Greek & Cypriot NPLs
Athens, Greece
March 12, 2020

Description

"I welcome that with the Greek government we have a found a market conform solution to tackle the stock of non-performing loans weighing on the balance sheets of Greek banks. The scheme we approved today is another good example of how Member States can help banks clean up their balance sheets without granting aid or distorting competition."
October 2019, Commissioner Margrethe Vestager, European Commissioner for Competition

IMN's 3rd Annual Investors' Conference on Greek and Cypriot NPLs: Establishing a Secondary Market, will return to Athens, Greece on 12 March 2020. The event is well timed to address recent developments that include a new political regime in Greece, and the approval of an asset protection scheme that will promote securitisation as a major part of the overall NPL reduction strategy. 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. As the organizers of the largest securitisation industry conferences in the U.S., Europe and Asia, we are uniquely positioned to deliver a global ABS and NPL investor audience.

After two successful gatherings, which attracted more than 300 attendees each, IMN once again looks forward to bringing together 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. Although much progress has been made, Greek NPL volume remains the highest in the Eurozone at 75 billion Euros, or 39.2% of outstanding debt. This event will explore the potential beneficial impacts of the Hercules Asset Protection scheme, the pro-business and structural reforms government, the effect of a strong fiscal surplus and 2+% GDP growth, a potential country ratings upgrade, and strengthening consumer confidence. It will also compare the Cypriot government’s model for NPL resolution, and whether any strategies may also be applied to the Greek portfolio.

Continuing to foster 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 on 12 March 2020 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.

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

NPL Sellers and Investors 91

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Agenda

    Thursday, 12 March 2020

      07:45
      Breakfast and Registration Opens



      08:55
      Host’s Welcoming Remarks



        • Jade Friedensohn, Managing Director (IMN)

      09:00
      Politics and Pandemics: How Will the New World Order Impact the Near and Medium Term Global Economic Outlook

        • China's woes: from trade tensions to viral outbreaks, just how much will a China slowdown impact Europe's economy?
        • The upcoming U.S. election and changing face of the European Union sans Britain: how will these impact capital flows and trade between the UK and the US for continental Europe?
        • Post - Davos Report: an update on European Union monetary policy, new ESG initiatives, and the role of the European Central Bank in stimulating the EU economy in 2020


        • Reza Moghadam, Vice Chairman for Sovereigns and Official Institutions, Former Director (Morgan Stanley, IMF)

      09:30
      A Phoenix Rising? The Macroeconomic and Political Outlook for Greece and Cyprus

        • Will the promising 2-3% anticipated growth in Greece’s GDP over the next three years be a substantial boost to improving the NPL ratio?
        • Timeline for a potential country ratings upgrade to investment status by the major CRAs
        • The Promise of the New Democracy: a stable, pro-reform and pro-financial markets political environment
        • Impact of new development projects such as the Hellinikon Project on tourism cash flows
        • Real estate valuation trends
        • Overview of plans for business friendly reforms including insolvency, deferred tax assets, privitisations, and other major structural reforms
        • Global political and economic factors such as the Trade Wars, Brexit and Eurozone economic slowdown
        • How will the Greek and Cypriot economies coordinate in regards to the EU agenda?


        • John (Iannis) Mourmouras, Deputy Governor (Bank of Greece)

      10:00
      The State of the Banking Landscape in the Hellenic Republic

        • How concentrated is the Greek banking system? Is there inherent systemic risk with the four banks dominating the landscape?
        • What about the cooperative lenders, especially on the larger islands where one cooperative dominates?
        • Should Greek banks retract from lending activities outside their own domicile, i.e, in Romania and Bulgaria? Do these foreign jurisdictions present an opportunity for easier NPL balance reduction? 
        • Is a CEE footprint necessarily recommended or core for the large Greek banks? What value do subsidiaries add?


        • Sotiris Nikas, Athens Bureau Chief (Bloomberg News)
        • Charoula Apalagaki, Secretary General (Hellenic Bank Association)
        • Martin Czurda, Chief Executive Officer (Hellenic Financial Stability Fund)
        • Nikos Myrtakis, Chairman of the Board of Directors (Association of Cooperative Banks of Greece)
        • Marina Bouki, Managing Director (Morgan Stanley)

      10:50
      Refreshment Break



      11:20
      Status Check: NPL Reduction Efforts in Greece and Cyprus and the Impact of the Recent Election in Greece

        • Will the positive growth in Greece’s GDP over the next three years be a substantial boost for improving the NPL ratio?
        • Are Greek banks on track to meet the NPL ratio targets set by the European Central Bank? 
        • 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


        • George Deves, Vice President (JP Morgan)
        • Fotis Kourmousis, Special Secretary (Ministry of Finance)
        • Ilias Plaskovitis, Advisor to the Governor; Member of the Supervisory Board of the SSM (Bank of Greece)
        • Andreas Charalambous, Economist (Independent)

      12:10
      Bank Strategy for Reducing NPL Volume: Identifying the Assets, Understanding the Impact of the APS, and Weighing Up the Remaining Work to be Done in Structural Reforms

        • Assessing the political climate in Greece post-election and its anticipated impact on NPL resolution efforts 
        • Bank leaders’ views on the value of the Asset Protection Scheme: will this influence their appetite for securitisation as an NPL funding strategy versus whole loan portfolio sales or on balance sheet resolution?
        • Are the fees banks must pay to use the asset protection scheme discouraging them from using it?
        • Which sectors (real estate, hospitality/tourism, SMEs, consumer loans, shipping and maritime) continue to hold the highest volume of NPLs?
        • Progress to date: How much have Greek and Cypriot NPL volumes improved since the Inaugural Greek NPL conference in 2017?
        • Challenges in loan valuation and pricing
        • Ascertaining the added value in spinng off the the servicing function


        • Despina Doxaki, Head of Legal (Hellenic Financial Stability Fund)
        • Theodoros Kalantonis, Deputy Chief Executive Officer (Eurobank Ergasias S.A.)
        • Roberto Paciotti, Managing Director (S&P Global Ratings Europe Limited)
        • Richard Langstaff, Chief Executive Officer (Cepal Hellas)

      13:00
      Delegate Luncheon Featuring Keynote Speaker: "The New Hero in Town: Presenting the Hercules Asset Protection Scheme State Aid Plan"

        • Key structural features and goals of the APS
        • Anticipated impact on the volume and speed of NPL reduction
        • Lessons to be learned from Italy
        • Investor protections and anticipated asset performance
        • Timeline for meaningful securitisation volumes to be reached?
        • Is 18 months a realistic timeline for NPL reduction by 20-33bil Euros or 40% of total outstanding balance; is extension a possibility?
        • What new types of investor might the APS attract?


        • George Zavvos, Deputy Minister (Ministry of Finance)

      Track A 14:10
      Insolvency Reform: The Latest Developments in the Greek Judicial Framework

        • Out of Court Workouts and plans for a “single insolvency framework”
        • Improving asset resolution efficiency: Digitising the debt restructuring process, early warning systems and electronic auction platforms
        • Major impediments remaining in the current legal framework that remain
        • 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


        • George Raounas, President (SESMA)

      Track B 14:10
      The Global NPL Outlook: Emerging Developments in Europe and China

        • Upcoming regulatory deliverables:
          • Changes to the securitisation Basel standards for NPLs
        • Progress made in Italy under the GACS scheme
        • Emerging countries of focus including Central and Eastern Europe
        • Chinese NPLs: what the trade deal has done to open up the domestic market for foreign asset managers


        • Enrica Landolfi, Head of ABS Origination, Continental Europe (HSBC)
        • Carlos Echave - Aboy, Policy Officer (European Banking Authority (EBA))
        • Jonathan Trup, Managing Director, Head of Securitisation, GCM (Morgan Stanley)
        • Biagio Giacalone, Head of Department, Active Credit Portfolio Steering (Intesa Sanpaolo)

      Track A 15:00
      Implementation of the Asset Protection Scheme: Securitisation as an NPL Funding Alternative

        • Overview of the structural elements of Hercules
        • Costs and benefits of using the APS scheme
        • Assessing investor appetite for the various tranches and rating agency views on senior/mezzanine note ratings
        • How can securitisation broaden the investor base? What impact will this have on cost of capital and NPL note liquidity?
        • How is collateral vetted for quality and what investor safeguards are in place against performance deterioration?
        • The Rating Agencies' View: Senior note ratings/mezzanine note ratings


        • Christina Papanikolopoulou, Partner (Zepos & Yannopoulos)
        • Ioannis Linaritis, Assistant Director, Legal Services (National Bank of Greece)
        • Ilias Kyriakopoulos, Chief Executive Officer & Principal (EuPraxis FSI)
        • Alessio Pignataro, Senior Vice President (Morningstar DBRS)

      Track B 15:00
      Real Estate Valuation Developments

        • Outlook for real estate property in Greece and Cyprus, where are the opportunities ripe?
        • How will increasing asset value impact banks’ balance sheets?
        • Is there a large psychological factor behind increasing valuations due to political regime change?
        • What impact will the Hellinikon development project have on tourist and investor inflows into the Greek capital?


        • Ioannis Kyriakopoulos, General Manager Group Real Estate (National Bank of Greece)
        • Despina Chamilaki, Senior Partner; Assistant General Manager (Grivalia Management; Eurobank Egrasias SA)
        • Solon Molho, Contributor (The Economist Intelligence Unit)
        • Iannis Tegopoulos, Executive Vice-Chairman (Hipoges Iberia S.L.)

      15:50
      Refreshment Break



      Track A 16:10
      Update on the Servicing Landscape and Choosing Your Servicing Partner

        • How is the landscape for servicing evolving, i.e. the emergence of 'Mega-Servicers' , bank division spin-offs, and investor owned servicing companies?
        • How independent can a servicer owned by an investor be? Will it behave like a captive?
        • What are the differences in servicing models and strategies across industries?
        • What infrastructure is required for the more granular asset types, such as SME loans? 
        • Will there eventually be a tiering or specializiaton of servicers by NPL asset type?
        • 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


        • Angelos Angelidis, President (ESEDA)
        • Antonis Bayias, Managing Director (EOS MATRIX S.A.)
        • Nikolaos Vardaramatos, Chief Executive Officer (Qquant Master Servicer S.A.)
        • Periklis Kitrilakis, Deputy Chief Executive Officer (Cepal Hellas)

      Track B 16:10
      Case Studies in Successful NPL Reduction in Greece and Cyprus

        • Review of  successful NPL transactions to date in Greece and Cyprus
        • Two completely different structures with the same goal: Why was one preferred over the other? i.e. moving NPLs off balance sheet to an SPV and 3rd party servicer vs. on balance sheet servicing agreement
        • Advantages and disadvantages of each strategy?


        • Stelios Georgakis, Assistant Director (Central Bank of Cyprus)
        • Theodore Athanassopoulos, Executive General Manager - NPL Wholesale (Alpha Bank)

      17:00
      The Investors’ Roundtable: Is 2020 the Year of Opportunity?

        • What are investor concerns concerning the new Asset Protection Scheme? Asset performance? Investor protection safeguards? Does the experience with the Italian GACS foreshadow Greek asset performance? Should investors be compensated for potential asset underperformance?
        • Political outlook: is the more stable and business friendly regime being 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 (infrastructure, asset type specialization, track record)
        • Concerns in investor reporting, asset performance and over-reliance on the ratings agencies' initial transaction assessments in general


        • Alok Gahrotra, Director, Portfolio Lead Advisory Services (Deloitte)
        • Konstantin Karchinov, Managing Director (AnaCap Financial Partners)
        • Georgios Elekidis, Vice President (Bain Capital Credit)
        • Jonathan Hunt, Director, Loan Portfolios (CarVal Investors)
        • Konstantinos Maramenos, Manager, Greece (Brookstreet Equity Partners LLP)
        • Theophilos Chatzopoulos, Business Development Director (Cepal)

      17:45
      The 3rd Annual Investors’ Conference on Greek and Cypriot NPLs Concludes and Networking Cocktail Reception Commences



      18:30
      VIP Speaker Dinner, by Invitation Only

      • *Sponsorship opportunities available, contact Chris Arnold on carnold@imn.org for more information.

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  • NPL Seller/NPL ABS Issuer Rate - €995
  • Standard Rate - €2,295
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Keynote Speakers

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Venue

  • Conference Venue
  • Grand Hyatt Athens


    115, Syngrou Avenue
    Athens, 11745
    Greece

    Additional Info:

    Please use the link above to make a reservation in our group room block, pending availability, until our cutoff date of Wednesday, 19 February.    IMPORTANT NOTE: IMN has not retained a third party booking company to assist with reservations.  If you are interested in making a reservation at the hotel you must make your reservation using the link above.

Speakers


1120 Avenue of the Americas, 6th Floor, New York, NY 10036
Tel: +1(212)901-0506 Fax: +1(212)768-2484
Email: mail@imn.org


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