If it weren’t for the merger of Attica Bank and Bankritia, they could have collapsed.

Context of its integration Attica Bank Bank of Greece, Governor of the Bank of Greece described in Parliament, Yannis Stournaras, Speaking before the relevant committee of the House of Representatives.

As Mr. Stournaras said, if the merger does not go ahead, the two banks will collapse.

Watch the committee meeting live:

Mr. Stournaras reviewed the trajectory of Bank of Attica in relation to the shocks that the local banking system has been exposed to in the last ten years.

The Bank of Greece governor stressed that after the events of 2015, Attica Bank had to cover its capital needs only from private investors, leaving a gap of 70 million euros. The government at the time, he said, tried to create a parallel banking system during this period. “The Bank of Greece was the backbone of this effort at the time. The facts are known, and I do not want to repeat them, because a lot concerns me and my family,” Mr. Stournaras said.

Mr. Stournaras then pointed out that this is the first time that all the conditions necessary for the implementation of the merger have been met, noting that the two companies have made significant progress in their unification. However, he stressed that if the merger does not go through, Pankritsia and Attica Bank will collapse. He described in gloomy tones the effects of such a possibility on the entire banking system and the resulting loss of confidence in the economy, as measures will have to be taken in these banks, such as cutting deposits.

The Governor of the Bank of Greece said that the cost to the Greek state in the context of the agreement is small compared to any other option.

The Bank of Greece considers the merger solution to be the best solution for the Greek state and the Greek taxpayers. Claims that the state is “giving banks to individuals” show a lack of understanding of how markets work.

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