Greek & Cypriot NPLs
Athens, Greece
February 8, 2019

Description

IMN's 2nd Annual Investors' Conference on Greek and Cypriot NPLs: Establishing a Secondary Market, will return to Athens, Greece on 8 February 2019. Our inaugural event attracted more than 300 attendees comprised of the executive teams from the four systemically important Greek banks and the largest Cypriot NPL sellers, as well as major global private equity and ABS investors. Given the European Central Bank’s mandate to reduce NPL volume in the next two years to €65billion from a current balance of over €100billion, we anticipate this event to grow in size and scope as the need for an event that brings together investors and sellers is more urgent than ever.

Establishing an environment conducive to NPL resolution will require the participation of regulators, servicers, rating agencies and other key participants who together with the bank sellers and investors will facilitate the establishment of a robust secondary market. They will be joined by experts in bankruptcy and insolvency counseling, capital markets advisory, and investment banking teams who are working on creative capital markets solutions for restoring bank balance sheets to health.

Join us this February for a conference that will serve historical purpose restoring Greek and Cypriot bank balance sheets to health, and boost bank lending to the SME, shipping, and consumer finance sectors in order to stimulate economic growth.
FEATURED KEYNOTE SPEAKERS:
- John (Iannis) Mourmouras, Deputy Governor, Bank of Greece
- Piers Haben, Director of Banking Markets, Innovation and Consumers, European Banking Authority


Who Should Attend
  • Banks in Greece or Cyprus looking to re-capitalise
  • Private funds looking to invest in NPLs
  • Legal counsel
  • Rating agencies
  • Servicers
  • Banks facilitating NPL transactions

Investors & Issuers 165

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Agenda

    Friday, 08 February 2019

      08:00
      Breakfast and Registration Opens



      09:00
      Host’s Welcoming Remarks and Keynote Address



        • Jade Friedensohn, Managing Director (IMN)
        • John (Iannis) Mourmouras, Deputy Governor (Bank of Greece)

        Contains 1 presentations, but you must be registered for this conference and signed-in order to view/download the files
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      09:30
      Status Check: NPL Reduction Efforts in Greece and Cyprus and the Impact of the Pending Election in Greece

        • Forecasting the political climate in Greece post election and its anticipated impact on NPL resolution efforts 
        • Will the anemic growth in Greece’s GDP over the next three years be a substantial obstacle in improving the NPL ratio?
        • How are the Greek banks fairing one year on from the revised NPL ratio targets set by the European Central Bank? Are they on track to meet the new reduction target of €65bil by 2020?  
        • How competitive are the Greek and Cypriot NPL resolution efforts compared with other European jurisdictions in terms of:
          • Efficient servicing of assets, judicial proceedings and foreclosures?
          •  Establishing a liquid secondary market and attracting investors?
          •  Tax incentives for investors and banks?
        •  Aligning investor and seller interests
        • Outlook for sovereign spreads and their impact on differences in price expectations between sellers and possible investors 
        • Update on the newest developments in the Greek judicial framework: Out of Court Workouts and the Insolvency law
        • Major impediments remaining in the current legal framework:


        • Richard Luddington, Vice Chairman, Global Capital Markets (Morgan Stanley)
        • Petros Doukas, Chairman (Capital Partners SA)
        • Charoula Apalagaki, Secretary General (Hellenic Bank Association)
        • Fotis Kourmousis, Special Secretary (Ministry of Finance)
        • Theophilos Chatzopoulos, Business Development Director (Cepal)

      10:20
      How Has the NPL Profile Evolved One Year on from the First Annual Conference? Assessing the Scale, Identifying the Sellers, and Understanding the Assets

        • Defining an NPL under the Greek and Cypriot NPL Law
        • Which sectors (real estate, SMEs, consumer loans, shipping and maritime) continue to be hardest hit?
        • Has the amount of outstanding Greek NPLs improved since recovery efforts commenced under the NPL law? How far has Cyprus come?
        • Who are the major sellers and what have been their respective NPL resolution strategies? Whole loan portfolio sales, in house servicing, versus securitisation
        • Challenges in loan valuation and pricing


        • Ilias Kyriakopoulos, Chief Executive Officer & Principal (EuPraxis FSI)
        • Ilias Plaskovitis, Advisor to the Governor; Member of the Supervisory Board of the SSM (Bank of Greece)
        • Kleanthis Ioannides, Head of Crisis Unit /SB Office (Central Bank of Cyprus)
        • Theodore Athanassopoulos, Executive General Manager - NPL Wholesale (Alpha Bank)
        • Tassos Panoussis, General Manager Retail NPLs (Eurobank)

        Contains 1 presentations, but you must be registered for this conference and signed-in order to view/download the files
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      11:10
      Refreshment Break



      11:40
      Keynote Speech "The Role of European Supervisors in Providing Support for NPL Reduction"



        • Constance Usherwood, Director Prudential (AFME)
        • Piers Haben, Director of Banking Markets, Innovation and Consumers (European Banking Authority)

        Contains 1 presentations, but you must be registered for this conference and signed-in order to view/download the files
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      12:10
      Improving NPL Liquidity: The Role of Government Guarantee Schemes and the Creation of a "Bad Bank"

        • Has the NPL Law provided the necessary framework for a robust secondary loan market or has it created additional unintended impediments?
        • Would a scheme similar to that of Italy’s “GACS” programme work in Greece? Why or why not?
        • Would a government backed scheme aid in attracting a larger and more diverse investor base?  
        • What structural reforms are still needed to foster a healthy secondary NPL market? 
        • How might political instability further dampen market liquidity? Will the government continue to support the market?


        • Sotiris Nikas, Athens Bureau Chief (Bloomberg News)
        • Michael Haralabidis, Chief Risk Officer (Hellenic Financial Stability Fund)
        • Massimo Famularo, Managing Director, Head of Italian NPLs (Distressed Technologies)
        • Enrica Landolfi, Head of ABS Origination, Continental Europe (HSBC)
        • Tanja Svetina, Partner (Clifford Chance)

      13:00
      Delegate Luncheon



      Commence Concurrent Tracks A and B



      Track A 14:00
      The Role of Securitisation in NPL Resolution

        • Costs and benefits of using securitisation as alternative solution 
        • What about risk retention requirements? How will issuers finance this requirement and will it hinder further securitisations? 
        • STS label: would NPL ABS ever qualify and if not, will this adversely impact investor appetite?
        • The Rating Agencies' View: Senior note ratings/mezzanine note ratings 
        • Major obstacle to securitisation: verification of the quality of the underlying collateral, especially mortgages


        • Madeleine Horrocks, Partner (Orrick Herrington & Sutcliffe)
        • Christina Papanikolopoulou, Partner (Zepos & Yannopoulos)
        • Vittorio Savarese, Head of Structuring and Loan Management (Banca IMI)
        • Alessio Pignataro, Senior Vice President (Morningstar DBRS)
        • Dimitrios Anagnostopoulos, Chief Risk Officer (Attica Bank)

      Track B 14:00
      Case Studies in Successful NPL Reduction: The Cypriot NPL Market

        • Current status of the Cypriot real estate sector
        • Why invest in Cypriot NPLs? What are the opportunities and new developments?
        • Pending securitisation legislation implementation likelihood and timeline
        • What unique solutions to NPLs did Cyprus employ? Are they translatable to the Greek market?
          • Government naturalization scheme for foreign real estate investors, debt-to-equity and debt-to-asset swaps to reduce non-performing loan portfolios, and other creative approaches


        • Alok Gahrotra, Director, Portfolio Lead Advisory Services (Deloitte)
        • Stelios Georgakis, Assistant Director (Central Bank of Cyprus)
        • Andreas Charalambous, Economist (Independent)
        • Nicolas Smith, Executive Director Corporate Finance Solutions (Bank of Cyprus)
        • Jonathan Trup, Managing Director, Head of Securitisation, GCM (Morgan Stanley)
        • George Mountis, Managing Partner (Delfi Partners & Company)

      Track A 14:50
      Update on the Servicing Landscape and Choosing Your Servicing Partner

        • What are the criteria for international companies applying for a servicing license in Greece?
        • Local servicers: what infrastructure is required?
        • Remaining impediments in NPL transfers
        • Key risks and challenges for non-bank servicers (regulatory risk, interest rate caps, limits on debtor outreach for loan recovery efforts)
        • How do recovery expectations differ between sellers (banks) and buyers (private equity)?
        • Data availability, and efforts to digitalize the loan data on an electronic platform
        • Alignment of interest between equity, senior noteholders and servicers
        • Importance of investor due diligence and asset quality verification
        • Evolution of the 3rd party servicer: servicer specialisation per SME asset class and industry
        • What are the differences in servicing models and strategies across industries?


        • Alessia Pirolo, Head of NPL Coverage (Debtwire)
        • Angelos Angelidis, President (ESEDA)
        • Maria Orfanidou, Business Development & iGovernance (Eurobank Financial Planning Services)
        • Hugo Velez, General Manager & Partner (Hipoges Iberia)
        • Nikolaos Vardaramatos, Chief Executive Officer (Qquant Master Servicer S.A.)
        • Elias Malandris, Regional Finance Director SE Europe (B2Kapital)

        Contains 1 presentations, but you must be registered for this conference and signed-in order to view/download the files
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      Track B 14:50
      Reviving Greek and Cypriot Enterprises: Corporate Restructuring and Workouts

        • What makes corporate NPLs particularly challenging to restructure and resolve?
        • Best practices and strategies from private equity for non-core banking units within the bank
        • Role of government in resolving the legacy overhang in the Greek banking market
        • Preventative medicine: Role of associations such as "Early Warning Europe" in helping corporates proactively avoid bankruptcy


        • Panagiotis Chormovitis, Partner (Deloitte)
        • Volker Recker, Senior Banker (EBRD)
        • Maria Vergi, Head of SME Recovery (Piraeus Bank Group)
        • Stefanos Komninos, Executive Partner (Exceed; Athens Chamber of Tradesmen)
        • Andrea Mignanelli, Chief Executive Officer (Cerved Credit Management)

      15:40
      Refreshment Break



      16:00
      Key Considerations for NPL Investing

        • Are there significant legal obstacles remaining and how can they be resolved?
        • What due diligence on the underlying assets should investors conduct at a minimum?
        • Corporate fraud: are the regulators in Greece paying close attention and what should investors be wary of?
        • Political instability and risk: how is this accurately priced into the portfolio?
        • Structuring portfolios: granularity, diversification, size
        • Strategies for retail and corporate portfolios
        • Investor classes and return expectations
        • Servicing and foreclosure: good practices and public oversight; choosing the right servicing partner
        • Concerns in investor reporting, asset performance and over-reliance on the ratings agencies' initial transaction assessments in general


        • Solon Molho, Contributor (The Economist Intelligence Unit)
        • Sabina Dzuirman, Country Director, Greece and Cyprus (European Bank for Reconstruction and Development)
        • Jonathan Hunt, Director, Loan Portfolios (CarVal Investors)
        • João Ferreira Marques, Chief Investment Officer, Advisor, NED (ActiveCap, Capital Partners)
        • Periklis Kitrilakis, Deputy Chief Executive Officer (Cepal Hellas)

      16:45
      The 2nd Annual Investors’ Conference on Greek and Cypriot NPLs Concludes and Networking Cocktail Reception Commences



      Track B 15:30
      Mortgage NPLs: Update on Public Auctions and Alternative Strategies for Getting Mortgages Re-Performing

        • Have the public auctions helped to mitigate the outstanding volume of non - performing mortgages?
        • The €250K ceiling on foreclosures: Do investors feel this is overly protective of the consumer? Will the government revisit this in an election year or is it too sensitive an issue to tackle? Will this remain a significant hindrance to further mortgage NPL reduction?


      Track A 13:50
      Key Developments in Greece’s Legal Framework

        • Corporate fraud prevention and mitigation efforts given the recent Folli Follie and Aegean Marine cases; how are regulators adjusting their watch?
        • Update on the newest developments in the Greek judicial framework: Out of Court Workouts and the Insolvency law
        • NPL Law Update: what remains on the reform agenda for the domestic regulatory and legal framework in dealing with private sector insolvency 
        • Major impediments remaining in the current legal framework:
          • The insolvency laws and their implementation; extreme protections for consumers
          • Inefficiencies in the enforcement of creditors’ rights
          • Cumbersome and costly transfer of NPLs to non-banking institutions:
            • Stamp duty
            • Notice
            • Data privacy issues
            • Restrictions on restructuring financing by non-bank servicers


Sponsors

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Advisory Board

Keynote Speakers

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Venue

  • Conference Venue
  • Hilton Athens


    46 Vassilissis Sofias Avenue
    Athens, 11528
    Greece

    Additional Info:

    Please use the link above to book a room in IMN's room block, pending availability. 

Speakers

Content/Audio Files

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  • Friday, 08 February 2019
  • Host’s Welcoming Remarks and Keynote Address


    ** This session contains presentations. Presentations will be made available to conference registrants starting first day of the conference.
    Sign-In
    *** This session contains audio, but you must have been registered for this conference to be able to play audio files

    09:00

  • Status Check: NPL Reduction Efforts in Greece and Cyprus and the Impact of the Pending Election in Greece


    *** This session contains audio, but you must have been registered for this conference to be able to play audio files

    09:30

  • How Has the NPL Profile Evolved One Year on from the First Annual Conference? Assessing the Scale, Identifying the Sellers, and Understanding the Assets


    ** This session contains presentations. Presentations will be made available to conference registrants starting first day of the conference.
    Sign-In
    *** This session contains audio, but you must have been registered for this conference to be able to play audio files

    10:20

  • Keynote Speech "The Role of European Supervisors in Providing Support for NPL Reduction"


    ** This session contains presentations. Presentations will be made available to conference registrants starting first day of the conference.
    Sign-In
    *** This session contains audio, but you must have been registered for this conference to be able to play audio files

    11:40

  • Improving NPL Liquidity: The Role of Government Guarantee Schemes and the Creation of a "Bad Bank"


    *** This session contains audio, but you must have been registered for this conference to be able to play audio files

    12:10

  • The Role of Securitisation in NPL Resolution


    *** This session contains audio, but you must have been registered for this conference to be able to play audio files

    14:00

  • Case Studies in Successful NPL Reduction: The Cypriot NPL Market


    *** This session contains audio, but you must have been registered for this conference to be able to play audio files

    14:00

  • Update on the Servicing Landscape and Choosing Your Servicing Partner


    ** This session contains presentations. Presentations will be made available to conference registrants starting first day of the conference.
    Sign-In
    *** This session contains audio, but you must have been registered for this conference to be able to play audio files

    14:50

  • Reviving Greek and Cypriot Enterprises: Corporate Restructuring and Workouts


    *** This session contains audio, but you must have been registered for this conference to be able to play audio files

    14:50

  • Key Considerations for NPL Investing


    *** This session contains audio, but you must have been registered for this conference to be able to play audio files

    16:00


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Tel: +1(212)901-0506 Fax: +1(212)768-2484
Email: mail@imn.org


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