SOURCE: The Bedford Report

The Bedford Report

May 06, 2011 08:16 ET

Allied Irish Banks and National Bank of Greece Seek to Restore Investor Confidence

The Bedford Report Provides Analyst Research on Allied Irish Banks and National Bank of Greece

NEW YORK, NY--(Marketwire - May 6, 2011) - Investors in European Banking are proceeding with caution this week after top regulators warned that banks that fall short of parameters set in the recent pan-EU stress tests will receive a mere six months to repair their finances or face further action. The stress tests, which promise to properly assess the health of European banks, are critical to the European Union's efforts to win back the confidence of financial markets. The Bedford Report examines the outlook for Foreign Banks and provides research reports on Allied Irish Banks PLC (NYSE: AIB) and National Bank of Greece SA (NYSE: NBG). Access to the full company reports can be found at:

www.bedfordreport.com/2011-05-AIB

www.bedfordreport.com/2011-05-NBG

Following the sector-wide stress tests in March, Allied Irish Banks said that deposit outflows have stopped as the government committed to recapitalise it by 13.3 billion euros. AIB bought 8.6 billion euros of deposits from the nationalised Anglo Irish Bank and said the outflow of those deposits since had been less than 10 percent.

After performing surprisingly well in the latest round of stress tests, Allied Irish Banks hopes to return to a net profit by 2012. The Bank said it would cut more than 2000 jobs after reporting a net loss of $15 billion in 2010.

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The governor of the Bank of England, Mervyn King, warns that banks that pass the latest round of stress tests should not automatically be viewed as safe. King, who believes that the stress tests should be considered a "regular exercise," argues that it will take many years to work through the effects of the financial crisis.

Greece, in particular, continues to face significant headwinds following its economic demise as banks are making efforts to reinforce liquidity, and reduce their reliance on the European Central Bank. National Bank of Greece CEO Apostolos Tamvakakis argues that Mergers are the only way to rebuild Greece's banking system.

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