Eurobank Ergasias S.A., by its announcement dated 19.12.2019, informed the investment community of its intention the securitisation under the code name Cairo (“Cairo”), amounting to €7.5 billion in total, to opt-in to the Hellenic Asset Protection Scheme HERCULES.
Cairo is consisted of three (3) securitizations of different size and with different types of loan claims, namely the Cairo I, II & III.
By its announcement dated 25.02.2020, Eurobank announced that it submitted to the Ministry of Finance two (2) applications pursuant to Law 4649/2019 (Government Gazette A’ 206/16.12.2019) for opting-in to HERCULES programme of the Cairo I and Cairo II securitisations. The applications related to the provision of guarantee by the Greek State on senior notes amounting to €1,655 million in total and are in the process of being examined by the competent authorities in accordance with the applicable legislation.
Following the above, Eurobank having fulfilled all the relevant conditions, submitted an application to the Ministry of Finance in accordance with the provisions of the current legislation, for opting in to HELCULES scheme of the third securitisation, Cairo III, concerning the provision of a guarantee by the Greek State on senior notes amounting to €754 million in total.
The aforementioned three securitisations of Cairo, are the first securitisations of non-performing exposures (NPEs) in Greece, for which an application for opting-in to HERCULES scheme has been submitted. Together with the Pillar securitization, completed in 2019, are the first NPEs securitizations in Greece and are key components of the forward-looking strategy of Eurobank Holdings Group, aiming at reducing the NPE ratio in the 15% region.