Intanto anche lo stato greco ha varato il proprio programma di garanzia per i bond bancari emessi da banche greche e con scadenza max triennale.
La copertura, si apprende, dovrebbe estendersi ad emissioni per un valore complessivo di 15 mld euro...
S&P Expects To Rate Bank Debt Guaranteed By The Greek State Scheme 'A-/A-2'
LONDON (Standard & Poor's) Feb. 5, 2009--Standard & Poor's Ratings Services said today that after reviewing the Hellenic Republic's guarantee scheme, it has concluded that it will rate debt that banks issue under the scheme at the same level as the sovereign credit ratings--that is, currently, 'A-' for long-term debt and 'A-2' for short-term debt.
The rating on guaranteed debt issues is subject to review of the specific deeds of guarantee that the Greek government is expected to grant for each specific guaranteed debt issue.
The Greek guarantee qualifies for rating substitution treatment since it meets our criteria for considering it irrevocable, unconditional, and timely. By its terms, the Greek guarantee program allows for senior unsecured debt issues with maturities from three months up to three years.
According to our reading of Law 3723/2008 from Dec. 9, 2008, and the Guarantee Terms, published in the Official Journal of Jan. 29, 2009,
the Greek government will provide guarantees for up to €15 billion of debt issued until Dec. 31, 2009, by credit institutions authorized to operate by the Bank of Greece.
We understand that the guarantee will remain in force until the relevant debt matures.
We understand that the guarantee is provided to financial institutions that fulfill the capital adequacy ratio set by the Bank of Greece and it is extended against fee and/or collateral considered appropriate by the Governor of the Bank of Greece.