The managements of the Greek banks are now waiting for the nod from Frankfurt to start a fast-track process of reducing the participation of the deferred tax in its own funds.
Today, its high levels that exceed 40% act as an obstacle for increasing the distribution rate of net profits to their shareholders.
The bankers have officially sent their plan to the SSM and are awaiting his reaction on it.
the “signal”
As is well known, official approvals for such matters are not issued by the supervisor.
The issue is discussed and if there are no objections, the work proceeds.
I mean don’t wait for some official document that gives the green light.
Actions Stournara
From there, the issue was at the center of the meeting held yesterday by the governor of the Bank of Greece, Giannis Stournaras, with the CEOs of Alpha Bank, Eurobank, Ethnikis and Piraeus.
During the meeting, the central banker expressed his agreement to the banks’ plan, which foresees the amortization of the deferred tax at twice the rate compared to the current schedule, taking advantage of the high net profitability.
If this plan goes ahead, its elimination will be complete in the first half of the next decade versus 2041 which is currently predicted.
In this way, the way will be opened for the increase of the remuneration of the shareholders of the Greek banks, which last year barely reached 25% and this year the goal is to reach 40% or higher if there is a deal with the supervisor.
The signal from Piraeus
We await with interest today’s Piraeus call for the results of the third quarter, which Christos Megalou will present to the analysts in the early afternoon.
It is certain that he will be asked about the matter.
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In more than one…
At least a peasant outbreak was avoided, but I don’t think this “truce” will last long. The advance payments of subsidies, which were given after toil and suffering yesterday, are simply delaying the worst.
But the interest will be there just before Christmas, when the subsidy payments will be made… there we will see a lot.
A nice atmosphere…
Now what is the climate in OPEKEPE and the Ministry of Rural Development, it is unnecessary for me to convey it to you. But finally this devil in the details didn’t let me pass it like that…
Because it’s funny…
On the one hand, one reads the announcement of OPEKEPE on the advances, in which, among other things, the famous, timeless technical consultant is thanked.
Verbatim: […] “thanks for the cooperation of the involved bodies, the KYD, the Banking Institution, the Technical Consultant and above all the employees of the Organization for their continuous efforts”.
The same announcement was also posted on the website of the Ministry… but someone was missing…
Verbatim: […] “thanks for the cooperation of the involved bodies, the KYD, the Banking Institution and above all the employees of the Organization for their continuous efforts”.
They’re having a good time there at the Ministry… and it shows outside as well.
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American example
Americans always pay attention to “soft data”. That is, some indicators that predict the general course of the economy.
I hope that the many “American” staff of Maximos follow this strategy.
Because the messages are not good.
Turnover in retail trade showed a drop of 1.8% in August.
In other words, we are talking about a month of sales, but also of high tourist traffic.
Accuracy…
Inflation has obviously “bitten” several wallets, because if you compare the drop in turnover with the -5.2% of volume, then you will understand that the drop in consumption is greater.
The battle for accuracy continues, as Eurostat reported yesterday that inflation in Greece in October was at 3.2%. Not much lower than last October’s +3.8%.
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The controls
However, the critical date is approaching. Less than ten days left.
And the market is waiting with bated breath!
I am referring to the ongoing investigation by DIMEA, which concerns 26 companies – industry and retail – and 2,500 product codes.
The investigation, as written by OT and confirmed by the Minister of Development Takis Theodorikakos, concerns the compliance by the companies of the ceiling on gross profit.
Just before the explosion
The background is seething. And one way or another the case has reached the Maximos Palace.
Conversations, phone calls, appointments, even letters. You can’t imagine. And consider that in the meantime several of the companies under control are participating in the ministry’s “program” to reduce prices.
It is certain that the matter will “pop” somewhere! There is no doubt about that.
The question is when and in what way….
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The buyers’ puzzle…
Behind the lines about the memorandum of cooperation are the problems facing OTE in Romania.
Because while we knew that an agreement had been reached for the sale of the Romanian mobile unit with West Network Invest, which is majority owned by Digi Romania, now Vodafone Romania has entered the “equation”.
Obviously, the task of Charalambos Mazarakis, the Chief Financial Officer of OTE Group, is difficult, since an optimal scheme must be found that will get the approval of the local Competition Commission.
The “burdens”
But as I learn, the Romanian authorities will not give the green light so easily.
And it has nothing to do with OTE, but rather with Andrian Tomsa.
After all, he himself had “decided” to withdraw from the competition, with his first scheme, Quantum Projects, and return with West Network Invest, which is majority owned by Digi Romania.
Digi Romania is owned by Zoltan Teszari, which together with businessman Andrian Tomsa’s Clever Media make up the new investment scheme West Network Invest.
In fact, there are not a few who link the imposition of additional taxes of 33.5 million euros certified to Telekom Romania Mobile by the Romanian tax authorities for the years 2017-2021.
However, no one can confirm this and we can only speculate.
In “pieces”
In any case, the “serial” will continue. This is what industry sources tell me, commenting positively on the move to “break up” Telekom Romania Mobile.
After all, the cooperation memorandum foresees that some assets of TKRM will be acquired by Digi, while the remaining assets and the company itself will be acquired by Vodafone Romania.
Newer therefore… since the new year.
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Determination
However, I see the planning of Aktor’s staff closing more quickly. Everything is happening at unprecedented speeds, with the transformation of the group in full swing.
In other words, until the completion of the capital increase of 200 million euros, at the end of January, we will have news with the acquisitions that are in the works.
You will read the design in detail in the pages of the OT.
What we also expect to hear is more about the concessions arm, but also the two acquisitions in the RES sector, which will be in the Peloponnese.
And it won’t be someone from the Kopelouzo group…
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Kontopoulos and Vassilakis in Heraklion
To continue the manifestations of extroversion of the administration of the Athens stock exchange in the region of the country.
This was the message conveyed to me from Crete, where Mr. Giannos Kontopoulos was present, as part of the information day for the local business community on the alternative financing offered by the Stock Exchange to companies.
The impressions were very good, with Mr. Kontopoulos answering the questions of the Cretan investment community. Which, it should be noted, is not small either.
However, the impressions left by Eftichis Vassilakis, well-known in local events, President of Aegean & CEO of AUTOHELLAS, and Mr. D. Hintzidis, President & CEO of Performance Technologies, were also very good.
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