Speech on Social Issues

SPEECH ON SOCIAL ISSUES

Well, where there are so many rockets there must be something out of kilter. I think that the twixt the Greek Banks and the European Commission are talking about the alleged malpractice of Greece's forth largest bank. As what European Unions said, the Greek Banks would face due-diligence audits and possible management shake-ups in return for their share of billions of Euros from the regions taxpayers.

As one of the Commissions spokesman on competition and anti trust issues, we are responding to the said management and governance issues. Last time we heard that Reuters reported, they said that the chairman of Piraeus Bank and its two (2) children taken out loans of more than 100 in Euros secretly. In line with this, the said bank is still working for more investigation so they can get their money back. While the top four (4) greatest banks in Greece states that they would not be affected because they have nothing to do with such issues.

Our supervision department cannot comment on specific prudential data available. Due to this, everyone now is hoping for transparency. The recovery of the Greek economy will not be possible without a strong and well capitalized banking sector and that is what our goal is. To do everything to end this malfunctioned management issues.

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