Thu, 3rd Sep 2015 18:16
ERB HELLAS FUNDING LIMITED
(incorporated with limited liability in Jersey)
DELAY IN PUBLICATION OF INTERIM FINANCIAL STATEMENTS 2015
NOTICE IS HEREBY GIVEN that there will be a delay in the filing of the Issuer's Interim Financial Statements for the period ended 30 June 2015.
Such a delay is as a result of exceptional circumstances relating to the Issuer's parent entity "Eurobank Ergasias S.A." and the associated on-going comprehensive assessment of Greek banks, initiated by the competent supervisory authorities in order to review the combined effect of an Asset Quality Review and a forward looking Stress Test to examine the resilience of the Greek banks' balance sheet to test scenarios.
In accordance with IFRS (IAS 1, par. 25) the Directors of the Issuer are required to make a forward-looking assessment regarding the ability of the Issuer to continue as a going concern. The Directors of the Issuer, in order to conclude their assessment, need to take into account the outcome of the following major issues:
1. The finalisation of the Asset Quality Review results and the completion of the Greek banks' viability assessment resulting from the Stress Test process; and
2. The sufficient specification of the framework for actions to be taken to ensure financial stability and to strengthen the viability of Greek financial institutions (including the funds for potential recapitalisation needs), including the possibility that the recapitalisation process may entail the prior contribution (bail-in) of the Issuer's issued instruments in reducing a potential capital shortfall.
In light of these issues, the Ministry of Finance granted the Greek banks a one month extension for the issuance of their Interim Financial Statements for 2015 to enable these issues to be resolved.
Taking into consideration the above, only upon the completion of the above listed processes related to the Greek banks will the Directors of the Issuer be in a position to (a) assess whether the going concern assumption can be adopted as the basis of preparation of the financial statements and whether the Issuer will be able to fully settle their obligations as a going concern, and (b) provide accurate and relevant information to the investors and the capital markets.
It is anticipated that the Issuer will file its Interim Financial Statements for the period ended 30 June 2015 following the completion of Eurobank Ergasias S.A.'s viability assessment and the specification of the recapitalisation framework to be adopted, which is expected by the end of October 2015.
For further information, please contact Eurobank Investor Relations, tel. +30 210 3704754, e-mail email@example.com