National Bank of Greece2015年年度報告.pdf

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1、GROUP FINANCIAL HIGHLIGHTS Profit&loss account data(millions)2015 2014 2013 Net interest income 1,905 1,998 3,157 Net fee&commission income 93 139 529 Earned insurance premia net of claims&commissions 88 86 67 Net trading income&results from investment securities(64)(187)(95)Net other income(50)28 1

2、13 Total operating income 1,972 2,064 3,771 Total operating expenses&other non-cash expenses(1,302)(1,357)(2,572)Operating profit/(loss)before provisions 671 707 1,199 Credit provisions&other impairment charges(4,263)(2,523)(1,373)Share of profit/(loss)of equity method investments 3 1(5)Profit/(loss

3、)before tax&minorities(3,589)(1,815)(179)Taxes 997 1,606 986 Profit/(loss)from discontinued operations(1,606)315-Minorities 29 40(2)Attributable profit/(loss)(4,227)66 809 Balance sheet data(millions)Due from banks(net)2,799 3,324 2,847 Loans&advances to customers(net)45,375 68,109 67,250 Investment

4、 securities&financial assets 18,603 19,123 20,564 Other assets 44,455 24,656 20,269 Total assets 111,232 115,212 110,930 Due to banks 25,166 22,226 27,897 Due to customers 42,959 64,929 62,876 Debt securities in issue&other borrowed funds 1,252 5,991 3,806 Other liabilities 32,756 12,706 9,240 Total

5、 shareholder equity 9,099 9,612 7,111 Total equity&liabilities 111,232 115,212 110,930 Key figures&ratios Earnings(losses)per share()(0.36)0.32 0.62 Net interest margin 2.8%2.8%3.4%Core Tier I 14.6%13.5%10.3%Total CAR 14.6%13.6%11.2%Staff numbers(year end)33,957 34,129 37,591 *Earnings/(losses)per s

6、hare Diluted from continuing and discontinued operations*The 31.12.14 figures have been calculated excluding year-end profits as per Article 26-2 of E.U.Regulation 575/2013.Credit ratings Long-term Short-term Moodys Caa3 NP Standard&Poors SD SD Fitch Ratings RD RD CONTENTS LETTERS TO SHAREHOLDERS 1

7、BOARD OF DIRECTORS 5 NBG SENIOR MANAGEMENT 7 FINANCIAL REVIEW 2015 8 THE NBG SHARE 10 SHAREHOLDER STRUCTURE 11 SECTION 1:THE FINANCIAL ENVIRONMENT 12 1.1 THE GLOBAL ENVIRONMENT 13 1.2 THE GREEK ECONOMY 15 1.3 THE GREEK BANKING SECTOR 18 SECTION 2:ACTIVITIES OF THE GROUP IN GREECE 20 2.1 RETAIL BANKI

8、NG 21 Mortgage lending 21 Credit cards and consumer loans 21 Lending to small businesses 22 2.2 BUSINESS BANKING 23 Corporate lending 23 Project finance 23 Lending to medium-sized businesses 24 Leasing 25 Shipping 25 Global transaction services 25 Corporate Special Assets Divisions(CSAD)26 2.3 ASSET

9、 MANAGEMENT 26 Deposits-Investment products 26 Mutual Funds 27 Private banking 27 2.4 INVESTMENT BANKING 28 Treasury 28 Brokerage 28 Private equity 29 Custodian services 29 2.5 STRATEGY FOR OPERATIONS UPGRADE 29 Branch network 29 Alternative networks 30 2.6 NBG OMBUDSMAN 31 SECTION 3:INTERNATIONAL A

10、CTIVITIES OF THE GROUP 33 3.1 THE GROUPS INTERNATIONAL PRESENCE 34 3.2 FINANSBANK SA 35 3.3 UNITED BULGARIAN BANK(UBB)35 3.4 STOPANSKA BANKA AD 36 3.5 BANCA ROMANEASCA SA 36 3.6 VOJVODJANSKA BANKA AD 37 3.7 BANKA NBG ALBANIA SH.A 38 3.8 NATIONAL BANK OF GREECE(CYPRUS)38 SECTION 4:OTHER NBG GROUP ACT

11、IVITIES 40 4.1 INSURANCE 41 4.2 HOTEL BUSINESS 42 4.3 REAL ESTATE 42 SECTION 5:RISK MANAGEMENT&CORPORATE GOVERNANCE 44 5.1 GROUP RISK MANAGEMENT 45 Market risk 45 Credit risk 50 Counterparty risk 56 Country risk 57 Operational risk 58 Liquidity risk 60 5.2 REGULATORY COMPLIANCE 63 5.3 INTERNAL AUDIT

12、 65 5.4 CORPORATE GOVERNANCE 65 SUMMARY FINANCIAL STATEMENTS 67 INDEPENDENT AUDITORS REPORT 68 SUMMARY FINANCIAL DATA 2015 70 REPORT OF FACTUAL FINDINGS ON AGREED UPON PROCEDURES ON COUNTRY BY COUNTRY REPORTING 76 DISCLOSURES IN ACCORDANCE WITH ARTICLE 81 OF LAW 4261/2014 80 INVITATION TO THE BANKS

13、ANNUAL GENERAL MEETING OF SHAREHOLDERS 81 ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -1-NATIONAL BANK OF GREECE ANNUAL REPORT 2015 LETTER TO SHAREHOLDERS Dear Shareholder,The Greek economy in 2015 experienced intense fluctuations and pressures due to the political and economic uncertainty that led to

14、 the bank holiday and the imposition of capital controls.Despite the economic downturn and negative GDP growth,which stood at-0.7%,the recessionary impact was less than feared.This was mainly due to the resilience of the private sector,which had generate deffective reserves of liquidity,and the rapi

15、d growth in the volume of transactions carried out using plastic money,which cushioned the negative impact of the bank holiday and the restrictions imposed on cash withdrawals.The deal reached at the Euro Area Summit on 12 July 2015 created the conditions for a new stable financing framework to supp

16、ort the Greek economy,reducing the political and economic uncertainty and fostering positive expectations.Despite the difficulties of 2015,the banking system as a whole responded,professionally and rapidly,in the best possible way to the multiple challenges that it faced.Upon successful completion o

17、f the recapitalization process in December 2015 with significant participation even by private investors the systemic banks are now well fortified in terms of capital and ready to fulfill their key role,i.e.to channel liquidity to the real economy and provide financing to viable investment and busin

18、ess initiatives.Major challenges for the banking system overall include the roll-out of restructuring plans,effective management of loan impairments,the recovery of deposits,and acclimatization to enhanced European supervisory and regulatory requirements.A key precondition for this multi-pronged eff

19、ort is the need to build strong and sustainable“confidence-building measures”between financial institutions and their partners,i.e.depositors,customers,businesses,and society at large.At the same time,however,the banking system is called upon to prepare effectively for the transition to the new digi

20、tal banking landscape,both within its business structure sand in its offering of new products and services to customers.National Bank of Greece successfully completed its recapitalization process,raising 457 million in equity from the international market and 2.7 billion from the HFSF.Indeed,we were

21、 the only bank to address our capital raising also to Greek investors,raising funds of 300 million to cover our capital needs.Today,NBG has a CET 1 ratio of 17.2%1(excluding CoCos),the best loan-to-deposit ratio in the sector(91%for the Bank and 92%for the Group),and the lowest dependency on the ELA

22、 mechanism in the sector.In addition,NBG has created a shareholder mix that in terms of quality and sustainability ensures the conditions under which it can play a leading,frontline role in the economy.1The sales,soon due for completion,of Astir Palace,NBGI and Finansbank have been factored into CET

23、 1.ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -2-The NBG Group is a pillar of stability and certainty for the Greek economy and society,backed by its longstanding tradition,good name,pioneering business profile and significant contribution to the development and social transformation of the country,a

24、nd above all the enduring confidence of its shareholders,customers,depositors and employees.The main intention of the NBG Group is to maintain its leadership profile and to play an active role guided by the principles of efficiency and profitability in supporting investments that can foster a resurg

25、ence in economic activity and the sustainable economic and technological transformation of the Greek production base.Chair of the Board Professor Louka T.Katseli ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -3-CEO Letter to Shareholders Dear Shareholder,2015 was a year of significant developments and u

26、pheavals in the Greek economy.Although the year closed with growth in negative territory,economic activity posted a decline of only 0.3%,much less than expected.Likewise,developments in the domestic banking system were also momentous.Heightened uncertainty in the first half of the year,the collapse

27、of confidence among savers,and the flight of deposits led to the imposition of capital controls in July 2015.Furthermore,the protracted recession of the past years and the bleak outlook at the time were reflected in the results of the Comprehensive Assessment of the Single Supervisory Mechanism at t

28、he end of the year.To cover our capital needs,we submitted a revised restructuring plan to the DG-Comp of the European Commission,and moved ahead with a share capital raise to cover the baseline scenario of the stress test,successfully raising 1.8 billion from private investors.Besides including the

29、 participation of international investors,the share capital raising was also open to the participation of domestic investors.In addition,to meet the capital needs arising from the adverse scenario of the stress test,the bank received 2.7 billion in state aid,of which 2.0 billion was in the form of c

30、ontingent convertible bonds(CoCos)and 0.7 billion in the form of common shares issued to the Hellenic Financial Stability Fund(HFSF).Last,in December,an agreement was signed with Qatar National Bank for the sale of 100%of our stake in the Groups subsidiary Finansbank,thereby meeting the key undertak

31、ing of our Restructuring Plan and enabling us to opt for paying back in full the CoCos,following SSM approval.Accordingly,in terms of capital adequacy,the year ended with the Group having the highest CET1index among its peers,at 17.5%,factoring in the sale of Finansbank and the repayment of CoCos.In

32、 terms of liquidity,the Group remains in a superior position,with its loan-to-deposit ratio standing at 91%.Since September 2015,the Bank has sharply reduced its exposure to ELA liquidity by 4.4 billion,thus posting the lowest dependence on the emergency liquidity mechanism.The financial results ref

33、lect fully the outcome of the Asset Quality Review(“AQR”)carried out in the frame of the Comprehensive Assessment,coupled with the Groups capital enhancement actions.In 2016 the Group finds itself with a fortified balance sheet,robust capital base and superior liquidity.In 2016,we continue to concen

34、trate our efforts on the implementation of our commitments,focusing on the following strategic directions:Return to profitability by normalizing cost of risk and reducing cost of funding.Enhance asset quality through effective management of NPLs and the implementation of radical and sustainable solu

35、tions.Financing to the Greek economy and healthy export-oriented and innovative businesses,and thereby help reverse the recession and reduce unemployment.In light of the current positive trend of 2016 and the recent completion of the 1st Review of the Program,the conditions are present and will allo

36、w us to achieve our targets for the year.ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -4-I would like to extend warm thanks to all our shareholders and our staff for their support.This year NBG celebrates its 175th anniversary.When we consider the Banks history and the circumstances throughout these ye

37、ars,we see that it is thanks to the unswerving dedication of all involved,that the course the Bank has pursued has proved successful.We look to the future with optimism and confidence.Chief Executive Officer Leonidas Frangkiadakis ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -5-BOARD OF DIRECTORS Louka

38、 T.Katseli Chair of the Board,Professor at the National and apodistrian University of Athens(Non-executive member)EXECUTIVE MEMBERS Leonidas Fragkiadakis Chief Executive Officer Dimitris Dimopoulos Deputy CEO Paul Mylonas Deputy CEO NON-EXECUTIVE MEMBERS Efthymios Katsikas Employees Representative S

39、tavros Koukos Employees Representative,President of OTOE INDEPENDENT NON-EXECUTIVE MEMBERS Dimitrios Afendoulis Member of the Executive Board,John S.Latsis Public Benefit Foundation Spiridon Theodoropoulos Chief Executive Officer,Chipita SA Petros Sabatacakis Economist Marianne kland Economist Mike

40、Aynsley Economist REPRESENTATIVE OF THE HELLENIC REPUBLIC(Law 3723/2008)Angeliki Skandaliari Economist REPRESENTATIVE OF THE HELLENIC FINANCIAL STABILITY FUND(HFSF)(Law 3864/2010)Charalambos Makkas Economist SECRETARY OF THE BOARD&BOARD COMMITTEES Panagiotis Dasmanogolou Assistant General Manager-Gr

41、oup Chief Compliance and Corporate Governance Officer ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -6-Notes:The current Board,whose term expires in 2018,was reconstituted as a body at its 19 June 2015 meeting.In 2015,and during the first half of 2016,the following changes were made to the Boards member

42、ship:Mrs.Marianne kland was elected as independent non-executive Board member on 29 June 2016 in replacement of Mr.Kurt Geiger who submitted his resignation as independent non-executive Board member,on 28 June 2016.Mr.Kurt Geiger was elected as independent non-executive Board member on 26 May 2016.M

43、r.Mike Aynsley was elected as independent non-executive Board member on 26 May 2016.Mrs.Alexandra T.Papalexopoulou-Benopoulou submitted her resignation as independent non-executive Board member,on 17 July 2015.Mr.Andreas Boumis who was elected as independent non-executive Board member,on 19 June 201

44、5,submitted his resignation as non-executive Board member,on 26 January 2016.Mrs.Paula Hadjisotiriou submitted her resignation as executive Board member and Deputy CEO,on 28 May 2015.Mr.Petros Christodoulou submitted his resignation as non-executive Board member,on 30 April 2015.Mrs.Louka T.Katseli

45、was elected as non-executive Chair of the Board in replacement of Mr Georgios Zanias,who submitted his resignation as non-executive Chairman of the Board,at the meeting of the Board of Directors held on 23 March 2015.Mr.Leonidas Fragkiadakis was elected as Chief Executive Officer in replacement of M

46、r Alexandros Tourkolias,who submitted his resignation as CEO,at the meeting of the Board of Directors held on 23 March 2015.Mr.Stefanos Vavalides,submitted his resignation as independent non-executive Board member,on 23 March 2015.Mr.Alexandros N.Makridis,submitted his resignation from the Board on

47、25 February 2015,which was approved by the Minister of Finance on 2 March 2015.In his replacement,Mrs.Angeliki Skandaliari was appointed as the Hellenic Republics representative to the Banks Board,pursuant to Greek Law 3723/2008,which was published in the Government Gazette on 4 March 2015(Board of

48、Directors meeting on 23 March 2015).ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -7-NBG SENIOR MANAGEMENT EXECUTIVE COMMITTEE Chair:Leonidas Fragkiadakis CEO Members:Dimitrios Dimopoulos Deputy CEO Paul Mylonas Deputy CEO Damianos Charalampidis Chief of Operations Nelly Tzakou-Lambropoulou General Mana

49、ger,Retail Banking Dimitrios Kapotopoulos General Manager,Corporate Banking Ioannis Kyriakopoulos General Manager,Group Chief Financial Officer(CFO)Non-voting members:Panagiotis Dasmanogolou Assistant General Manager-Group Chief Compliance and Corporate Governance Officer Georgios Triantafyllakis As

50、sistant General Manager of Legal Services GENERAL MANAGERS Dimitrios Kapotopoulos General Manager Corporate Banking Ioannis Kyriakopoulos General Manager,Group Chief Financial Officer(CFO)Marinis Stratopoulos General Manager,International Activities Nelly Tzakou-Lambropoulou General Manager Retail B

51、anking Petros Fourtounis Group Human Resources General Manager Damianos Charalampidis Chief of Operations Nikos Christodoulou Chief Information Officer(CIO)ASSISTANT GENERAL MANAGERS Ioannis Vagionitis Assistant General Manager,Group Chief Credit Officer Constantinos Vossikas Assistant General Manag

52、er of Corporate Special Assets Panagiotis Dasmanogolou Assistant General Manager-Group Chief Compliance and Corporate Governance Officer Vassileios Kavalos Assistant General Manager,Group Treasurer Georgios Kaloritis Assistant General Manager,Group Chief Audit Executive Ioanna Katzilieri-Zour Assist

53、ant General Manager,Group Marketing&Communications George Koutsoudakis Assistant General Manager,Corporate Banking George Maligiannis Assistant General Manager,Retail Collections Vassileios Mastrokalos Assistant General Manager of Group Strategy Alexander Benos Assistant General Manager,NBG Group Ch

54、ief Risk Management,(CRO)Konstantinos Bratos Assistant General Manager,Corporate Workout&Remedial Management Dimitrios Pavlineris Assistant General Manager,Branch Network Vassilis Skiadiotis Assistant General Manager of Retail Banking Georgios Triantafyllakis Assistant General Manager of Legal Servi

55、ces George Frangou Deputy General Manager,Head of Real Estate ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -8-FINANCIAL REVIEW 2015 The annual results of the Bank for 2015 reflect the key developments of the year in the Greek economy.The three landmark events that impacted the Groups performance in the

56、 year under review were:the results of the ECBs Comprehensive Assessment,the subsequent successful capital increase,and the agreed sale of Finansbank to Qatar National Bank.The results of the Comprehensive Assessment reflect the impact of the economic recession on the quality of NBGs loan portfolio.

57、The Group increased its provisioning levels so as to cover the provisions gap and has now increased the 90dpd coverage ratio from 60.2%in 2014 to 76.8%in 2015.The recapitalization of the Bank was carried out pursuant to a conservative approach to future economic prospects and,accordingly,at the end

58、of the year,NBG recorded a Common Equity Tier 1(CET1)capital ratio of 22.7%,and 17.5%excluding contingent convertible securities(CoCos),after the recapitalization process and the agreement for the sale of Finansbank.Despite the pressures on liquidity in the banking system,the Bank still has a loan-t

59、o-deposit ratio of 91%at Group level and 90%in Greece,while funding from the Eurosystem was reduced to 17%of total assets,and 12%if EFSF bonds are excluded.The approval of the divestiture of Finansbank in December,in accordance with NBGs commitment to the European Commissions Directorate-General for

60、 Competition,demonstrates the determination of the Bank to implement its restructuring plan.Backed by sound provisions,a robust capital base and healthy liquidity,NBG will be able to prosecute its strategic plan for 2016,playing a frontline role in the Greek economys efforts to exit the recession,fo

61、cusing on enhancing its asset quality and generating positive organic results.Enhanced liquidity vs our peers Group1 deposits grew by 2.6%qoq to 43.0 billion in the last quarter of the year,mainly reflecting the 1 The Group excludes assets and profit/(loss)data from discontinued operations.increased

62、 inflow of domestic deposits amounting to 793 million(345m in Q3),partly due to seasonality(13th salary and increased Christmas turnover).In SE Europe and other countries,deposits grew by 4.5%qoq to 6.3 billion(Q4 inflows of 277 million vs 49 million in Q3).As a result,NBG has the best loan-to-depos

63、it ratio in the sector,standing at 90%in Greece(94%in Q3)and 91%at Group level1(96%in Q3),serving as a foundation for future growth of credit activity.Reflecting the recent capital increase and deposit inflows,funding via the ELA decreased by 4.1 billion qoq and amounted to 11.5bn at the end of the

64、fourth quarter of 2015,being the lowest exposure of the sector expressed as a percentage of assets(ELA-to-assets excluding EFSF and ESM bonds and discontinued operations:16%).Eurosystem funding amounted to 24.0 billion vs 25.6 billion at the end of Q3.2015.The reduction of the nominal amount of bond

65、s backed by Greek government guarantees(Pillar II)by 4.8 billion corresponds to a year-on-year benefit of circa 90 million for 2016.There should be a further reduction with the completion of the sale of Finansbank in the second quarter of 2016,which should generate a liquidity impact of 3.5 billion.

66、Since the end of December2,ELA funding has been further reduced by 0.4 billion to 11.1 billion(Eurosystem funding at 21.9 billion).This trend should continue throughout the course of 2016,impacting positively on net interest income.NBG is capable of raising additional liquidity of up to 7.7 billion.

67、The coverage ratio for loans in arrears(90dpd)at Group level and in Greece is the highest in the sector At Group level1,formation of loans in arrears(90 days past due)slowed down to 54 million in Q4.2015 from 406 million in Q3,reflecting a drastic reduction in Greece,where 90dpd formation amounted t

68、o 86 million,down from 406 million in the previous quarter.This improvement was aided by an increase in loan recoveries across the entire range of the Banks products in the second half of Q4,with 90dpd formation moving into negative territory in December.The trend 2 Data as at 17 May 2016 ATIONAL BA

69、NK OF GREECE ANNUAL REPORT 2015 -9-continued in the early part of the first quarter of 2016 in the retail loan book,signaling ongoing momentum in the reduction of 90dpd formation.Domestic loan impairment provisions amounted to 671 million in Q4.2015 vs 232 million in Q3,more than covering the provis

70、ioning shortfall identified by the Asset Quality Review(AQR),as the Bank decided to adopt a more conservative approach to further fortify its balance sheet in view of current economic conditions.For 2015,domestic provisions amounted to 3,528 million,making 90dpd loan coverage the highest in the indu

71、stry at 76.8%vs 73.4%in the Q3(74.6%at Group level,up by 3 percentage points on the previous quarter).The NPE coverage ratio amounted to 53.4%vs 52.4%in Q3(52.8%at Group level,up 1 percentage point on the previous quarter).In SE Europe and other international activities in the NPL ratio over 90 days

72、 decreased to 26.8%in the fourth quarter from 28.3%in the previous quarter.The coverage ratio rose to 57.4%from 56.3%in the previous quarter.Profitability Greece:In the last quarter of 2015,core profit before provisions in Greece rebounded significantly to 153 million(+10.1%vs Q3),following the 10.4

73、%qoq downturn reported in Q3,reflecting early signs of an emerging improvement in net interest income and fees and commissions in 2016.Interest income topped 392 million vs 389 million in Q3,reflecting the lower cost of deposits(-14 bps qoq),due to ongoing time deposit repricing(-19 bps qoq)and the

74、improvement in the deposit mix(68%of domestic deposits consists of lower margin sight and savings deposits,vs 52%in Q4.2014).The lower cost of deposits offset the lower net income on loans(407 million,4.5%lower than in the previous quarter).Net interest income was also boosted by the substantial red

75、uction in ELA funding,albeit for just two weeks during Q4.The positive impact of the lower reliance on the ELA will become fully evident from Q1.2016 onwards.Excluding the cost of Pillar II bonds,fee and commission income posted a recovery,rising to 51 million in Q4(+21.4%qoq),due to higher net inco

76、me from commission on business loans,procurements,custodian services and investment banking.However,the costs of Greek government guarantees remained high(54 million in Q4 vs 53 million in Q3),bringing the total cost to 197 million for full-year 2015(vs 161 million in 2014).The substantial reduction

77、 in the use of Pillar II bonds by almost 9 billion(nominal value)from Q3.2015 onwards will help reduce related annualized expenses in 2016 to less than half the level of Q4.2015.Including the cost of Pillar II bonds,net commission income remained in negative territory in Q4(-3 million vs-10 million

78、in Q3).Operating expenses totaled 1,030 million in 2015,posting a decline of 2.1%yoy,and an aggregate decrease of 38%since 2009.Personnel costs fell by 0.7%yoy to 665 million,marking an aggregate decrease of 43%since the beginning of the crisis.The Bank recorded a loss of 857 million,adversely affec

79、ted by high provisions for loan impairments of 671 million and other asset impairments amounting to 242 million3.The results were weighed down further by one-off charges of 135 million,which mainly reflect the voluntary retirement provision(118 million).SE Europe and other countries:In SE Europe and

80、 other countries,the Bank recorded losses of 34 million in Q4 vs profit of 15 million in Q3,negatively impacted by high loan impairment provisions(at 68 million,from 23 million in Q3),which incorporate part of the provision shortfall identified by the asset quality review for Serbia and pave the way

81、 for assets quality reviews in Bulgaria and Romania.Capital adequacy Excluding contingent convertible bonds(CoCos),but factoring in the pending completion of the sales of Astir Palace,NBGI and Finansbank,the CET 1 ratio stands at 17.5%(if the CoCos are added to the equation,the figure stands at 22.7

82、%).The scheduled sales of Astir Palace 3 Including the impairment charges on the ongoing sale of NBGI PE(106 million),real estate investments(68 million)and international subsidiaries(26 million)and other assets(42 million).ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -10-TABLE 1NBG STOCK MARKET DATA(1

83、)20152014Year-end price()0,322,0Year high()25,863,6Year Low()0,321,4Yearly standard deviation for NBG share price (%)10,03,7Yearly standard deviation for banking sector(%)8,62,9NBG market capitalization at year end(billions)3,15,2Annual trading volume(billions)3,32,4NBG-to-ATHEX trading volume ratio

84、(%)17,88,4Sources:ATHEX,Bloomberg,NBG calculations(1)For ease of comparison,share prices have been adjusted0204060801001201400255075100125150Jan-15Feb-15Mar-15Apr-15May-15Jun-15Jul-15Aug-15Sep-15Oct-15Nov-15Dec-15TURNOVERS(millions)PRICE CHANGE(BASE 31.12.2014=100)NBG turnoverATHEX General IndexNBG

85、ShareDIAGRAM 1and NBGI are expected to add a further 70 bps to CET 1.When applying fully loaded Basel III and including the aforesaid capital actions,the CET 1 ratio settles at 16.8%.THE NBG SHARE In 2015,the Athens Exchange(ATHEX)posted significant losses mainly because of political uncertainty,par

86、ticularly in the second half of the year.NBGs share presented greater volatility,its year high standing at 25.8 on 24/02/2015(adjusted after a reverse split),its year low at 0.25 on 15/12/2015,and its closing price on 31/12/2015 at 0.34.NBGs market capitalization as at 31 December 2015 stood at 3.1

87、billion vs 5.2 billion in the previous year,including the recapitalization.The total trading volume of shares stood at 2.4 billion,higher than the previous year(2.1 billion),comprising 17.8%of the annual trading volume in the domestic capital market vs 8.4%in 2014.Sources:Bloomberg,NBG calculations

88、ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -11-HFSF40,4%International institutional&retail investors47,6%Domestic retail investors7,7%Domestic institutional investors2,0%Other2,3%DIAGRAM 2Shareholders Structure NBG 31.12.2015*Including Sudsidiaries,Insurance companies,Hospitals,Associations etc.Inter

89、national institutional&retail investors79,9%Domestic retail investors13,0%Domestic institutional investors3,0%Other4,2%DIAGRAM 3Shareholders structure(x-HSFS)31.12.2015*Including Subsidiaries,Insurance companies,Hospitals,Associations etcSHAREHOLDER STRUCTURE As at 31 December 2015,NBGs share capita

90、l was divided into 9,147,151,527 common shares of a nominal value of 0.30 each.On 17 November 2015,the Extraordinary General Meeting of the Banks shareholders approved a 4,482 million increase in the Banks share capital,with the issue of common registered shares and cancellation of the preemption ri

91、ght of old shareholders,which was completed on 9 December 2015.The offer price was set at 0.30 per share,as determined by resolution of the Banks Board dated 19.11.2015,as authorized the Extraordinary General Meeting of 17 November 2015.At the end of December 2015 NBGs free float was broad-based,inc

92、luding circa 198,000 institutional and retail shareholders.As at 31/12/2015,NBGs shareholder data indicate(DIAGRAM 2)that the HFSF held 40.4%of its share capital,while 47.8%was held by international institutional and retail investors,and 7.7%by domestic retail investors.Excluding the HFSFs sharehold

93、ing,the participation of international institutional and retail investors stood at 79.9%while that of domestic retail investors stood at 13.0%(DIAGRAM 3).NATIONAL BANK OF GREECE ANNUAL REPORT 2015 -12-SECTION 1 1 THE FINANCIAL ENVIRONMENT NATIONAL BANK OF GREECE ANNUAL REPORT 2015 -13-1,61,6-0,52,2-

94、0,91,71,5-0,31,42,40,902,41,60,52,21,60,7-2-101234USAEurozoneJAPANSources:Eurostat,US Buraeu of Economic Analysis IMF*NBG Forecasts11 12 13 14 15 16*%11 12 13 14 15 16*11 12 13 14 15 16*1.1 THE GLOBAL ENVIRONMENT The recovery of the global economy lost ground in 2015,reflecting the recessionary envi

95、ronment in key developing economies,such as Brazil and Russia,which suffered from declining commodity prices,and a gradual slowdown in China.Overall,global GDP growth is forecast at 3.1%in 2015,vs 3.4%in 2014.In the US,economic activity remained robust,with growth in real GDP standing at 2.4%,broadl

96、y unchanged from 2014(DIAGRAM 1.1.1),supported mainly by private consumption,as the labor market continued to improve at a dynamic pace.In the euro area,economic activity picked up as domestic demand benefited from lower oil prices and improved bank lending conditions.Indeed,real GDP grew by 1.6%in

97、2015,vs 0.9%in 2014.Last,in Japan real GDP grew by 0.5%in 2015,vs 0%in 2014,supported by the gradual improvement in workers incomes and supportive financial conditions due to the expansionary monetary policy of the central bank.DIAGRAM 1.1.1 GDP GROWTH(YEAR-ON-YEAR)International oil prices followed

98、a downward trend in 2015 because of increased oil supplies from the US and sluggish demand due to the slowdown in growth in emerging economies.By the end of the year,the price of crude oil had fallen by approximately 30.5%to USD37/barrel vs USD53/barrel in 2014.In terms of average annual prices,oil

99、fell to USD49/barrel in 2015,fromUSD93/barrel in 2014.In addition,average annual prices of agricultural produce fell by 17%in 2015.As a result of these developments,inflation in the developed economies slowed significantly to 0.2%(average annual change)in 2015 from 1.3%(average annual change)in 2014

100、.In the developing economies,the average annual inflation rate rose to5.5%in 2015 from 5.1%in 2014.Most central banks continued to support growth policy in 2015.In the US,the Fed increased the reference rate by 25 bps in December 2015 to the 0.25%0.5%range,but stressed that the cycle of interest rat

101、e increases will be gradual and,above all,dependent on the course of economic fundamentals.In addition,the Fed will continue to reinvest the proceeds from Treasuries(USD1.7 trillion)and mortgage-backed securities(USD1.7 trillion)it holds on its balance sheet,thereby maintaining a supportive monetary

102、 policy.During the course of 2015,the European Central Bank(ECB)expanded its asset purchase program,buying,as of March 2015,60 billion of government and private sector securities per month.In the midst of intense deflationary pressures,in March 2016,the ECB reduced its intervention rate by 5 bps to

103、0.0%(DIAGRAM 1.1.2),its margin lending facility by 5 bps to 0.25%,and its deposit facility by 10 bps to-0.4%.At the same time,monthly purchases under the asset purchase program will be increased to 80 billion,and will last at least through to March 2017,to include top rated corporate securities.The

104、ECB also announced four new targeted longer-term refinancing operations(LTROs),which will take place between June 2016 and March 2017having a four-year duration and aiming at enhancing bank lending to the private sector(excluding home mortgage loans).Last,the Bank of Japan continued its policy to ag

105、gressively expand its balance sheet,mainly by purchasing Japanese government securities to the tune of YEN80 trillion on an annual basis.At the beginning of 2016,the Bank of Japan introduced negative interest rates on the deposits of commercial banks,adopting a three-pillar system that sets the amou

106、nt of surplus liquidity of commercial banks that are subject to negative interest rates.NATIONAL BANK OF GREECE ANNUAL REPORT 2015 -14-4,89,28,82,14,22,93,8-5,3-0,11,30,32,92,13,2-4,52,11,6-0,9-0,30,91,62009201020112012201320142015TurkeySEE-5Euro AreaSources:NBG,National Sources-0,500,000,501,001,50

107、2,002,503,003,504,004,505,005,50-0,500,000,501,001,502,002,503,003,504,004,505,005,50Jan-03Jan-04Jan-05Jan-06Jan-07Jan-08Jan-09Jan-10Jan-11Jan-12Jan-13Jan-14Jan-15Jan-16ECB interest ratesFED interest rates%NBG Forecasts9,64,17,93,64,72,94,12,43,82,03,61,7024681012Source:IMF%*IMF Forecasts11 12 13 14

108、 15 16*USAEU11 12 13 14 15 16*DIAGRAM 1.1.2 SHORT-TERM INTEREST RATES The fiscal deficit in the US declined to 3.8%of GDP in 2015 from 4.1%in 2014,reaching its lowest level since 2007.In the euro area,the deficit-to-GDP ratio decreased to 2.0%in 2015 from 2.4%in 2014(DIAGRAM 1.1.3).Continued fiscal

109、adjustment,though significantly slower due to the progress achieved in recent years,demonstrates the authorities intention,on both sides of the Atlantic,to adhere to their policies for improving their fiscal profile.In the euro area,fiscal policy is likely to become marginally expansive in 2016 due

110、to increased spending for dealing with the refugee crisis and moderate tax cuts in certain countries.DIAGRAM 1.1.3 BUDGET DEFICIT(%of GDP)SE Europe*The Turkish The Turkish economy and banking system posted a economy and banking system posted a solid performance in 2015solid performance in 2015,despi

111、te adverse domestic and international factors,including:i)protracted political uncertainty due to the repeat elections in November after the indecisive result of the general elections in June,ii)increased concerns about the security situation,after the collapse of the two-year ceasefire with the mil

112、itary wing of the Kurdistan Workers Party(PKK)and the countrys involvement in the war against ISIS,iii)tightening of liquidity in international markets in view of the normalization of the Feds interest rates at the end of 2015,and iv)adverse geopolitical developments,which led to a reduction of comm

113、ercial activity with key trading partners(Russia and Iraq).Indeed,economic growth is estimated to have accelerated to 3.8%in 2015 from 2.9%the previous year,due to the substantial improvement in private domestic demand.In addition,external adjustment continued in 2015 despite the fact that the mix o

114、f economic growth shifted to domestic demand,with the current account deficit moderating to 4.5%of GDP from 5.5%in 2014,due to favorable gold and energy balances.DIAGRAM 1.1.4 RAEL GDP GROWTH(%)*Turkey and SEE-5,which includes Albania,Bulgaria,Former Yugoslav Republic of Macedonia,Romania and Serbia

115、.Against the backdrop of strong economic growth and despite the tight liquidity conditions,the banking industry in Turkey posted a relatively good NATIONAL BANK OF GREECE ANNUAL REPORT 2015 -15-2,0-6,2-9,7-6,2-7,7-5,5-4,5-6,2-4,7-5,0-5,1-1,7-1,4-1,60,10,30,21,32,02,43,02009201020112012201320142015Tu

116、rkeySEE-5Euro AreaSources:NBG,National Sources53531153219204863-3-32021-1-1-112009201020112012201320142015TurkeySEE-5Euro AreaSources:NBG,National Sourcesperformance in 2015.Earnings grew by 6.0%to TRY26.0 billion(7.9 billion)yoy.In addition,+90dpds as a percentage of total loans increased only slig

117、htly,and at the very low level(compared with the data for emerging markets)of 3.1%at the end of 2015 from 2.9%at the end of 2014.Last,the capital adequacy ratio fell slightly to 15.6%at the end of 2015 from 16.3%a year earlier,significantly higher than the minimum statutory limit of 12.0%.Likewise,i

118、n theSEELikewise,in theSEE-5,the macroeconomic5,the macroeconomic outlookoutlook and performance of the banking sectorsand performance of the banking sectors was relatively was relatively good in 2015good in 2015.GDP growth is estimated to have accelerated to a seven-year high of 3.2%in 2015 from 2.

119、1%the previous year,despite the restrictive fiscal policy(the budget deficit contracted to 2.2%of GDP in 2015 from 3.0%a year earlier).This increase was boosted by private consumption and,to a lesser extent,investment.Stronger real disposable income resulting,inter alia,from improving labor market c

120、onditions and the decline in inflation(at 0.4%yoy in 2015 vs 0.6%in 2014)in tandem with the favorable international oil prices,served to increase private consumption,while higher absorption of EU funds,especially in Romania and Bulgaria,supported investment further.Moreover,despite the recovery in p

121、rivate domestic demand,the current account deficit remained at the low level of 1.6%of GDP for a third consecutive year in 2015,well below the pre-crisis high(15.0%of GDP),due to lower energy spending.DIAGRAM 1.1.5 CURRENT ACCOUNT BALANCE(%of GDP)Amid a favorable operating environment,the fundamenta

122、ls and performances of the SEE-5 banking industry improved in 2015.Estimated profitability increased significantly to 1.8 billion on an annualized basis in the first nine months of the year vsan estimate of 0.3 billion(annualized)for the same period in 2014,supported by lower NPL provisioning due to

123、 the lower ratio of problem loans to total loans.In addition,the capital adequacy ratio strengthened at high levels,auguring a strong recovery in lending activity in the near future,given the low degree of banking penetration in the region(the loan-to-GDP ratio ranged between 31.3%and 60.8%,dependin

124、g on the country,at the end of 2015 in SEE-5)-especially in the retail segment(loans to households as a percentage of GDP ranged between 10.7%and 21.6%at the end of 2015 in SEE-5)-and the satisfactory liquidity ratio(in the SEE-5,the average loan-to-deposit ratio fell to 90%at the end of 2015 from 9

125、6%at the end of 2014,having remained above 100%for 8 consecutive years).DIAGRAM 1.1.6 CREDITEXPANSION TO THE PRIVATE SECTOR(y-o-y change,%)1.2 THE GREEK ECONOMY The Greek economy displayed considerable stamina in 2015,with GDP posting a marginal decline of 0.3%yoy,despite the significant headwinds t

126、hat marked the greater part of the year.These headwinds included:a)increased uncertainty associated with the protracted negotiations with the countrys creditors(EU,ECB and IMF),which peaked in mid-year with the citation of scenarios of Grexit or temporary suspension of member ship of the euro accomp

127、anying the end of the NATIONAL BANK OF GREECE ANNUAL REPORT 2015 -16-10-8-6-4-202468102000200120022003200420052006200720082009201020112012201320142015EUGreeceSEE%-23813182328-12-10-8-6-4-202462:20051:20064:20063:20072:20081:20094:20093:20102:20111:20124:20123:20132:20141:20154:2015Employment growth(

128、right axis)Unemployment rate(left axis)y-o-y%changeSource:EL.Stat.0246810121416180246810121416184:20001:20022:20033:20044:20051:20072:20083:20094:20101:20122:20133:20144:2015Other investment(%GDP)Residential investment(%GDP)%GDP2nd economic support program,b)increasing lack of liquidity in the publi

129、c and private sectors,due to the extremely limited funding from abroad(including inflows from the EU),and capital flight,and c)freezing the lines of access to the ELA mechanism providing liquidity to Greek banks that compensate the outflows of liquidity from the Greek banking system and,finally the

130、imposition of capital controls from 29 June onwards,accompanied by a bank holiday in the first three weeks of July.DIAGRAM 1.2.2 EMPLOYEMNT GROWTH&UNEMPLOYEMNT RATE In this difficult environment,economic activity increased by 0.6%in the first half of 2015 and shrank by 1.2%in the second half,with th

131、e contraction of GDP for the full year amounting to 0.3%annually,far less severe than the highly pessimistic forecasts,published in Q3.2015,for a year-on-year decline of-2.3%after the imposition of capital controls.Private consumption increased by 0.3%yoy in 2015,supported by relatively resilient co

132、nditions in the labor market,low oil prices,and the increase in reported activity vs the informal economy,due to the substantial growth of cashless transactions.Conditions in the labor market remained positive throughout 2015,with employment increasing by 2.0%yoy(on average)and the unemployment rate

133、 falling to a three-year low of 24.0%in December.Wage employment accounted for almost all of the new jobs in 2015,of which 55.5%concerned flexible forms of work,and the rest permanent positions.Fixed capital formation contracted in the second half of the year by 2.8%yoy(vs+4.9%yoy in the first half

134、of 2015),as uncertainty and lack of liquidity impacted negatively investment decisions,while for the full year they stood at+0.9%.Against this backdrop,business investment rose by 3.3%yoy in 2015,while residential investment fell by 23.3%yoy.The pressure on house prices intensified in the second hal

135、f of 2015(-5.6%yoy),compared with the first half of the year(-4.5%yoy),with the high inventory of unsold homes placing a further drag on valuations.DIAGRAM 1.2.3 INVESTMENTS OF A%OF GDP The countrys current account balance with the outside world improved further in 2015,showing a balanced position.T

136、he contraction of the trade deficit mainly reflects the drop in oil imports and other goods(-9.8%yoy in total)and strong tourism receipts(+6%yoy in 2015),which offset the sharp decline in revenue from non-tourism services(mainly because of the 24.1%downturn in shipping revenue),aggravated in part by

137、 DIAGRAM 1.2.1 GDP GROWTH NATIONAL BANK OF GREECE ANNUAL REPORT 2015 -17-15-12-9-6-303-15-12-9-6-30319941997200020032006200920122015GreeceEuro area%GDPSource:OECD-4-3-2-101234567-4-3-2-101234567Jun-05Jan-06Aug-06Mar-07Oct-07May-08Dec-08Jul-09Feb-10Sep-10Apr-11Nov-11Jun-12Jan-13Aug-13Mar-14Oct-14May-

138、15Dec-15GreeceEuro area(18 countries)%Source:European Commission 6070809010011012013060708090100110120130Dec-00Sep-01Jun-02Mar-03Dec-03Sep-04Jun-05Mar-06Dec-06Sep-07Jun-08Mar-09Dec-09Sep-10Jun-11Mar-12Dec-12Sep-13Jun-14Mar-15Dec-15Business Climate Index-GreeceBusiness Climate Index-Euro AreaSource:E

139、uropean Commission the capital controls.DIAGRAM 1.2.4 CURRENT ACCOUNT BALANCES(%of GDP)DIAGRAM 1.2.5 HARMONIZED CPI DIAGRAM 1.2.6 CORPORATE BUSINESS CLIMATE INDEX Fiscal trends showed a marked improvement in the second half of 2015,after a relatively difficult first half,combined with the de-escalat

140、ion of uncertainty and the imposition of new fiscal measures in July 2015.It is estimated that the primary balance of the State Budget presented a surplus of 0.2%of GDP,outperforming the programs annual target of a 3.0%deficit,aided by improved revenue in the second half of 2015 and further reductio

141、ns in spending reversing the shortfall of the first half of the year.Government debt is estimated by the European Commission to have risen to 179%in 2015 from 178.6%in 2014,with the fiscal cost of there capitalization of banks not exceeding 3%of GDP,vs the original European Commission estimates of a

142、 potential fiscal cost of up to 14%of GDP in the worst case scenario.*ESA 2010 figures,without the impact of the support measures for the financial sector,Ministry of Finance estimates.In 2015,the Greek banking system remained in a state of deleveraging,with the pace of annual contraction of lending

143、 to the private sector posting a moderate decline of 2.0%yoy.Against this backdrop,total bank deposits stabilized following the imposition of capital controls on 29 June and increased cumulatively by 1.2billion in the period August-December,supported by the normalization of government spending after

144、 the disbursement of funds under the program and the NATIONAL BANK OF GREECE ANNUAL REPORT 2015 -18-6-5-4-3-2-10-30-25-20-15-10-50510Private Sector Deposits(y-o-y)Outstanding amount of credit to private sector%y-o-y change0510152025303505101520253035May-09Aug-09Nov-09Feb-10May-10Aug-10Nov-10Feb-11Ma

145、y-11Aug-11Nov-11Feb-12May-12Aug-12Nov-12Feb-13May-13Aug-13Nov-13Feb-14May-14Aug-14Nov-14Feb-15May-15Aug-15Nov-15Feb-16GreecePortugalSpain.Source:BloombergAgreement on furhter debt reliefPSI&2ndMoU1st MoUAgreement on new financing acceleration of other inflows from the EU,which were partly passed on

146、to the private sector.However,total bank deposits remain 46.4 billion lower than their December 2014 level.The completion of a thorough assessment of Greek systemic banks by the ECB,on 30 October 2015,identified a capital shortfall in the overall banking system of 4.4 billion under the baseline scen

147、ario and 14.4 billion under the adverse scenario of the stress test.The official sector lenders participated in the recapitalization through the European Financial Stability Fund(“EFSF”)paying just 5.4 billion-compared with initial estimates for payment of up to 25 billion-with the involvement of pr

148、ivate investors limiting the use of the funding available under the new program.As regards developments in the yields of Greek government bonds,a continuous decline was observed between July and December 2015(cumulative decline of 520 bps in performance of Greek 10-year government bonds)in parallel

149、with the recovery of the economic climate over the same period.DIAGRAM 1.2.7 BANK FINANCING&DOMESTIC PRIVATE SECTOR DEPOSITS DIAGRAM 1.2.8 10YGGB/BUND SPADS Anticipated developments Outlook In 2016,economic activity in Greece is likely to continue to labor under downward pressure associated with the

150、 negative impact of the recession of 2015 on 2016 and the additional burden of implementing the new fiscal measures required to achieve the target of a general government primary surplus of at least 0.5%of GDP in 2016.Consequently,it is estimated that GDP will decline further on an annual basis in t

151、he first half of 2016,and that the economy will return to positive growth in the second half of the year,supported by:i)low energy prices,ii)improved economic climate compared with the previous year,iii)positive trends in tourism and exports,iv)gradual stabilization of liquidity conditions(reflectin

152、g,inter alia,the gradual repayment of overdue liabilities to the private sector),v)the re-acceptance of Greek securities in the ECBs main refinancing mechanisms after the anticipated completion of the 1st assessment of the financial support program,and vi)further substantial easing of the capital co

153、ntrols.1.3 THE GREEK BANKING SECTOR With the expiry of the Master Financial Assistance Facility Agreement and the Second Programme on 30 June 2015,the Governing Council of the ECB decided to maintain unchanged the ELA ceiling for the Greek banking system at around 89 billion,thereby limiting any fur

154、ther access by Greek banks to the ELA system at a time of extremely heightened withdrawals from NATIONAL BANK OF GREECE ANNUAL REPORT 2015 -19-Greek banks.In the event,confidence in the banking system vanished,leading to the imposition of a bank holiday from 28 June 2015.Although the bank holiday en

155、ded on 19 July 2015,the restrictions on capital movements are still in place.The initial draft proposal for a new economic and fiscal adjustment programme submitted by the Greek Government to the European Commission and the European Council on 14 July 2015 aimed at the adoption of a package of measu

156、res to improve the sustainability of public finances and at ensuring an adequate level of external financing.The Greek proposal received initial approval by the Eurogroup for a new three-year loan programme from the ESM.On 16 July 2015,in light of a positive assessment by the Institutions,the Eurogr

157、oup agreed“in principle”to grant a three-year programme designed to stabilize the Greek economy.On 19 August 2015,the Board of Governors of the ESM approved the proposal for the Financial Assistance Facility Agreement(FFA)in Greece and signed a respective Memorandum of Understanding(MoU)with Greece.

158、The MoU and FFA together constitute the“Third Programme”which sets out the policies and reforms required;the amount of the financial aid granted depends on the level of success in implementing the said policies and reforms.Comprehensive Assessment Exercise 2015 Pursuant to the statement issued by th

159、e EuroSummit on 12 July 2015 and the ECB decision of 5 August 2015,the ECB launched its Comprehensive Assessment Exercise 2015 for the four Greek systemic banks.The Comprehensive Assessment Exercise 2015 included an Asset Quality Review(“AQR”)and a Stress Test consisting of a base scenario and an ad

160、verse scenario.The AQR was carried out on the basis of the balance sheet at 30 June 2015.The Stress Test was a review exercise based on forward-looking estimations,assessing the resilience of the economic position of each bank in view of further significant deterioration in the economic environment

161、as of June 2015(after AQR adjustments)through to the end of 2017.Recapitalization 2015 The recapitalization of Greek banks was successful with all of the systemically important banks(NBG,Piraeus Bank,Alpha Bank,Eurobank),raising sufficient funds from the private sector to meet the needs arising from

162、 the AQR and baseline scenario of the stress test,and was completed on time in 2015.Greek banks raised a total of 13.7 billion through capital increases,of which 8.3 billion came from the private sector.ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -20-SECTION 2 ACTIVITIES OF THE GROUP IN GREECE ATIONAL

163、 BANK OF GREECE ANNUAL REPORT 2015 -21-19,818,918,618,217,705101520201120122013201420153,483,011,420,300,050,030,040,061,051,501,901,821,671,60123420082009201020112012201320142015New disbursementsLoan reschedulings2.1 RETAIL BANKING As at 31.12.2015,the Groups retail lending business,before provisio

164、ns,stood at 30.4 billion,down by 3%yoy,27,1 billion of which comprised the Banks retail portfolio.Mortgage lending Despite the fact that the demand for new housing loans was low following the implementation of capital controls,in 2015 lending rose to 59 million from 45 million in 2014.Mortgage loans

165、 outstanding declined by 3%mainly due to repayments.As a result of these developments,NBG managed to maintain its market share.NBG focused on the clean-up of its mortgage loan book,thereby achieving a slowdown in new delinquencies.Specifically,the Bank proceeded with loan reschedulings amounting to

166、1.6 billion out of a total of 26,506 loans.The percentage of NPLs(*)increased to 33.2%vs 30.1%in 2014 and 27.3%in 2013,mainly due to contraction of the aggregate loan book.In 2016,NBG aims to increase new disbursements and maintain its market share.DIAGRAM 2.1.1 NBG MORTGAGE LOANS(BALANCES AT YEAR E

167、ND-BILLIONS)*NPLs are 90+past due.DIAGRAM 2.1.2 NBG MORTGAGE LOANS(NEW DISBURSEMENTS-BILLIONS)Credit cards and consumer loans One of the Banks strategic goals in 2015 was to increase the use of debit cards by consumers in their daily shopping habits and to improve the features and services that they

168、 provide.Accordingly,NBG completed the upgrade of its debit card portfolio with the issue of new Debit MasterCard and Debit MasterCard Business,while also launching contactless transaction technology.Gradually,over 3 million customers will be supplied with the new card,in replacement of the previous

169、 Ethnocash Plus card.Contactless transaction technology provides easy,secure and fast transactions with businesses that are equipped with the appropriate terminals.In early 2015,NBG launched its Smart Pin Delivery service,a cutting edge method for generating and delivering PIN numbers for the Banks

170、cards.Within the context of the Humanitarian Crisis Relief Program(Law 4320/2015),NBG designed,issued and managed the prepaid Solidarity Card granted to circa 150,000 beneficiaries of food subsidies,the card being credited with the subsidy amount corresponding to each beneficiary.In addition,NBG pre

171、pared the issue of a rechargeable prepaid contactless Visa card,which was launched at the beginning of 2016.In the meantime,NBG continued its efforts to expand the credit card portfolio on a quality basis by ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -22-7,16,76,46,35,75,40123456782010201120122013201

172、42015supporting reward programs.Specifically,emphasis was placed on the new go4more customer loyalty program launched in January 2015.It is the only customer loyalty program in Greece that rewards the overall customer-Bank relationship and not just the use of cards.Day-to-day transactions automatica

173、lly earn cardholders points that can be redeemed at participating businesses or through NBG products and services.In 2015 and through the new i-bank POS service,special emphasis was placed on the sphere of acceptance,management and clearing of card transactions,aiming both at attracting new business

174、es and at enhancing and upgrading existing business relationships.To this end,we implemented actions including the promotion and advertising of the i-bank POS service,the assignment of supply,maintenance and technical support of devices to specialised companies,the modernisation of the existing POS

175、network,cooperation with business sectors that did not previously accept card transactions(taxis,kiosk owners,etc.),the promotion of the card acceptance service via alternative networks,plus the development of a new online system that relays applications to acquire the said service.As regards consum

176、er loans,the Banks main goal was to continue supporting borrowers facing difficulties in repaying normally their debts through the implementation of a relief measures policy.Programs that provide the option to register a prenotation on the borrowers property.In this case,the combination of a lower i

177、nterest rate and longer repayment term leads to the reduction of instalments to very low levels.The Banks clientele chooses at a consistent rate(23%for 2015)to offer mortgage prenotation on property as collateral to improve the financial terms of the arrangement.NBG focused on the clean-up of its ca

178、rd and consumer loan portfolio,thereby achieving a slowdown in new delinquencies.Specifically,the Banks rescheduling arrangements totalled 0.35 billion out of a total of 28,900 loans.The balance of card and consumer loans remained steady at 5.6 billion.New disbursements dropped to 536 million vs 629

179、 million in 2014;however,NBGs consumer credit market share remained unchanged yoy,i.e.21.2%vs 21.4%in 2014.The Banks objectives for 2016 include the presentation of specialized products and services in the retail banking segment,as part of its efforts to meet specific needs of consumers,as well as t

180、he promotion of electronic banking.DIAGRAM 2.1.3 NBG CONSUMER LOANS(BALANCES AT YEAR END-BILLIONS)Lending to small businesses Within the context of enhancing domestic economic activity,the Bank financed working capital requirements and investment plans of existing and new businesses,providing credit

181、 both through co-funded schemes and own funds.Specifically,in 2015,14.3 million was made available to SMEs through the Jeremie Initiative(in collaboration with the European Investment Fund)and ETEAN programs on particularly favorable terms,while new loans were disbursed via NBG products totalling 16

182、2.3 million.In addition,recognizing the dynamic and growth potential of the agricultural sector as a key pillar of the primary sector of the Greek economy,the Small Business Loans Division approved financing amounting to 3.3 million to farmers via the Contract Farming Program to help cover productio

183、n costs.Furthermore,within the context of supporting the sustainability of our existing customers,NBG provided facilities to help SMEs repay outstanding debts through restructuring or rescheduling programs and arrangements.These facilities provided for the repayment of outstanding customer debts tot

184、alling 560 million as at 31.12.2015.ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -23-4,23,93,74,34,24,001234520102011201220132014201519,018,915,717,317,217,505101520201020112012201320142015 For yet another year,the Bank will continue to support the growth of Greek entrepreneurship:-by participating in

185、Actions as part of its efforts to facilitate access by SMEs to financing on favorable terms,and -by developing innovative products and services.Last,the Bank shall manage more efficiently customers who have difficulty in meeting their obligations,complying with the applicable provisions of the Code

186、of Conduct and meeting the legislative framework for debt arrangements.DIAGRAM 2.1.4 NBG LENDING TO SMALL BUSINESSES WITH TURNOVER BELOW 2.5 MILLION(BALANCES AT YEAR END-BILLIONS)2.2 BUSINESS BANKING The business loan portfolio(for businesses with turnover over 2.5 million)in Greece totaled at 17.5

187、billion,up 1.7%yoy.DIAGRAM 2.2.1 NBG LENDING TO BUSINESSES WITH TURNOVER OVER 2.5 MILLION(BALANCES ST YEAR END-BILLIONS)Corporate lending In 2015,the economic climate showed signs of weakness after its positive course in 2014,deteriorating further with the imposition of capital controls in June.This

188、 adversely affected efforts to improve the quality of the Banks corporate loan portfolio and to expand it with new credit facilities offered to viable large businesses,which was the main target of the past year.In 2015,NBG focused on supporting its customers both by refinancing existing loans,thereb

189、y enabling them to cope with the effects of the ongoing crisis,and by selectively financing new business plans(mainly in the areas of energy,tourism,manufacturing,etc.),though these measures were limited compared with the previous year.Moreover,significant arrangements were implemented jointly with

190、the other Banks,particularly for sectors that have been hit hard by the crisis.The Banks loan book to large businesses increased by 2%in 2015 mainly due to the implementation of approvals granted in 2014 as well as to new approvals granted in 2015.Additionally,restrictions on working capital signifi

191、cantly encouraged the use of e-money,within the context of which NBG broadened its clientele and enhanced its collaboration with businesses as regards the use of alternative payment networks,internet banking,POS terminals etc.Last,as part of the efforts to effectively clean up its portfolio and to e

192、fficiently manage bad loans,the Bank continued to transfer part of the Large Enterprises portfolio to the Special Asset Unit,which was launched in 2014.Project finance In 2015,the domestic loan portfolio remained unchanged as the funds granted to existing or new approved projects were balanced by re

193、payments of funds for completed projects and portfolio transfers.New domestic lending totalled 18.6 million and was channelled exclusively to PPP and energy-related(mainly RES)projects.In the following years,the PPP and energy sectors are expected to comprise the key mechanism for the expansion of p

194、roject finance in Greece,in the financing of which NBG aspires to play a ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -24-significant role,either through own funds or through its participation in JESSICA.NBG also seeks to participate in financing new large projects,its immediate target being the partic

195、ipation in the financing of the concession of 14 regional airports.Exposure to financing abroad continued to decline in 2015,as no new approvals were granted,thereby reducing such financing by 2.4%as a result of the repayment of principal of completed projects.In summary,the Project Financing portfo

196、lio presented the following picture with regard to approvals and outstandings:Syndication DeskSyndication Desk In 2015,the issue of syndicated loans increased both in respect of new loan facilities and the refinancing of existing loans.In aggregate,in 2015 the issuance of syndicated loans totalling

197、2 billion was completed,with our Banks participation standing at 1.1 billion.In 26 of the syndicated loans,the Bank played a leading role as Coordinator/Arranger and in 11 NBG was a Co-arranger.Advisory ServicesAdvisory Services In 2015,advisory services to the public and private sector with regard

198、to concession projects and Public and Private Partnership(PPP)projects remained at the same levels due to the general economic situation.There are reasonable grounds for estimating that the stabilization of the economic climate will rekindle the interest,on the one hand,of the Hellenic Republic to p

199、romote international tenders for the implementation of major infrastructure projects and,on the other,of investors to participate in the said tenders.JESSICA InitiativeJESSICA Initiative Since December 2011,in its capacity as an Urban Development Fund the Bank has undertaken the management of resour

200、ces of European Structural Funds within the context of the Joint European Support for Sustainable Investment in City Areas-JESSICA Initiative,totalling 83.3 million for Attica,the Ionian Islands,Western Greece,as well as the Environment and Sustainable Growth Program.In aggregate,by 31 December 2015

201、,financing agreements for projects worth 131.3 million in total had been concluded,which projects will be financed by the Urban Development Fund in the amount of 41.2 million.Lending to medium-sized businesses In 2015,NBG continued to provide liquidity for the financial support of healthy businesses

202、,both old and new,which carried out sustainable investments so as to enhance competitiveness,innovation,export orientation,and the creation of new jobs.It also provided tangible support to efforts to put the Greek economy on a recovery path and actively contributed to the promotion and offering of f

203、inancing programs designed to enhance investment and business plans,leveraging available Financial Engineering Instruments under the National Strategic Reference Framework 2007-2013.Specifically,the Bank participated in the offering of low interest loans for the implementation of investment and busi

204、ness plans by startups and existing businesses,via the Business Restart and Island Tourism Entrepreneurship actions,co-financed by the Hellenic Fund for Entrepreneurship and Development(ETEAN),and the JEREMIE initiative of the European Investment Fund.In addition,NBG contributed to the reduction of

205、the cost of financing for businesses by channelling funding via the Grouped Loans for SMEs program of the European Investment Bank,backed by the Hellenic Guarantee Fund for Small and Medium-Sized Enterprises(Guarantee Fund).Our Bank has stood by the efforts of sectors and firms of the Greek economy

206、to strengthen their business during the critical stage of their recovery,enhancing its policy for 2016 by supporting the development of Greek entrepreneurship via the provision of liquidity to healthy SMEs,leveraging available Financial Engineering Instruments under the National Strategic Reference

207、Framework 2007-2013,and enabling SMEs to access credit facilities on favorable terms.ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -25-In addition,within the context of designing and developing innovative products and services for the enhancement of entrepreneurship,NBG seeks to broaden its partnerships

208、 with developmental bodies and organizations,aspiring to leverage any potentially available source for the financial strengthening of SMEs.Leasing New leasing offered by Ethniki Leasing stood at roughly the same level as in 2014(55.9 million in 2015 vs 56.9 million in 2014)in the framework of the co

209、mpanys endeavor to contribute to the implementation of new investments and support viable customers.It is noted that,for a second consecutive year(2014 and 2015),Ethniki Leasing ranked 1st in new leasing among its peers,while in 2013 it had ranked 2nd.The companys key priority was to maintain core p

210、rofitability and to contain operating costs.Ethniki Leasing maintained its capital adequacy ratio at levels well over the statutory minimum.Specifically,the capital adequacy ratio as at 31 December 2015 stood at 21.3%.In view of the adverse climate prevailing in the market,the company will seek to g

211、row substantially new leasing business in selected areas of activity which can contribute to the general recovery of the market and support customers of strong credit standing,within the context of a general credit expansion to be defined by the Management of the NBG Group.Shipping In 2015,the volat

212、ility of the financial environment generated challenges that were addressed in a spirit of mutual cooperation with the existing clientele in the Greek shipping industry.At the same time,the completion of the Banks capital strengthening process set the foundation for the targeted and cautious expansi

213、on in the area of shipping finance,once conditions permit.In the past year,the difference in conditions governing dry and liquid cargo shipping continued,with the former facing a protracted recession and the latter posting sound performance throughout the year.In addition,the decline in fuel prices

214、had a beneficial impact on the results of the larger shipping lines and the outlook for a recovery of the sector.The Bank continued its long-standing commitment to support Greek-flagged shipping,taking measures to improve repayment prospects and to enhance existing collateral for part of current exp

215、osures,where required.In 2015,29%of the portfolio concerned vessels older than 5 years,the average age being 13 years.The largest part concerned bulk carriers(43.6%)and tankers(36.4%).Exposure to the passenger shipping segment is smaller and the prospects of smooth repayment appear more positive.In

216、2016,the Bank will likely focus mainly on the improvement of prospects for the smooth repayment of loans,primarily in the area of bulk carriers,anticipating a gradual reversal of the slowdown in the freight market.However,the Bank should be able to leverage opportunities to expand further with new l

217、ending that supports quality and positive business performance.Global transaction services NBG responded immediately to the requirements of the new institutional framework and the urgent needs of the market provoked by the imposition of capital controls.With its substantial expertise in cross-border

218、 trade issues,NBG played a key role in formulating the adjustments to the regulatory framework with a view to ensuring the markets ongoing smooth operations and maintaining credibility against counterparty banks.The Banks distinction as Greece Best Trade Finance Bank by Global Finance magazine for a

219、 fourth consecutive year as well as the Gold Award the Bank won in the category of Top Export Assistance Company of the Foreign Ministry,confirm the dynamic of the Bank in the Trade Finance sector and its recognition by the international business and banking community.This dynamic is grounded on NBG

220、s active participation in international developments,as well as on a wide range of cutting-edge financing solutions in ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -26-combination with automated of collection and payment services,which meet the needs of Greek businesses.Notably,NBG absorbed 88%of the E

221、IBs programme for the provision of guarantees,supporting Greek businesses that are active in the construction industry for their participation in the tender held for the TAP pipeline.National Bank of Greece has high market shares in payments in Euro(in-country and cross-border-32%outgoing&30%incomin

222、g),cross-border credit transactions(Foreign Letters of Guarantee 34.9%,Letters of Credit 45.4%)and Exports(29.3%).Corporate Special Assets Divisions(CSAD)In 2015,Corporate Special Assets Units(CSAUs)managed a portfolio that totalled 6.3 billion,implementing the applicable Overdue Debt Management Str

223、ategy and seeking the most effective credit portfolio management for businesses facing difficulties in servicing their financial obligations.CSAUs offered tailored proposals to ensure that businesses facing operating and/or financial difficulties would be able to arrange or reschedule their debt thr

224、ough long-term and viable solutions.Within this context,for small businesses,new types of loan reschedulings and arrangements both for non-performing and pre-non-performing debts were set up.For the purposes of assessing businesses and proposed solutions,CSAUs have adopted viability assessment model

225、s for their customers,as well as a model for determining the net current value under the alternative settlement proposals.In 2015,CSAUs sent notification letters to debtors with overdue debts taking into consideration the Code of Ethics under Law 4224/2013,either as a reminder of their outstanding o

226、bligations or suggesting a mutually acceptable settlement solution.2.3 ASSET MANAGEMENT Deposits Investment products As at 31.12.2015,NBGs deposit balances stood at 32.5 billion down by 17.7%.Market shares,in respect of total deposits,posted an improvement(+1.72 pps,i.e.from 24.6%to 26.3%).As regard

227、s the deposit mix,the Bank maintained its comparative cost advantage vs competition.NBG continued its product promotion actions aiming at sustaining,enhancing and expanding its deposit base.Specifically,the Bank:Continued the promotion of“Ethniki Sight Account,Continued the effort to attract salarie

228、d employees of the private sector,and to approach salaried employees of the Public Sector and of Public Legal Entities.Focused on facilitating beneficiaries of agricultural subsidies through the expansion of its business relationship with agricultural cooperative associations.2015 projects2015 proje

229、cts In 2015,NBG implemented projects in line with its strategy.The main fields of action were:the development and sale of new products and services,and further modernization of the Banks systems and applications However,as of H2.2015,following the imposition of capital controls,new needs were genera

230、ted which had to be immediately addressed and which the Division managed to cope with:provision of written directions to the Network on an ongoing basis,so as to ensure the proper implementation of the applicable provisions from time to time,launch of a Help Desk to support Network officers,receipt,

231、processing and handling of customer requests for the performance,on an exceptional basis,of transactions not otherwise permitted as per Act of Legislative Content dated 18 July 2015,as amended.Within this context,as of July 2015,over 13,000 requests of individuals and legal persons were reviewed and

232、 processed.ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -27-1.0971.2711.3301.2901.37002004006008001.0001.2001.4001.60020112012201320142015Outlook regarding the progress of operations Outlook regarding the progress of operations in 2016in 2016 The Divisions key actions for 2016 are the following:Develop

233、ment of new products and replacement of existing ones,aiming at generating a recovery of funds in the Bank.Broadening of revenue through the upgrade of services provided and fee and commission income.Rationalization and simplification of costing,in view of enhancing profitability.Further upgrading o

234、f systems related to deposits,investments and fee-based operations,as part of the effort to simplify processes,improve customer service and reduce cost.Mutual funds NBG Asset Management M.F.M.S.ranks 1st amongst Mutual Fund Management Companies as regards net pre-tax profit for the period of 2012-20

235、14.In 2015,the company was included in the list of Healthier developing companies by Active Business Publishing Diamonds of The Greek Economy 2015 and was awarded 1st prize as the best mutual fund management company for 2015 by HRIMA magazine on the basis of investor votes.The Companys profit before

236、 tax stood at 5 million.The companys M/F posted remarkable returns,in view of the prevailing conditions,with the DELOS US BOND M/F-FOREIGN BOND FUND and NBG ETF Athex General Index Domestic Equity Funds ranking first in their category.On the basis of assets under management,almost 100%of the order b

237、ooks outperformed their benchmarks.In 2016,the company aims to maintain and increase its assets and achieve,both in M/F and the order books,returns above and beyond the benchmarks.DIAGRAM 2.3.1 TOTAL ASSETS OF NBG ASSET MANAGEMENT MF SA(BALANCES ST YEAR END-MILLIONS)At the end of 2015,total company

238、assets deriving from Mutual Funds and Portfolio Management Services stood at 1.37 billion,up by 6.2%yoy.The company manages 22 DELOS Mutual Funds and 3 SICAV funds of NBG International,which is registered in Luxembourg.The Companys clientele base is particularly wide and surpasses 45,000 unit-holder

239、s,83 of whom are institutional investors.Private Banking The Private Banking Division serves high and ultra high-net-worth customers(HNW&UHNW)and operates in Greece,London and Malta.The products and services offered meet a wide range of customer needs,ranging from standard banking transactions to wh

240、olly tailor-made investment banking.The open-architecture investment solution platform,in tandem with experienced investment advisors,comprise for the core function of the Division,offering top quality services to customers.The aim of NBGs Private Banking is to tap the full potential of the Groups r

241、esources and know-how for the benefit of the customer.The main objective of the Divisions operations is to generate added value for the customer,while respecting the customers risk profile.The capital controls adversely affected Private Banking operations across the market as a whole,mainly because

242、of restrictions on investment transactions in international securities.In the current year,it is anticipated that capital controls will gradually be lifted,and as a result,the Division will be able to resume full activity in the market.Our aim is to effectively meet customer needs,generating value a

243、dded for the ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -28-8,4%18,1%30,3%AthexFutures Contracts FTSEOptions FTSE#3#2#2customer and enhancing our competitive position in the market.2.4 INVESTMENT BANKING Treasury Activity in 2015 was affected by the significant outflow of customer deposits,the suspen

244、sion by the ECB on accepting Greek bonds as collateral for the suppy of liquidity,and the imposition of capital controls.During the first half of the year,customer deposits declined dramatically.This,together with the Banks inability to tap funds from the ECB because of the ECBs decision not to acce

245、pt Greek bonds,meant that NBG was compelled to resort to the ELA mechanism and greater dependence on the Eurosystem.The cost of deposits declined during the first half of the year both in absolute terms and in terms of the margin,despite the adverse financial conditions,while NBG increased its share

246、 in customer deposits.During H2 deposits increased.This increase,combined with the successful recapitalization of NBG at the end of the year,led to the reduction of dependence on the Eurosystem.The cost of the deposits declined yet further,while NBG increased its share in deposits,reflecting custome

247、r trust in the Bank even in these difficult times.The imposition of capital controls prompted the Division to step up its measures to minimize the fallout on business with customers as far as possible.The Greek bond market saw similar developments.In the first half of the year,Greek bond prices cont

248、inued to fall;for example,the value of the bond maturing in 2025 started off the year at 60(yield:9.8%)and dropped to 51.2 by the end of H1(yield:12.3%).In the second half of the year,Greek bonds recovered their value and as a result the bond maturing in 2025 closed at 70.5(yield:8.2%).Meanwhile,NBG

249、 played a significant role as a primary dealer of bonds issued under the euro area support mechanisms(EFSM and ESM)for yet another year,actively participating in all syndicated issues and auctions of bonds and treasury bills of these organizations.Last,the Bank actively participated in auctions of G

250、reek T-bills,thereby contributing to the uninterrupted financing of the countrys short-term needs.Brokerage NBG Securities ranked 3rd in the ATHEX ranking list,with an 8.37%market share,and 2nd as in FTSE/ASE Large Cap futures contracts,at 18.1%.Furthermore,it ranked second as regards Options on the

251、 index,holding a share of 30.3%.The Company continued its operations as a market maker in virtually all listed derivatives,holding top rankings in futures,as well as in most large cap stocks on the ATHEX,providing uninterrupted liquidity and serving the wider market.During 2015,the Analysis Departme

252、nt published targeted analyses and was in daily contact with institutional investors and the management of the companies it covers.A large number of meetings with international institutional investors were held,and the Company participated in ATHEX conferences designed to bring institutional investo

253、rs in contact with the managements of Greek listed companies.In 2015,the Analysis Department came fourth in the survey conducted by Extel.The main targets for year ahead are:ongoing growth of market share,reduction of costs and attainment of profitability despite the adverse economic climate,increas

254、e in sales to international brokers/dealers,further growth of DMA trading,and further growth of e-trading through the Companys trading site.DIAGRAM 2.4.1 ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -29-Private equity During 2015,NBGI Private Equity(NBGI)invested c.7.9 million in follow-on investments.

255、In the same year,two investments were exited generating proceeds of c.10.3 million,of which 7.6 million was received and distributed in 2015.The portfolio made further distributions from prior year exited investment of c.3.8 million.As the economic slowdown continued to abate,several portfolio compa

256、nies performances have begun to recover as attested by the increase in the valuation of the companies across the Group.Nevertheless,some portfolio companies continued to be affected.However,with the continued active engagement of NBGIs investment teams the Group continued to help those businesses to

257、 overcome their difficulties.Regional difficulties remain,in particular the pace of recovery in Greece,which continue to impact on the valuations of several business managed by NBGI in these countries despite the underlying dynamics of the companies including their management teams remaining strong.

258、The investment team of NBGI is confident that it can overcome these difficulties and continue to work closely with portfolio company management teams to implement the value creation strategies which are the foundation to delivering returns in the ensuing two to three years.The focus in 2016 continue

259、s to be the enhancement of value of the portfolio companies with a view to exiting these companies in 2016 through to 2018.In 2015,NBG carried out a strategic review of its private equity business following which it entered into discussions with two prospective investors who have shown an interest i

260、n acquiring NBGs positions in all the funds managed by NBGI.A Share Purchase Agreement was signed on 29 January 2016 with a consortium comprising Goldman Sachs and Deutsche Bank for the sale of NBGs limited partnership interests for 288 million.Custodian services With its long standing presence in c

261、ustodian services in the Greek market,NBG offers top quality services to its Greek and foreign clients in respect of their investment activities in domestic and global markets.The persistent low level of activity in every type of investment service,as a result of the crisis and the imposition of cap

262、ital controls,has inevitably had a direct impact on custodian activities,while also depriving local custodian service providers of significant competitive advantages because of their low credit ratings.Despite the extremely adverse environment,NBG managed to mitigate the impact of the crisis by main

263、taining excellent business relationships with its clientele and providing top-class tailor-made services.In addition,the Bank successfully completed the alignment of its systems and processes with the environment of the Europe-wide transaction securities settlement engine Target 2 Securities(T2S)in

264、which the Bank of Greeces System for Monitoring Transactions in Book-Entry Securities was launched in June.NBG is also expanding its range of activities by focusing on the provision of cutting-edge services to domestic financial services companies,and by supporting its subsidiaries abroad in their e

265、ffort to develop custodian services and consolidate their presence in markets that are likely to post significant growth rates going forward.According to the annual survey conducted by Global Custodian,the high quality services offered by NBG to Greek and foreign customers continue,for many successi

266、ve years,to rank the Bank among the top custodians of the Greek market.2.5 STRATEGY FOR OPERATIONS UPGRADE Branch network As at 31 December 2015,the units of the Banks branch network totalled 526 branches and 51 transaction offices or agencies.They offer wide geographical and population coverage and

267、 are present even in remote or economically weaker areas of the country,acting as a point of service for over 6 million customers.In 2015,the Branch Network continued to play a crucial role in:ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -30-5085746757788701.10002004006008001.0001.200201020112012201320

268、142015 USERS(in K.)the implementation of the Banks strategic priorities,(sustaining liquidity,cleaning up loan books,increasing NBGs share capital)the provision of quality services to customers,individuals and businesses,coping with the special conditions generated by the capital controls.More speci

269、fically,during the bank holiday(from 28.6.15 to 20.7.15),327 branches were gradually opened for the banking tasks of paying pensions,salaries and benefits to beneficiaries who were unable to use electronic networks.The Network also took action to enable its customers to access electronic networks an

270、d to ensure the uninterrupted operation of the NBG ATM network.During the period under review,an average of 25,000 applications for new debit cards and 3,000 applications to register for Internet Banking were submitted daily.Moreover,throughout the period of capital controls,the branch network suppo

271、rted businesses experiencing difficulties in managing their cash flows and facilitated the performance of wire transfers to foreign countries by obtaining the approvals required.As part of the Banks ongoing efforts to enhance the business operations of the network and the services provided to custom

272、ers,the following actions have been scheduled for 2016:Upgrade of the Networks image,through targeted interventions which include the launch of i-bank&Premium banking corners in the interior of selected busy Branches.Further enhancement and upgrade of operations and systems.Optimum management of wor

273、kload at branch cashier points.Alternative networks In 2015,NBG continued to place strategic emphasis on developing its electronic delivery channels.i-bank has established itself as the umbrella for customer-oriented banking services through Alternative Networks.In 2015,incoming calls to the Contact

274、 Center numbered over 4.3 million,up by 41.6%on the previous year.Various projects were advanced during the year,including the replacement of the old series of debit cards with the new Debit MasterCard Contactless(renewals and new issues)and the Smart Pin Delivery service.In addition,cutting-edge te

275、chnology projects have also progressed,including the deployment of Natural Language Understanding(NLU)in the Banks Interactive Voice Responses(IVR)portal,and voice biometrics,which enables the recognition and identification of the customer on the basis of the customers(voice)biometrics.A new i-bank

276、store was opened in Larissa.There were over 780K visits to the five i-bank stores,and over 130K banking transactions were carried out.i-bank Internet Banking registered users totalled 1.1 million and transactions totalled 17 million,their aggregate value exceeding 25.8 billion.DIAGRAM 2.5.1 INTERNET

277、,PHONE&MOBILE ANKING SUBSCRIBERS ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -31-9,010,711,712,314,617,420,0 17,2 18,8 21,9 25,10 25,80 051015202530201020112012201320142015Transactions(millions)Amounts(in bn.)97.892100.642100.528103.351111.893130.08518.425 17.948 16.254 15.601 16.509 17.351 2010201120

278、12201320142015Transactions(K)Amounts(in millions)DIAGRAM 2.5.2 INTERNET BANKING TRANSACTIONS In 2015,the new i-bank Internet Banking platform was also launched for Businesses.In February 2015,the new fully upgraded i-bank Mobile Banking app for smartphones and tablets was launched.There are already

279、over 90K active users(DIAGRAM 6)who carried out 287K transactions(DIAGRAM 7)worth over 122 million.The new SMS i-code service was developed enabling customers to carry out transactions by using a one-time code(SMS i-code)sent by SMS to their mobile phone.In addition,the new i-bank statements service

280、 enables i-bank Internet Banking users to manage their credit card accounts online.At the end of 2015,NBG launched i-bank Social Pay,a new innovative service for making payments,via smartphone,of small amounts between contacts listed in the users telephone contacts or facebook friends.In the year un

281、der review,the i-bank Simple Pay Spot network was expanded,enabling payment of bills with telecom,insurance,and other organizations,at 393 small retail stores throughout Greece.As at 31 December 2015,the Bank operated 1,444 ATMs.The number of transactions carried out via ATMs rose by 17.6 million vs

282、 2014 and totalled 130 million transactions worth 17.3 billion.DIAGRAM 2.5.3 A Transactions (in millions)The Banks Fraud detection unit against total compensation payouts worth 205K successfully prevented fraudulent transactions of all kinds(ATM,Internet Banking,new debit card)of a total value of 90

283、0K.The Banks 48 APS centers serviced one million transactions worth 165.7 million.With the escalation of the crisis,the demand for cash from ATMs increased significantly,and,as a result,faults and breakdowns occurred.NBG addressed these problems through ongoing and coordinated actions,adjusting the

284、cash supply schedule appropriately and immediately dealing with any technical hitches.In addition,as part of its program to upgrade the network and provide optimum service to customers,the Bank has started replacing or upgrading old ATMs to Win7.2.6 NBG OMBUDSMAN The Customer Ombudsman reports direc

285、tly to the Board of Directors of the NBG Group and operates independently as an“Amicable Settlement of Disputes Unit”for issues relating to NBG and Ethniki Insurance prior to the customers recourse to judicial or other arbitration bodies.In 2015,the Customer Ombudsman:was awarded distinctions in the

286、 field of Business Ethics by the European Business Ethics Network in Greece(.GR)and in the field of Responsible Entrepreneurship by the Quality Net Foundation,receiving a Bravo Sustainability Award in the Market category.ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -32-SETTLEMENT OF DEBTS16,3%OTHER23,5

287、%LONAS 5,8%DISPUTED TRANSACTIONS3,4%DISPUTED DEBTS4,8%FEES&CHARGES7,4%DEBT NOTIFICATION FIRMS6,7%INFORMATION 11%CUSTOMET SERVICING21,3%demonstrated the central significance that the NBG Group places on its customers,respecting the customers problems and seeking mutually acceptable solutions to such

288、problems.Of the total complaints investigated(and which properly fall within the Ombudsmans jurisdiction),81%were resolved successfully while 77%were processed within one week.enhanced the relationship between the Bank and the International Ombudsman Association.enhanced the relationships of the Ban

289、k and Ethniki Insurance with the clientele and various bodies in Greece and abroad.DIAGRAM 2.6.1 TYPES OF ISSUES FILED WITH THE CUSTOMER OMBUDSMAN ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -33-SECTION 3 INTERNATIONAL ACTIVITIES OF THE GROUP ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -34-3.1 THE GROUP

290、S INTERNATIONAL PRESENCE In a particularly demanding and volatile economic environment,the results of the Groups international operations with the exception of Turkey were particularly satisfactory,reporting profits before tax and provisions of 172 million,up 9%yoy,excluding operating cost allocatio

291、n at Group level.In addition,uncertainty regarding the political and economic situation in Greece and the imposition of capital controls on Banks initially generated distrust in the Greek banks,not only among the central banks and supervisory authorities of the countries where the Group is active bu

292、t also among depositors.The recapitalization of the Banks,which was successfully completed in December 2015,has already reversed the negative climate and restored,to a reasonable level,confidence in Greek banks.As a result,the total deposits at the Groups overseas units at the end of 2015 were not s

293、ignificantly behind the respective balances at year-end 2014.The Groups international subsidiaries were swift in prioritizing the challenges and,under the guidance of the parent company,managed to deal with them successfully,while placing emphasis on attaining qualitative targets,thereby achieving s

294、olid improvement in financial performance.Specifically,the priorities set were as follows:to reduce operating costs,with further rationalization of the branch network and central services(a-1%yoy reduction in operating expenses,not including cost allocation at Group level);to reduce the cost of rais

295、ing retail funds,by leveraging the trend of local markets,as most of the Groups international entities have adequate liquidity,thereby leading net interest margin to 355 bps in Q4.2015 vs 325 bps in Q4.2014;to observe well-weighted credit criteria,which contributed to further improving asset quality

296、 and boosting the coverage ratio by 4%;to reduce the NPL ratio(+90 dpd)by 1 percentage point vs 2014,the ultimate goal being to reduce it yet further;to ensure robust capital adequacy at all subsidiaries;to reduce the raising of liquidity from the parent company,maintaining the loan-to-deposit ratio

297、 below one(97%).In 2015 the Asset Quality Review(QR)at NBGs subsidiary Vojvodjanska Banca was successfully completed,while within 2016 relevant reviews will be conducted at our subsidiaries in Bulgaria and Romania,under the supervision of the respective central banks.Foreseeing that the sociopolitic

298、al arena in Greece will stabilize and,provided the economic environment prevailing in the countries where the Group is active will continue to improve by posting satisfactory growth rates,the overall results of the Groups international concerns are expected to improve significantly.International ret

299、ail banking Retail banking business in 2015 reported improved profitability,achieving a reduction in NPLs and an increase in lending,as costs were kept under control and credit expansion was pursued under prudent guidelines.Moreover,significant investments were completed in the area of e-banking wit

300、h a view to improving customers banking experience.In addition,the cost of raising retail deposits continued its downward trend with a further decline of 45%in 2015,reaching new low levels.However,despite the increased uncertainty prevailing in the markets,mainly because of the implementation of cap

301、ital controls in Greece in 2015,total retail deposits managed to remain at the same levels as in the previous year.The loan book remained at the levels of 2014,balancing repayments of older loans with the 17%increase in new loan disbursements.In particular,lending to small businesses increased by 20

302、%,reflecting the Groups strategic decision to invest in this specific segment of the retail market.In addition,the retail NPL ratio stood at 14%,down 2 percentage points yoy.ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -35-Significant investments were completed in 2015 in the sphere of online transacti

303、ons.UBB and Banca Romaneasca implemented customer loyalty programs,while debit and credit card products and POS networks were modernized in all our overseas units,with a focus on contactless transactions.In addition,integrated services tailored to meet the needs of specific customer segments e.g.,pa

304、yroll customers,pensioners,affluent customers and small businesses were developed and marketed.International business banking The key focus of our international banking business in 2015 continued to be the improvement of the quality of the corporate portfolio while enhancing provisioning levels for

305、bad and doubtful debt.Under conditions of stiff competition,made more intense by the de-escalation of interest rates and high liquidity,emphasis was placed on growing the corporate portfolio in selected markets where the Group subsidiaries have adequate liquidity and show sound profitability.3.1.1 O

306、VERSEAS BRANCHES(EGYPT,UK)NBG operates 17 branches in Egypt and 1 in London.In Egypt,the social and political climate showed clear signs of improvement in 2015 and the local economy has been reporting an upward trend,with growth of around 4%.Under these circumstances,the business of the branch netwo

307、rk recorded a significantly improved performance,mainly due to:the excellent quality of the loan book(NPLs at 2%),which was expanded,the maintenance of the strong deposit base(with the Loan/Deposit ratio at 57%),alongside continued efforts to restrain deposit costs within the context of rising inter

308、est rates,and the containment of operating costs,given that the country reports inflation of 10%.Last,in 2015 the NBG London Branch managed to expand its presence in the market,providing services mainly to affluent customers,and focusing in particular on Private Banking segments.3.2 FINANSBANK SA 20

309、15 has been a year dominated more by politics than by economic developments for Turkey.Turkeys risk assessment suffered from ensuing political uncertainty as no government was formed after the June elections,which led to a re-run in November.Further,bond yields,in single digits since the second quar

310、ter of 2014,rose to double-digit levels once again.Falling commodity prices proved positive for Turkey in terms of external balance.Despite this fall,however,the projected disinflation failed to materialize.Finansbank has reached its targets despite challenging macroeconomic conditions.Total loans r

311、ose by 14%and reached TL 57.3 billion.As a result of the positive impact of the strategic shift in the portfolio to business loans net income came at TL 706 million.2015 has been a year when Finansbank personnel proved their prowess to succeed by combining targets and drive,even under fluctuating an

312、d strenuous market conditions.It was also a time of major milestones laid in Finans banks history.Finansbank established the“Small Hands Big Dreams”developmental platform for children,tomorrows creative leaders,and organized activities all over the country to infuse them with innovation and creative

313、 and analytical thinking,qualities engrained in the genes of our employees.As of end-year 2015 Finansbank assets,customer deposits and shareholder equity reached TL 85.7 billion,TL 47 billion and TL 9 billion,respectively.3.3 UNITED BULGARIAN BANK(UBB)In 2015 UBB continued to maintain its leading po

314、sition in the banking sector,despite the unfavorable economic situation in this country and the negative events in Greece.During the year ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -36-UBB achieved very good profitability and excellent efficiency indicators while keeping a very high level of coverage

315、 of loans with provisions.In 2015 UBB increased its operating profit by 5.5%yoy to 96.5 million.For the same period the Bank recorded profit before tax of 34.1 million.UBBs financial result was affected by significant growth in net interest income(+6.3%yoy)and fees and commissions income increase(+5

316、.0%yoy).During the year the Bank increased provisions by 15.5%yoy to 63.7 million.For FY.15 UBB achieved a return on assets(ROA)of 0.9%.In 2015 the Bank continued to maintain one of the lowest Cost to Income Ratio of 42.3%.At the end of 2015 total assets amounted to 3.4 billion,maintaining the level

317、 of the previous year.Gross loans amounted to 2.5 billion and mark a decrease of 7%yoy,including retail loans of 1.0 billion and corporate loans for 1.5 billion.UBBs deposit base amounted to 2.6 billion.Additionally,in a very strong competitive environment,the Bank achieved growth in corporate depos

318、its by 15%yoy to 574 million.For the same period the Banks retail deposits amounted to2.0 billion.Thus,as of December 31,2015 UBB maintained its key market position in total deposits through a 7.4%market share,including an 8.2%market share for retail deposits and a 5.9%market share for corporate dep

319、osits.UBBs total capital adequacy ratio as of December 31st 2015 amounted to 28.2%and Tier 1 capital adequacy amounted to 26.1%.At the same time,the Bank significantly improved its Loans/Deposits ratio from 83%in 2014 to 80%at the end of 2015.In 2016,UBB will continue to allocate provisions and liqu

320、idity under conditions of optimal risk management.At the same time,the Bank will be more active on the credit side in order to establish its leading position in the Bulgarian banking sector and improve its profitability.3.4 STOPANSKA BANKA AD The positive performance of Stopanska Banka AD Skopje(SB)

321、continued in 2015,with Profit before taxes amounting to40.2million,growing by almost 20%yoy.Consequently,all key performance indicators were improved such as,Return on Equity at 15.3%,Return on Assets at 2.6%and Cost to Income ratio at 39.8%.2015 was a challenging year.However,the Bank overcame the

322、difficulties passing a stress test with excellent performance,delivering the best results among peers in the country.Despite the major challenges,SB succeeded to increase its deposits by 2%,keeping the Loan to Deposit ratio at 86%,and allowing*two subordinated loans of 45 million.The Capital Adequac

323、y Ratio reached 17.8%,significantly above the required regulatory levels.The improved and sustainable performance is a result of the long-term strategy of the Bank,with a focus on qualitative credit growth,the appropriate pricing policy and an efficient operational model,allowing the Bank to underta

324、ke balanced risks with high return.Innovation is at the core of our business.The Bank is customer oriented,constantly seeking suitable solutions to improve its business model.SB is the market leader in most of the key banking businesses and especially in retail as the Bank has introduced many innova

325、tive products in the market,covering the needs of its customers.Apart from the traditional large branch network,all modern channels have been accessed,rendering the Bank a pioneer in e-services and digitalized banking.3.5 C ROMANEASCA SA During 2015,Banca Romaneasca continued its efforts to optimize

326、 the cost/income ratio,benefiting from sustained reduction of cost of funding.The money market cost of funding decreased on average during 2015 by 54 bps,reaching 27 bps by the end of the year,whilst the cost of deposits dropped by 92 bps,recording a historical low of 168 bps.The decreasing trend of

327、 cost of funding also continued at the beginning of 2016.The Banks assets decreased by 8%,reaching 1.8 billion at the end of 2015,generating a profit before provisions of 15.4 million,a 45%improvement compared with the previous year.ATIONAL BANK OF GREECE ANNUAL REPORT 2015 -37-Customer deposits dec

328、reased to 752 million from 890 million at the end of 2014(-16%year on year),indirectly affected by the imposition of capital controls in Greece.The descending trend was reversed in the last quarter of 2015,when customer confidence was regained.BROM continued to take steps to defend the quality of it

329、s assets by improving its collection infrastructure while writing off loans.Non-performing loans recorded a slight decrease of 1.8%year on year.On the retail side,Banca Romaneasca continued to promote the unsecured loans,targeting both new and existing clients,in an effort to maintain lending volume

330、s.The banks performance was good,managing to maintain its market share on consumer loans.The unsecured lending market was increasingly competitive in 2015,both at the level of pricing and at the level of customer service and response time.Corporate Banking faced a challenging 2015,focusing on the tr

331、aditional products developed in factoring and reverse factoring,as well as in trade finance lines with the support of the IFC and EBRD.At the end of the year 2015,the banks network totaled 119 s and 110 branches,operating with increased efficiency(6.5%less staff compared with the end of 2014)in key

332、areas within the country.Banca Romaneasca has a strong capital adequacy,with the total capital ratio of 20.1%at the end of the year(under Basel III rules),above the average for the Romanian banking sector.3.6 VOJVODJANSKA BANKA AD In adverse economic conditions,Vojvodjanska Banka managed to perform

333、well achieving sustainable revenue growth,net profit of 3mn,and a strong depository base with no significant concentration.It remained among the top 10 banks in Serbia,ranking number eight in terms of asset size.The Banks CAR stood at 18.9%,well above the regulatory threshold of 12%.The Bank has managed to keep the percentage of NPLs well below market average,primarily due to the good credit risk