market. In MayFinansbank applied to the General Lei of Insurance in Turkey and received permission to establish Finans Emeklilik ve Hayat A.

This new company has completed its corporate organization and obtained a license to conduct life, personal accident and pension insurance business. Finans Pension's total assets amounted to TRY NBG Bancassurance acts as an agent providing intermediary services between our customers and insurance underwriters. NBG Bancassurance assumes no insurance underwriting risk itself. InNBG Bancassurance continued its penetration in the area of bancassurance, providing innovative products that aim both to improve efficiencies to our extensive network and develop synergies between Group companies.

NBG Bancassurance provides two categories of products: It is targeted at individuals with available deposits in order to secure a guaranteed pension for life, which the customer buys through a lump sum payment. Customers choose the amount of the guaranteed pension as well as the age at which they wish to receive such pension. Customers have the flexibility to borrow part of the payment through a loan with a competitive interest rate.

Also ina new program "Frontizo" was presented by the Bank, where the customers secure a lump sum payment for their children when they reach a specific age. Duringthe Bank presented two new programs: Bancassurance products contributed approximately Based on statistics provided by the Association of Greek Insurance Companies, we believe that the Greek insurance market is still immature and we consider this market to have strong growth potential.

The share of insurance premium to GDP in Greece is 2. Consulting and Professional Training. In addition, the Bank runs a training center for its employees as well as for other banks in Greece and abroad. The Bank's training center offers training courses and participates in programs funded by the EU.

12973 investment projects currently in progress include the full restoration of the hotel's bungalows, the "Club House" restaurant and "Astir Beach". Significant Equity Method Participations. Our equity method investment portfolio includes participations in Greek corporations.

UBB AIG Insurance and Reinsurance Company and UBB AIG Life Insurance Company are jointly controlled by Group companies UBB and EH and companies of AIG. Intellectual property, contracts and manufacturing processes. Our business and profitability are not materially dependent on patents or licenses, industrial, commercial or financial contracts or new manufacturing processes. We compete with other banks, financial services firms and a wide range of insurance companies in providing mutual fund services, capital markets and advisory services and insurance.

Internationally, we compete with banking firms of varying sizes and geographic scope. The Bank itself competes with national, regional and foreign banks throughout Greece and abroad. There were 47 universal banks i. Regulation and Supervision of Banks in Greece. The Bank of Greece is the central bank in Greece. It also has supervision and regulatory powers relating to the operation of credit institutions in Greece. The regulation of credit institutions under Greek law was substantially amended pursuant to the following: Credit institutions operating in Greece are obliged to observe the liquidity ratios prescribed by the Bank of Greece Act No.

In case of breach, the Bank of Greece is empowered to require the relevant credit institution to take appropriate measures to remedy the breach, impose fines, appoint an administrator and finally where the breach cannot be remedied or in case of insolvency revoke the license of the credit institution and place it into special liquidation under its supervision.

In the case of insufficient liquidity of a credit institution, the Bank of Greece may order a mandatory extension of its due and payable obligations for a period not exceeding two months which can be extended for a further one-month period and appoint an administrator under its supervision.

Historically, the Greek banking system was subject to strict regulatory requirements, including restrictions on: Since the late s, but predominantly in the early s, a gradual relaxation of the strict regulatory environment in Greece took place due to: Liberalization of capital movements, through implementation of the relevant EU Directives and in particular the Second EU Banking Directive, also contributed substantially to deregulation.

Beginning inminimum interest rates gradually replaced interest rates previously imposed by the central bank. Administratively determined interest rates were finally abolished in Since then, Greek banks have been free to negotiate interest rates with customers based on market conditions. In addition, a number of limitations on bank financing of certain economic activities were eliminated in As a consequence, credit institutions were allowed to negotiate freely and grant new types of loans without limitations on the rate of interest including loans for: Limitations apply to the compounding of interest.

Sinceborrowers have been permitted to borrow in foreign currencies for all legitimate business purposes at interest rates and on terms freely negotiated between the parties.

Credit institutions in Greece were also authorized to accept deposits made by natural persons and legal entities in foreign currency.

The foreign exchange rates against the euro are published on a daily basis by the European Central Bank. Mortgage lending is extended mostly on the basis of pre-notation filings " prosimiosi "which are less expensive and easier to record than mortgages, and may be converted into full mortgages upon receiving a judgment subject to appeal only before the Hellenic Supreme Court from the relevant Greek court in the event of default.

Compulsory Deposits with the Central Bank. The compulsory reserve requirement framework of the Bank of Greece has been altered in line with Eurosystem regulations. This requirement applies to all credit institutions. Guidelines for Risk-based Capital Requirements. After a long period of consultation and cooperation among international banks and regulatory authorities, the Basel Committee on Banking Supervision issued in June a revised capital adequacy framework "International Convergence of Capital Measurement and Capital Standards"while in Novemberthe Committee issued its final proposals on the new capital standards, also known as the Basel II accord.

Lei II promotes the adoption of stronger risk management practices and introduces more risk-sensitive approaches for the calculation of capital requirements that are conceptually sound and at the same time pay due regard to the sophistication level of risk management systems and methodologies that are applied by banks.

A significant innovation of the revised framework is the greater use of assessments of risk provided by banks' internal systems as inputs to capital calculations. In taking this step, the framework is also putting forward a detailed set of minimum requirements designed to ensure the integrity of these internal risk assessments. The revised framework provides a range of options of escalated sophistication for determining the capital requirements for credit risk and operational risk to allow banks and supervisors to select approaches that are most appropriate for their operations and their financial market infrastructure.

Furthermore, through the third Pillar, Basel II significantly enhances the requirements for market disclosures on both quantitative and qualitative aspects of risk management practices and capital adequacy.

As a result of the adoption of these Directives by the Bank of Greece, we may be required to maintain higher levels of capital, which could decrease our operational flexibility and increase our financing costs. Consequently, we cannot assure you that Basel II will not have a material adverse effect on our financial condition or results of operations in the future. The new requirements include the following sets of reports: The Greek deposit guarantee fund took effect in September The level of each participant's annual contribution is generally determined according to certain percentages applied to the total amount of eligible deposits.

If accumulated funds are not sufficient to cover the claimants whose deposits become unavailable, participants may be required to pay an additional contribution.

This additional contribution is set off against the annual contributions of following years. Greek law adopted the minimum level of coverage provided by the EU Directive. Accordingly, credit institutions in EU member states that belong to a system offering a higher level of coverage have a competitive advantage compared to Greek banks. Lei of Money Laundering and Terrorist Financing.

Greece, as a member of the Financial Action Task Force "FATF" and as a member state of the EU, fully complies with FATF recommendations and the relevant EU legal framework. The main provisions of Greek legislation on money laundering are as follows: Additionally, we comply with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of known as the "USA PATRIOT Act of "which took effect in October and which has implemented a range of new anti-money laundering requirements on banks and other financial services institutions worldwide.

Equity Participation by Banks. Banks must follow certain procedures regarding holdings in other companies: For the calculation of the above thresholds, the following shares or holdings are not taken into account: The above thresholds or the time limits referred to above may be exceeded in exceptional cases following a decision of the Bank of Greece to that effect, provided that the credit institution either increases its own funds or takes equivalent measures.

The Bank of Greece may also allow the thresholds and the time limits to be exceeded, provided that the excess is fully covered by own funds which are not taken into account for the calculation of the capital adequacy ratio.

The provisions of such Act do not apply to branches of credit institutions with their registered seat in a country of the European Economic Area, or outside the European Economic area provided that the Bank of Greece has recognised the equivalency of their supervisory regime. Prior approval for the acquisition or increase of a qualifying holding is not required in any of the following circumstances: The HCMC and the Lei must be notified once certain ownership thresholds are crossed with respect to listed companies.

The Business Plan and Business Plan targets discussed in this section are based on the Bank's financial statements prepared in accordance with IFRS. Although business has expanded substantially in recent years, the domestic banking market still offers attractive growth margins in the retail segment.

One of our key competitive advantages is our leading position in mortgage lending, with a share of approximately one fourth of the market. This was due to the extensive branch network, customer loyalty and the innovative products that the Bank offers. We aim to maintain our market share and exploit alternative delivery channels, particularly targeting construction companies and estate agencies. We attach particular importance to small enterprises.

The total number of small enterprise customers reached 56, at the end of As we upgrade our branch operations, we have improved services to customers. Affluent individuals and SMEs are served by Customer Relationship Managers "CRMs" who undertake to attend to their overall banking needs. This new model has been implemented in almost the entire NBG branch network, while in it extended to affluent retail customers.

Through this model, we have made significant improvements in customer service, as we can now offer more personalized services to SMEs and affluent individuals.

The benefits for the Group focus on growth in business with existing customers i. In asset management, efforts will be stepped up to enhance the mix of higher performing fund categories, while special emphasis will be placed on exploiting our extensive branch network as a sales channel.

With respect to insurance, besides the benefits that we will reap from the long-term rationalization of domestic market penetration, we expect to achieve significant synergies in the international markets. For instance, in Turkey, the Group launched Finans Pension in ; in Romania we will leverage the newly acquired Alpha Insurance; and in Bulgaria collaboration will proceed jointly with AIG.

In bancassurance, we intend to exploit the synergies derived from our broad customer base. The key targets for the three-year period are to enhance the performance of our insurance business by better leveraging the sales network, launching new products, strengthening incentives across the sales network and revising pricing policy.

In view of the fact that banking penetration levels in Greece in the medium term are maturing, and due to the limited scale of the Greek market, we are looking to expand in markets that present. To this end, we succeeded in substantially strengthening our presence in the wider region of SEE in Foreseeing the rapid developments that are currently taking place in the international environment and the need to expand into new dynamic markets that offer growth at levels similar to those of other major banks operating on a European level, we made two important acquisitions inin Turkey and Serbia.

This was Serbia's biggest sale to date of a state-controlled bank. These targets will be achieved despite the expected continuation of high growth in our business in the domestic Greek market.

Inthe first phase of internal reorganization at the Group was completed, through a range of actions that aimed at actively monitoring and containing operating expenses.

These actions have led to more efficient management of general expenses and staff costs at the Bank, resulting in below-inflation increases. In SEE, operating expenses grew at a faster pace than in Greece due to the vigorous organic expansion of the Group in the region. In the three-year periodwe will step up our efforts to contain administrative expenses by initiating the second round of internal reorganization. The key actions will focus on centralization of commissions at the Group level, and on further rationalization of general expenses by consolidating procurement and rationalizing and centralizing processes.

As a result, domestic general and administrative expenses are expected to increase at roughly the same pace as inflation, on average, each year, while in the wider SEE region, growth in these expenses will be outstripped by the increase in revenues, thereby improving significantly the ratio of general expenses to income. As regards staff productivity increases, the main actions planned for the three-year period will aim at reducing those options carried out in the branches that are not associated with sales, and the improved management of human resources.

Special emphasis will be placed on training and professional development of staff, while the application of productivity bonuses and performance-related pay will be strengthened, thereby enhancing incentives and rewarding performance. As part of our Business Plan we announced the implementation of a new Group operating model.

All key projects included in this plan have been launched, including the consolidation of SEE data centers and core banking systems, the outsourcing of Group card processing operations and the deployment of an effective Group procurement model. Effective integration of new acquisitions and the leverage of synergies.

The recent acquisitions, particularly Finansbank, have created a new structure for the Group, with a wide diversity of revenue and profitability sources that derive in large part from operations outside Greece. The integration of Finansbank was completed ahead of schedule withinachieving organizational and policy alignment in all core functions: Treasury, Finance, Risk, Audit and Compliance. Also, all planned joint business initiatives in Corporate, Investment and Retail Banking were launched and are delivering revenue synergies for the Group, including synergies in from cross-border lending provided to Turkish clients, while a new life insurance business was launched in Turkey leveraging Finansbank's network and NBG's expertise.

The effective integration was confirmed with the appointment in early of Finansbank Group's CEO both to the NBG Group Executive Board and to oversee international activities. To achieve effective integration of the new members into the Group, it is imperative that a single control and management system is effectively implemented. To this end, substantial work has already been done by means of special projects for the integration of financial reporting, performance management, risk management, corporate governance and regulatory compliance.

Effective management of regulatory capital. Active management of our regulatory capital is being strengthened alongside the changes in strategy and orientation, and the rapid growth in lending, particularly in SEE and Turkey. Accordingly, we divested a number of our shareholdings in sectors and activities that either did not yield satisfactory returns or were not compatible with our strategy.

Following the disposal of our subsidiary Atlantic Bank of New York to New York Community Bank at the end ofwe disposed of our Canadian subsidiary NBG Canada. The disposal of these two banks is in line with our strategy to discontinue operations in mature markets where the prospects of further growth are limited and where, in any case, we have only a very small presence.

We will continue to withdraw from non-strategic sectors and divest our portfolio of low-yielding assets so as to better utilize the funds we invest, thereby continuing to generate benefits for our shareholders. The creation and maintenance of an environment of international best practice management is essential in order to ensure our compliance with the requirements of the Basel II framework of rules regarding the capital adequacy of banks.

In the first stage of implementation of Basel II, we saw our regulatory capital affected to only a very small degree. Strict and efficient management of the Group's regulatory capital throughout the two years ahead will support growth in operations. Further expansion of the Group through acquisitions will continue to be selective; ensuring desired returns on the capital invested, but will be relatively small-scale in the coming two years.

The transformation of the Group into a modern international organization requires further changes at a. The progress already made is particularly important and has laid the foundations for a successful outcome to the Business Plan Property, Plants and Equipment. These properties are, for the most part, held free of encumbrances. Most of our properties are attributable to our branches and offices through which we maintain our customer relationships and administer our operations.

Most of our other properties have been acquired as a result of foreclosure on the collateral of defaulted loans. There are no environmental issues of which we are aware of that may affect the Bank's utilization of our real estate assets. GAAP financial statements under "premises and equipment". Those of our properties that have been acquired as a result of foreclosure on the.

Management believes that the current market value of real estate assets exceeds their book value. We are not always able to realize the full market value of real estate which we are required to or wish to sell because of variations in the property market and legal impediments to the open market sale of such property.

Information included in this section, except where otherwise stated, relates to the Bank and its subsidiaries. The statistical data presented below may differ from data included in the consolidated financial statements of the Group included elsewhere in this Annual Report. In certain cases, the statistical data is derived from statutory reports and from statistical data reported in the forms prescribed by the central bank for regulatory purposes.

Such data are compiled as a normal part of our financial reporting and management information systems. Unless otherwise noted, amounts presented below are based on U. Average Balances and Interest Rates. The tables below have been calculated on the basis of average monthly balances. The following tables analyze the change in our net interest income attributable to changes in the average volume of interest-earning assets and interest-bearing liabilities and changes in their respective interest rates for the periods presented from our continuing operations.

Amounts due to changes in volume have been calculated by multiplying the change in volume during the year times the average rate for the preceding year.

Amounts due to changes in rates have been calculated by multiplying the change in the current year average rate times the volume of the current year. The net change attributable to changes in both volume and rate has been allocated proportionately to the change due to average volume and the change due to average rate. The changes are calculated on the basis of the monthly average balance sheets set forth in the preceding table.

The following table shows the levels of average interest earning assets and interest income and net interest income of the Group and the net interest margin for each of the periods indicated from lei and foreign continuing operations. These data are derived from the table of average balance and interest rates above and are based upon information in the Group's U. The following table presents certain selected financial information and ratios for the Group for the periods indicated from continuing operations.

In preparing its U. GAAP Financial Statements, the Group classified its securities as required by U. GAAP according to stock following categories: The Bank has the largest portfolio of Greek Government bonds among Greek banks, which is attributable to the Bank's position as the leading primary dealer in terms of volume and liquidity of Greek risk, according to statistics published by the Bank of Greece.

The Group's equity portfolio stems largely from investment activities on the ATHEX as well as equities taken in loan foreclosure and workout situations from the past. As part of our aim to restructure and reorganize our operations, the Group has been strategically divesting our holdings in non-core businesses.

The Group holds a significant amount of financial instruments issued by the Greek Government. The Group's loan portfolio has grown steadily in recent years in line with increased demand for credit generally in Greece and the other markets in which the Group operates. Most of the Group's loans are in the form of credit lines with short maturities. Loans by Type of Customer. The Group offers a wide range of credit instruments to domestic and foreign businesses and State-related entities and individuals, including letters of credit and long-term and short-term loans.

A brief description of the type of loan classifications included in the options analysis is as follows. Residential mortgages consist primarily of fixed and floating rate loans first collateralized by interests in owner-occupied dwellings including houses and condominiums.

These loans are nearly all secured by pre-notation " prosimiosi " which is less expensive and easier to record than mortgages. The Group is also able to offer certain Government-subsidized mortgage loans in Greece to borrowers who meet certain criteria. Credit card lendings are unsecured revolving credit lines. Auto financing loans are extended for personal vehicles and are mostly secured.

Other consumer loans are made to individuals on an installment plan to finance the purchase of consumer goods and to pay for services. The Bank extends revolving credit facilities for retail customers under which approved customers can withdraw funds up to the limit of their individual credit facility as needed for personal purposes.

These loans are unsecured. The majority of the Group's commercial loans are in the form of short-term i. Generally, if the borrowers meet interest payments in a timely manner, these facilities are rolled over, subject to the wishes of the borrower and the Bank's credit review policies.

Industry and mining loans include credit extensions primarily made to corporations involved in the textile, food and beverage, chemical, and metals mining ventures.

Such loans are generally collateralized by interests in the customers' real property and operating assets. Small scale industry loans are those made to commercial ventures that generally employ fewer than 50 persons, and such loans are collateralized by assets of the company or assets of the companies' shareholders.

Trade loans are those made to ventures which do not manufacture goods but import, export, distribute and sell goods. Such loans are typically collateralized by inventory or assets of the company's shareholders. Construction loans are made for larger scale infrastructure or commercial projects undertaken by private entities on their own behalf or on behalf of government public works offices.

Tourism loans are made primarily to developers and operators of hotel and resort properties and such loans are secured by interests in those properties. Shipping and transportation loans are advanced primarily for shipbuilding, and to a lesser extent, shipyard construction and vessel acquisitions and are collateralized by interests in the vessels or other property and the future revenues generated by the vessels.

Other transportation loans relate to ground and air transport. Commercial mortgages are loans for the acquisition of real estate used in business. These loans are nearly all secured by pre-notation which is less costly and easier to administer than a mortgage. Public sector loans are those advanced to the Hellenic Republic, public utilities and entities governed by the public law of Greece, including IKA, the largest social security institution in Greece, and a shareholder of the Bank.

Foreign Country Outstanding Loans. The Group's foreign country outstanding loans, representing specific country risk, are extended primarily by the Group's foreign branches and banking subsidiaries. The Bank's Greek and London operations also provide loans customarily made in U. These foreign country outstanding loans represent additional economic and political risks.

D, " Risk Factors ". The discussion below relates to the Bank and our banking subsidiaries, Finansbank, Vojvodjanska, SABA, UBB, Stopanska Banka, NBG Cyprus and Banca Romaneasca. The Bank has established a centralized credit approval process, which is governed by the Credit Policy for the Corporate Banking Portfolio the "Credit Policy". The Credit Policy addresses core credit policies and procedures for identifying, measuring, approving and reporting credit risk.

To this end, it includes a set of rules related to the extensions of credit and the granting of approval authority. Credit extensions are based on Credit Proposals, which are prepared by the Corporate Banking Business Divisions and submitted for approval as appropriate. The approval level primarily depends on the total amount of proposed facilities, tenor, the classification of the obligor and the sector. All credit extensions are subject to the approval of authorized Credit Division members or the Group Chief Risk Officer.

There are 11 levels of credit approval authority as follows: Members of this Committee are the General Manager of Corporate, the Corporate Banking Business Division Managers and the Credit Division Manager. The underwriting process is centralized under the Mortgage Credit Division. All mortgage applications are rated using a bespoke application scorecard.

Centralized underwriting ensures segregation of duties and uniform enforcement of underwriting standards. Pre-notation is easily converted into a full mortgage following a non-appealable court order or decision, which may be obtained at the request of the Bank in the event of default. The Bank may, at its discretion, permit the transfer of a mortgage on condition that the transferee agrees to assume all obligations arising from the original mortgage contract, and provided that the transferee's income and credit profile have been screened and approved by the Mortgage Credit Division.

Loan approval criteria include the applicants' income, the sources of such income, employment history, credit history, and the applicant's payment-to-income ratio. Moreover, loan approval takes into account the applicant's former relation with the Bank e. Qualified appraisers, both in-house and outsourced, are completely independent from the underwriting process and carry out collateral valuation.

In doing so, they have to take into account the market value of the property. In addition, they perform an estimation of liquidation possibilities, taking into account the levels of commercial activity with respect to properties with similar characteristics. Furthermore, the appraisers apply conservative assumptions in estimating market values and formulate a useful benchmark, serving as an indication of the minimum asking price for the asset.

For personal loans and credit cards, the credit approval process is centralized and is carried out through the use of bespoke credit scorecards, developed on the basis of historical data. These are used for the review of applications to ensure effective and accurate decision-making. The Group Risk Management Division "GRMD" produces, among other reports, ageing analyses by period of disbursement, issuing channel, and product type for various delinquency definitions, thus continuously ensuring strict monitoring of the scorecards' efficiency and separation power.

Consumer loans are generally not collateralized, with the exception of car loans. The SME Division has created small business credit centers in Athens, Thessaloniki and Patras in order to standardize lending criteria. These credit centers handle all of the Bank's credit applications, whether coming from entrepreneurs or SMEs. The above mentioned credit centers are staffed by lending teams under the supervision of a team leader. Credit underwriters use a decision support model to assist in their credit decisions when reviewing and making credit decisions on applications forwarded by branches.

An internal rating model has recently been developed for the credit evaluation of loan requests. This model is expected to further improve the quality of decisions and reduce the time required for the credit granting process.

The credit policies are communicated throughout the Bank by means of credit manuals and circulars, supplemented by bulletins and local directives on particular issues. The Bank has developed and implemented a credit manual for each of the above retail portfolios, following best banking practices.

The credit manual is periodically revised. The credit-granting processes and procedures are centralized. The rationale behind this organizational structure is three-fold: Finally, through the development of portfolio models, our Risk Management Division is able to calculate, evaluate and monitor expected and unexpected losses for all portfolio asset classes and segments.

The credit approval system is managed by the Credit Department. Finansbank's Credit Department consists of: The Credit Department approves loans in compliance with the applicable regulations within the framework of its own policy and principles. Inseven Region Credit Approval Units have been set up under the Credit Department. Each regional unit consists of eight persons and one manager and the number of branches that each regional unit supports, ranges from 40 to The Credit Department conducts credit and financial analysis procedures to verify whether the customer is creditworthy.

Also, the Credit Department uses Probability of Default models to assess the creditworthiness of SME customers in the application process and behavioral models to monitor and measure credit risk of existing customers. The Credit Department makes every effort to ensure the collectability of the loan through receipt of a proper security compliant with the terms and conditions set forth in the written internal procedures about credits and collaterals.

Credit analysis falls under the responsibility of Financial Analysis and Inquiry Groups and in a Credit Analytic Unit. All credit and measurement models are eventually approved by the Risk Management Group.

Finansbank's Board of Directors has the right to grant loans within the limits set by Turkish Banking Law. The Head Office can use this credit granting authority through its units, regional offices and branches. Vojvodjanska has implemented a five-tiered credit approval system which is based on various criteria. Vojvodjanska's bodies which are responsible to reach the decisions on facilities are the Branch Credit Committees, the Micro Loans Credit Committee, the Head Office Credit Committee, the Executive Board and the Board of Directors.

The Branch Credit Committees also can approve loans at the request of a client, which are collateralized with cash deposits or pledges on bonds denominated in foreign currency issued by the Republic of Serbia, up to the maximum amount of the competence of the Head Office Credit Committee, regardless of the maturity, classification and quantitative risk evaluation.

Pursuant to Vojvodjanska's credit risk methodology, the Branch Credit Committees cannot approve loans to clients with a credit risk evaluation of 8 or above 1 to 10 scale. Vojvodjanska's competent bodies have the right to reach decisions on loans granted under conditions which are in line with conditions defined in the enactments of Vojvodjanska's business policy. Vojvodjanska's Board of Directors approves all exposures exceeding the above mentioned limits to corporate clients and entrepreneurs.

The South African Bank of Athens "SABA". The loan approval process at SABA is centralized and takes place in the Credit Risk Department located at SABA's head office. UBB has implemented an eight-tiered credit approval system, which is based on the size of the aggregate exposure of the borrower.

The Credit Committee consists of the Executive Directors of UBB, the Head of Corporate Banking and the Head of Risk Management. InUBB established an Executive Credit Committee, consisting of the members of the Credit Committee, as well as the Head of the NBG Group International Credit Division. Loan facilities exceeding the above limits are submitted to UBB Board of Directors for approval. Stopanska Banka has adopted a four-tiered credit approval system for lending to companies, depending on the size of the loan.

Commercial loan applications are approved as follows: Banca Romaneasca has adopted a multi-tiered credit approval system for lending, depending on the total aggregate exposure on a single debtor considered as a single client or group of clients. The Bank and each of its subsidiaries conduct the credit risk process separately. The Group has implemented systematic control and monitoring of credit risk. The GRMD coordinates each of the.

Corporate Credit Policy determines the contents of Credit Proposals "CP" for the corporate and commercial portfolios, which are conducted at least stock depending on the classification of the obligor. Each CP includes, among other criteria, the purpose and amounts of the facilities proposed, their main terms and conditions, key risks and mitigants, the obligor risk rating and classification status of obligors and related counterparties, and, finally, business, financial and industry reviews and analyses.

According to the Rating Policy, which is an integral part of the Corporate Credit Policy, all obligors of the Corporate Portfolio are rated on a grade scale using calibrated and validated rating systems with each grade corresponding to a Probability of Default.

The Bank uses a number of obligor rating systems, assigning a borrower rating to each Corporate Banking Portfolio customer. This rating is based primarily upon quantitative criteria but qualitative factors are used as well. Additionally, each of the Bank's and its subsidiaries' rating systems consider the borrower's industry risk and its relative position within its peer group. As the Bank prepares for compliance with Basel II Internal Rights Based "IRB" methods, corporate borrower ratings are mapped to probabilities of default in order to estimate specific expected loss per obligor.

The Bank manages its corporate credit granting function, controls credit exposures and ensures regulatory compliance with a set of obligor, industry and large exposure limits. The assignment of obligor limits is directly related to the obligor risk rating.

The Bank has established and implemented an obligor classification system in order to facilitate early recognition of problems in various credit relationships and proactively take remedial action. The classification process is the responsibility of the Credit Division. There are five classification categories: Current, Watch List, Sub-standard, Doubtful and Loss. The obligor classification determines the frequency of the credit reviews and the level of credit approval authority.

Credit Review, Management and Control in Retail Banking. Inthe Bank completed its estimation of key credit risk measurement variables, including probability of default, loss given default and exposure at default.

Simultaneously, new credit risk management and rating systems for consumer credit and SMEs were completed and expected loss was estimated internally for these portfolios. The Retail Banking Collection Division holds responsibility for monitoring and collecting past due amounts for all retail portfolios and focuses on reducing delinquency rates, facilitating early awareness of defaulted loans, ensuring proactive remedial management and reducing costs, achieving a higher overall retail business profitability.

Responsibility of loan tracking lies primarily with the branches and secondarily with the Units of District Offices, the Directorate General Loans Department and Loans Tracking Unit. The loan tracking process consists of ensuring adherence to loan covenants, timely identification of existing and potential problematic loans, determination of the remedial measures of existing and potential non-performing loans, implementation of such measures and reporting to management on the quality and structure of the loan portfolio.

Credit risk is monitored by Risk Management and the Credits Department. The comprehensive and well-documented credit system is the backbone of credit risk management. The Credit Policy Manual covers credit authorization activities, concentration limits, credit monitoring activities, credit risk classification systems rating, scoringcredit risk strategies and guidelines. In order to evaluate the Bank's retail and non-retail loan portfolios, two risk committees were established.

The Retail Risk Committee and the Corporate Risk Committee meet monthly and determine 12973 and policies regarding their respective portfolios. Rating systems and scorecards are in place to assist with risk management for the credit portfolio. These models are reviewed and validated by an independent unit within risk management. Total loan portfolio is monitored by the Credit Risk Management Unit and concentration limits are applied to the loan portfolio to maintain credit quality at the pre-agreed level.

Limit categories are defined as single borrower limits, group of connected borrowers' limit, industry limit, internal rating limits, top 50 customers' exposure limit and top 20 groups' exposure limit.

Risk management reports present a full review of the credit portfolio from various aspects and enable monitoring of the limits, and are submitted to the board of directors on a monthly basis. The capital charge for credit risk is considered as an indicator of the level of risk of loan portfolios and is currently reported based on the "Standardized Approach" as defined by the Bank of International Settlements "BIS"which weighs credit risk according to the type of the facility and the collateral.

Finansbank has outlined its Basel II roadmap which includes all the necessary steps to comply with the IRB approaches within the timeline agreed by regulators. The Basel II roadmap consolidates model development projects for Probability of Default, Loss Given Default and Exposure at Default for retail and non-retail portfolios as well as subsidiaries; IT Projects for data collection and model implementation; validation of models in use; detailed bottom-up calculations of economic capital "ECAP" and risk adjusted return on capital.

After the development of a capital portfolio model and calculation of ECAP, the Risk Adjusted Performance systems will be developed as well. Loans are classified in accordance with the evaluation of their collectability, number of days in arrears, and the general financial background of the counterparty.

The South African Bank of Athens. SABA focuses on working capital facilities and asset-based finance for SMEs and facilities are reviewed on an annual basis in light of the most recent financial statements for clients. Outstanding business loans to large corporations are reviewed monthly by the responsible credit officers and by UBB Credit Portfolio Review Committee, which is responsible for reviewing general categories of risk and implementing risk guidelines.

Loans to SMEs are reviewed on a monthly basis. All loans are reclassified monthly according to a risk assessment based on a four-point risk-rating system. The review is focused on the largest and most recently granted loans and a random sample of other loans. Interim reviews are undertaken during semi-annual audit reviews. UBB Credit Portfolio Review Committee submits to the Credit Committee monthly reports related to the quality status of loans.

At least once a year, UBB executive management presents a full report on the quality of the UBB loan portfolio to the UBB Board of Directors.

Stopanska Banka applies a six-point risk rating system for classifying loans. Loans are rated in categories A0, A1, B, C, D, and E, with E being the highest risk category of non-performing claims. Loans are classified depending mainly on the length of time they have been in arrears.

Additionally, collateral coverage ratios, as well as quality and marketability of collateral are considered in risk classification. Allowances for loan losses are based on specified allowance coefficients which vary in proportion to the risk attributable to each one of the six loan categories.

NBG Cyprus has adopted the Bank's risk rating system. A special Credit Provisions Committee presents a report annually to NBG Cyprus' Executive Credit Committee on the quality of NBG Cyprus' credit portfolio. Banca Romaneasca applies a five-point risk rating system. The risk rating assigned to a loan is determined by three factors: The initiation of legal proceedings against a debtor results in the highest risk rating.

A debtor's financial performance is measured by a combination of quantitative and qualitative criteria, such as the debtor's quantitative financial performance as well as his or her general background.

Banca Romaneasca evaluates these factors and, after receiving a client's annual and semi-annual financial statements, determines the risk rating on a semi-annual basis in April and August. We maintain an allowance for loan losses sufficient to absorb probable estimated losses inherent in the loan portfolio. The balance of the allowance for loan losses is based on ongoing assessments of the probable estimated losses inherent in the loan portfolio that are performed by those members of the Group's management who are responsible for the respective loan types, subject to the approval of the Group's senior management.

Guidelines have been established for the assessment process and are continuously monitored and improved. In general, the allowance incorporates the measurement methods, income recognition and disclosures as provided for in the following accounting pronouncements: Specifically, our methodology has five primary components described below: The amount of unallocated allowance, decreased inas a result of the improvement of our methodology for calculating loan loss allowances by increasingly incorporating recent loan experience as well as geographical and industry segment concentrations.

The allowance for credit losses is based upon estimates of probable losses inherent in the loan portfolio. The amount actually observed for these losses can vary significantly from the estimated.

To ensure this is the case, we evaluate our loans and the methodologies applied thereto, including loss estimation percentages, on a regular basis based on management's judgment of the changing dynamics within the portfolio. For instance, our coefficient analysis incorporates loss and delinquency data for the most recent three-year period, and our analysis of homogeneous loans incorporates loss and delinquency data for the most recent two-year period.

The following table sets forth the loan loss allowances by methodology for the last five years to which the methodology was applied to respective loan balances. The decrease in specific allowances reflects the increased write-offs of corporate loans in The decrease in homogeneous allowances reflects the increased write-offs of unsecured loans as well as the refinement of our methodology for the mortgage portfolio, which takes into account the loss given default and probability of default consistent with Basel II IRB methodology.

The following table illustrates the activity in the loan loss allowance balance over the previous five years: Key ratios related to the activity in our loan loss allowance for the previous five years to which our loan loss methodology was applied are as follows: Non-Performing Loans, Allowance for Loan Losses, and Loan Loss Experience. Non-Performing, Delinquent and Restructured Loans. The Group's Treatment of Non-Performing Loans. Greek regulations with respect to problem loans differ in certain respects from those followed by banks in other countries, including the United States.

The accounting processes applied by the Group for problem loans are described below. Treatment of Non-Performing Loans in Greek Banking Operations. This corresponds to 3. This amount represented 3. Non-performing loans had tended to remain on the Bank's balance sheets significantly longer than would be the case with banks in other Western European countries and the United States.

The Bank generally initiates action to recover or settle outstanding amounts as soon as a loan is determined to be non-performing. The Bank has special branches responsible for the collection of non-performing loans in coordination with the central non-performing loan divisions Corporate and Retail. In addition, the Bank is proceeding with the restructuring of certain non-performing loans.

The terms on which non-performing loans are restructured vary depending upon several factors including how long the loan has been classified as non-performing options the value of the collateral underlying the loan. Restructuring terms generally involve a discount to the total amount of unpaid interest owed to the Bank under the loan and a revised interest rate and repayment schedule.

Non-performing loans that have been restructured remain classified as non-performing loans until they are repaid in full and interest lei not accrue with respect to such loans. If the borrower performs under the restructuring arrangements, however, the Bank ceases to pursue legal action against the borrower under the original loan.

The Bank's non-performing loans in the workout stage are monitored internally by the credit staff at the Bank's headquarters, certain regional branches and specialized branches which handle only non-performing loans.

The prospects of recovery and the estimated losses are reviewed. The Bank establishes provisions, reserve levels and write-offs for these loans. In addition, the Bank's internal audit department examines loan portfolios at branches to determine how loans are to be classified.

Specific provisions for other loan losses are also permitted under relevant Greek tax laws. However, tax penalties apply where loans written off against specific provision are subsequently recovered.

Under Greek tax regulations, non-performing loans can only be written off after all legal remedies for recovery, including the realization of collateral, have been exhausted. Treatment of Non-Performing Loans in Turkish Banking Operations. According to Turkish regulations, loans are classified in five categories depending on their current status and how many days they are past due: Finansbank's policy is to classify loans according to the above-mentioned categories.

Any additional impairment raised in both cases is treated as portfolio impairment. Treatment of Non-Performing loans in Foreign Banking Operations. Vojvodjanska begins legal action against borrowers on a case-by-case basis. The bank has its own Non-Performing Loan Division in charge of collecting non-performing loans.

At the end ofVojvodjanska also began to outsource the collection of some consumer loans to Serbian companies. In some cases, when Vojvodjanska assesses that the company in default has only temporary financial problems but has potential for successful operations in the near future, the bank reschedules or restructures its non-performing loans.

The restructuring depends on the Vojvodjanska's assessment of the ability of the client to regularly repay the loan in the future and the quality of the existing or the additional collateral the client is ready to offer.

In some cases when the client is categorized as "C", "D" or "E" it is possible for the restructuring to include some partial write-off. In accordance with internal regulations, rescheduled loans maintain the same classification until full repayment. New loans that can be possibly granted to these companies under rescheduling should have the additional. The South African Reserve Bank has issued guidelines on how loans should be categorized and what minimum provision should be raised, a summary of which is set forth below.

SABA strictly adheres to these guidelines and reclassifies the status of its loan accounts on the following basis: The Recoveries Division will endeavor to communicate with the borrower in order to obtain repayment. SABA analyzes its loan portfolio by taking into account historical default and recovery rates product by product.

Any additional impairment raised is treated as portfolio impairment and is above and beyond the provision already raised in terms of South African Reserve Bank guidelines. UBB charges penalties on overdue balance sheet interest in accordance with the terms of the relevant loan agreement. These penalties are accrued as an off-balance sheet item. When overdue amounts are fully repaid, UBB renews its balance sheet accruals and it suspends accrual of interest income when loans become doubtful of collection non-performing.

Such income is excluded from interest income until received. Stopanska Banka begins legal action against borrowers on a case-by-case basis. For borrowers that are legal entities, the bank applies. Stopanska Banka has its own Non-Performing Loan Division in charge of collecting non-performing loans.

InStopanska Banka began outsourcing the options of consumer loans to local companies. In some cases, when Stopanska Banka assesses that the company has only temporary financial problems but has potential for successful operations in the near future, it reschedules or restructures its non-performing loans.

The restructuring depends on the Stopanska Banka's assessment of the potential of the client for regular payment of loans in the future and the existing or additional collateral that the client is ready to offer. In some cases when the client is categorized as "D" or "E" it is possible for the restructuring to include some partial write-offs of interest or default interest.

In accordance with current central bank regulations, rescheduled loans remain classified as non-performing for at least six months after rescheduling. After that period they can be gradually upgraded to a higher category only if the client regularly meets its obligations to Stopanska Banka.

NBG Cyprus adheres to the Central Bank of Cyprus instructions for the classification of credit facilities as non-performing. A credit facility is considered non-performing if its balance is in excess of its approved limit or if repayment, in regard to principal or interest or other income, is in arrears for more than three months.

NBG Cyprus stops accruing interest on non-performing loans when more than three monthly installments fall in arrears. Such income is excluded from interest income until it is received. Since February NBG Cyprus has established a streamline Workout Sector in order to manage and minimize non-performing loans. The Workout Sector Committee approves any decision on whether to commence legal actions with respect to non-performing loans and overdraft accounts on a case-by-case basis and transfers them to the recoveries sector.

Recoveries departments with trained personnel have been set up in each district for the intensive and effective collection of debts. The terms on which non-performing credit facilities are restructured vary depending upon several factors including how long they have been classified as non-performing and the value of the underlying collateral.

Restructuring terms generally involve a revised interest rate, repayment schedule and or obtaining additional security and guarantees. Banca Romaneasca employs remedial management procedures applying to any loan falling under the non-performing loan category.

Under the remedial procedures, the usual action performed by Banca Romaneasca in order to recover the amounts due is to enforce or execute the collaterals through court orders.

Determinations of whether certain time deposits in currencies other than the U. The following review is based upon the selected financial data prepared in accordance with U. GAAP and should be read in conjunction with our U.

GAAP Financial Statements and the notes explaining those financial statements included elsewhere in this Annual Report. The financials we refer to herein present Atlantic Bank of New York and NBG Canada as discontinued operations. We are the largest financial institution in Greece in terms of loans and market capitalization, according to an internal review of published financial statements of Greek banks.

We options a wide range of financial services, including retail such as mortgage lending and consumer lendingcommercial and investment banking services and asset management and insurance, through our network of branches and subsidiaries in Greece and abroad. Our principal sources of income have historically been interest earned on customer loans and debt securities as well as commissions. We fund our lending activities and our securities portfolio principally through customer deposits in our branch network.

Outside Greece, the Group is active in eight countries: Turkey, Bulgaria, Romania, Serbia, Albania, FYROM, Cyprus and South Africa, via 1, branches, with approximately One of our strategies is to increase our operating efficiency.

As part of this strategy, we are seeking to enhance our revenue generation potential through sales of businesses outside of our core markets and by modifying our mix of assets in order to reduce the proportion of low yielding assets in our portfolio. Concurrently, we are increasing our lending to market sectors with higher interest rate margins, such as the small business, mortgage and consumer segments.

We are also streamlining our structure in order to improve efficiency, reduce costs and facilitate cross-selling among various divisions and companies within the Group. One of our goals is to preserve our asset quality and reduce the level of non-performing loans, which has had a significant negative impact on our results of operations in the period under review and in prior years. We are further seeking to increase our fee-related activities, primarily commissions from retail services and products as well as those related to investment banking and asset management, although these areas are subject to variations in market conditions.

Recently, events affecting asset-backed CDO's, the US sub-prime residential mortgage market and leveraged finance, have resulted in increased market volatility and adverse changes in the liquidity and value of assets. Key Factors Affecting Our Results of Operations.

Our level of non-performing loans continues to decline from 3. Furthermore, the accumulation of long-term historical data within the Bank with regard to the creditworthiness of the greater part of the economically active population of the country has helped to implement a strategy of targeting creditworthy retail customers.

Furthermore, non-performing loans have remained on our balance sheet significantly longer than would be the case for banks in other Western European countries. Write-offs of collateralized non-performing loans can only be made after all legal remedies for recovery, including realization of collateral, have been exhausted. Our write-offs of non-performing collateralized loans in recent years have been higher than in previous years, which reflects the fact that we have exhausted all legal remedies for recovery of many loans.

The write-off of these loans does not require the exhaustion of all legal remedies. As part of our strategy to preserve the quality of our loan portfolio, we have improved the methods of assessing the credit quality in our loan portfolio. We have also provided for other probable losses inherent in the portfolio to the extent such losses are reasonably estimable.

In Greece, we have taken and are continuing to take steps to improve our credit approval and risk management procedures in order to reduce the amount of non-performing loans that occur in the future.

We have developed and implemented a comprehensive credit manual to govern the lending process, and have fully implemented new credit review and monitoring procedures, which focus on the borrower's cash flow and ability to repay as well as on collateral values.

One objective in restructuring our credit function was to ensure consistency in the loan approval process throughout the Bank while tailoring this process to meet the specific needs of the Bank's borrowers. We options therefore established centralized credit centers, taking the decision-making power for loan approval out of the hands of the branches.

Outside of Greece, we are in the process of fully implementing credit approval and credit review policies throughout the Group's lending operations in order to reduce non-performing loans that occur in the future.

In the future, the effects of the Compounding Law are expected to be more limited with respect to further write-offs. Disposal of Non-Core Assets. As part of our strategy to streamline our operations, we are disposing of certain investments in non-core businesses.

Inwe realized aggregate proceeds. We expect to continue divestitures of non-core assets in the future. In order to streamline their operations and further reduce costs, three Group companies implemented voluntary retirement schemes during EH, NMOC and Astir Palace. The number of employees participating in the schemes was19 and 81 respectively. We have taken measures to strengthen our 12973 base in connection with the modification of our asset mix to comply with Greek capital adequacy requirements as set by the Basel Committee on Banking Supervision under the Capital Adequacy Directive relating to market risk and to selectively expand our operations.

Sources of liquidity are regularly reviewed to maintain a wide diversification by currency, geography, provider and product. The ability to raise funds is in part dependent on maintaining the Bank's credit ratings.

Many factors contribute to the credit rating process, including the rating agency's assessment of the Bank's management capability, the quality of the Bank's corporate governance and the Bank's risk management processes. The Bank considers capital base and regulatory ratios to be important factors in determining credit ratings.

인센티브 주식 옵션 및 비공식 옵션.

2 thoughts on “Stock options lei 12973”

This is due to overworking to meet deadlines and meeting financial obligations. Moderate stress can make students learn.

Banks and other lenders may request additional investigations that are not included in the list of ASTM standards.

LEGAL ENTITY IDENTIFIER (LEI) SERVICES - IRELAND.

We are sponsored by the Central Bank of Ireland (CBI) and endorsed by the Regulatory Oversight Committee (ROC)

Use our online process ISEdirect to apply, update, renew or port an LEI.

Use ISEdirect to apply for a 33% discount on 10 or more new LEI codes.

내가 무엇을해야 하나?

New users must register on ISEdirect Once registered, complete the LEI form.

Once prompted, attach applicable documentation Select payment option using our secure online service.

질문이 있으십니까? We are happy to help.

LEI Services Team.

빠른 링크.

Current LEI codes issued.

View current list of LEI codes and current record status.

Download brochure.

To learn more about the background to LEI and how to process your application.

© IRISH STOCK EXCHANGE 2017.

The Irish Stock Exchange plc is regulated by the Central Bank of Ireland.

Registered in Ireland: No 539157, Registered Office: 28 Anglesea Street, Dublin 2.