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Next Greek: In 8% of the total the deposits of Russians- Ukrainians HOME • INSIDER • CYPRUS • Greek: In 8% of the total the deposits of Russians- Ukrainian
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Loans to individuals from Russia or Ukraine or to companies owned by Russians and Ukrainians through the Bank of Greece International Business Centers in Cyprus amount to approximately € 35 million net book value with the vast majority of these loans secured by assets in Cyprus, with the source of repayment coming from Cyprus. Deposits related to Russian and Ukrainian customers account for about 8% of the Bank's total customer deposits, which ratio is not significant compared to the Bank's strong liquidity
Regarding the latest developments in Russia and Ukraine, Hellenic Bank Public Company Ltd (the “Bank”) quotes the following information:
The Bank has no banking activities in Russia or Ukraine, in addition to two representative offices in Russia and one representative office in Ukraine. These offices are not licensed to provide any banking services and their only role is to provide administrative support.
The Bank has zero exposure to Russian government bonds and to Russian banks subject to sanctions.
The balances with subsidiaries of European banks in Russia amount to about € 20 million, all with a maturity of less than a week.
Loans to individuals from Russia or Ukraine or to companies owned by Russians and Ukrainians through The Bank's International Business Centers in Cyprus amount to approximately € 35 million in net book value. The vast majority of these loans are secured by assets in Cyprus, with the source of repayment coming from Cyprus.
Deposits related to Russian and Ukrainian customers account for about 8% of the Bank's total customer deposits, which ratio is not significant compared to the Bank's strong liquidity, with the Liquidity Coverage Ratio being 499% (compared to with the minimum required index (100%) in December 2021.
In relation to its indirect report, the Bank acknowledges the possible effects on the Cypriot economy mainly due to the links of the international business services, tourism and real estate markets with Russia and Ukraine, as well as the possible inflationary pressures due to higher prices. in energy, raw materials and food. Any such impact could affect the Bank's financial performance through potentially lower revenues depending on any slowdown in economic activity and potentially higher impairment charges as a result of potential difficulties that home borrowers may face in servicing their obligations. The Bank shall take all necessary and appropriate measures to manage all relevant risks and to comply with the applicable sanctions imposed on Russia. The monitoring of customers has been intensified, while the transactions are strictly monitored and controlled accordingly.
In conclusion, the Bank expects a limited impact from its immediate exposure, while any indirect impact will depend on the duration and intensity of the crisis. and its impact on the Cypriot economy, which remains uncertain at this stage. The Bank will continue to monitor the situation, taking all necessary measures to mitigate the impact on its operations and financial performance. In addition, when there is more clarity about the impact on its financial performance, the Bank will provide further information if and when necessary.