08:00
Breakfast and Registration Open
09:00
Host’s Welcoming Remarks and Keynote Address by General Council of the Bank of Greece

Jade Friedensohn

Managing Director
IMN

Ilias Plaskovitis

Member of the General Council
Bank of Greece
09:30
Overview of the State of Greek and Cypriot Banking
  • Is the Greek and Cypriot banking market still in the shadow of the global financial crisis? Is the high amount of outstanding NPLs due to overly aggressive lending practices, or a result of the sovereign debt crisis and subsequent high employment/low GDP?
  • What is the medium term growth outlook for GDP in Greece and Cyprus compared to the overall Eurozone?
  • Outlook for business lending given banks’ weak capital positions and lending constraints? Has this created a vicious cycle of declining credit availability contributing to low GDP growth? How can Greece and Cyprus break this cycle?
  • Update on the long term structural reform agenda 
     

Reza Moghadam

Vice Chairman of Capital Markets, Former Director
Morgan Stanley, IMF

Solon Molho

Contributor
The Economist Intelligence Unit

Platon Monokroussos

Group Chief Economist & Deputy General Manager
Eurobank Ergasias S.A.

Petros Doukas

Chairman
Capital Partners SA

Andreas Charalambous

Director of Financial Stability, Ministry of Finance
Republic of Cyprus

Apostolos Gkoutzinis

Partner, Head of European Capital Markets
Shearman & Sterling LLP


SESSION POLL Results

10:20
Profiling the NPLs: Assessing the Scale, Identifying the Sellers, and Understanding the Assets
  • Defining an NPL under the Greek and Cypriot NPL Law
  • NPE ratio per asset class; which sectors (real estate, SMEs, consumer loans) are hardest hit?
  • Has the amount of outstanding Greek and Cypriot NPLs improved since recovery efforts commenced under the NPL law, or have we seen a worsening in scale and credit quality of the loans?
  • Who are the major sellers and what have been their respective NPL resolution strategies?
  • Challenges in loan valuation and pricing

Kostas Maroulis

Managing Director, CIB Sales & Marketing
J.P. Morgan

Theodore Athanassopoulos

Head of NPL Wholesale Management
Alpha Bank

Tassos Panoussis

General Manager, Member of the Executive Board
Eurobank Ergasias S.A.

Theodore Tzouros

Deputy General Manager
Piraeus Bank

Nicolas Smith

Director of Restructuring and Recoveries
Bank of Cyprus

Panagiotis Chormovitis

Partner
Deloitte
11:10
Refreshment Break
11:30
Creating a More Efficient Model for the Management of Greek and Cypriot NPLs
  • Overview of the NPL Law resolution efforts in Greece and Cyprus and impact since implementation two years ago
  • Has the NPL Law provided the necessary framework for a robust secondary loan market or has it created additional unintended impediments?
  • What reforms are needed in order free up valuable resources that are currently trapped in unproductive sectors of the domestic economy for resumption of positive credit creation?
  • Where do Greece and Cyprus stand in terms of key requirements for NPL resolution: efficient servicing and judicial proceedings/foreclosures, establishing a secondary market and attracting investors, tax incentives for banks for quick resolution
  • Aligning investor and seller interests: marking the loans to market, are sellers’ expectations of recovery rates and loan value often too optimistic?
  • What structural reforms are still needed to foster a healthy secondary NPL market? 
  • Attracting international investors: What are the requirements for purchasing NPLs in Greece? In Cyprus?
  • Outlook for sovereign spreads and their impact on differences in price expectations between sellers and possible investors 

Alok Gahrotra

Director, Portfolio Lead Advisory Services
Deloitte

Ilias Plaskovitis

Member of the General Council
Bank of Greece

Sabina Dzuirman

Country Director, Greece and Cyprus
EBRD

Yiangos Demetriou

Acting Senior Director, Supervision Division
Central Bank of Cyprus

Ramon Quintana Aguirre

Director General
European Central Bank

Prokopis Dimitriadis

Partner
Lambadarios Law Firm
12:20
Delegate Luncheon featuring Keynote Speaker, '"Greece & Europe: Is the Drama Over?”

Reza Moghadam

Vice Chairman of Capital Markets, Former Director
Morgan Stanley, IMF
Commence Concurrent Tracks A and B
13:30 Track A
Banking and Insolvency Reforms: Modernizing Greece’s Private Sector Insolvency Framework
  • Update on the newest developments in the Greek 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
    • 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

Petros Doukas

Chairman
Capital Partners SA

Fotis Kourmousis

Special Secretary
Governmental Council for Private Debt Management

Charoula Apalagaki

Secretary General
Hellenic Banking Association

Michael Haralabidis

Chief Risk Officer
Hellenic Financial Stability Fund


SESSION POLL Results

13:30 Track B
The Cypriot NPL Market Overview
  • Current status of Cyprus banking and real estate sectors
  • Why invest in Cypriot NPLs? What are the opportunities and new developments?
  • Pending securitisation legislation implementation likelihood and timeline
  • Unique solutions to NPLs: 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

Wahid Chammas

Founder and Chief Investment Officer
TyreGate Capital Holdings LTD

Varnavas Kourounas

Chief Executive Officer
Altamira Asset Management Cyprus Ltd

Christos Savvides

Regional Director
B2 Holding

Stelios Georgakis

Assistant Director
Central Bank of Cyprus

Marios Kalotychos

Head of Non-Performing Asset Management
Hellenic Bank Public Company LTD


SESSION POLL Results

14:15 Track A
Developments in Third Party Servicing and Asset Verification
  • What criteria is set 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?

Marco Angheben

Director Business Development
European DataWarehouse

Angelos Angelidis

President
ESEDA

Richard Langstaff

Chief Executive Officer
Cepal Hellas

Theophilos Chatzopoulos

General Manager
Hoist Hellas S.D.L.S.A

Maria Orfanidou

Business Development & iGovernance
Eurobank Financial Planning Services

Frixos Ioannidis

Portfolio Services Director
Quant
14:15 Track B
Outlook on the Greek Shipping Sector and Loan Performance
  • What macroeconomic factors impact the performance of shipping loans and what is the 2018 outlook for the sector?
  • Hear from major shipping company owners and financiers as to the outlook for this sector and its impact on shipping loan performance

Solon Molho

Contributor
The Economist Intelligence Unit

George Xiradaskis

Owner
XRTC Business Consultants Ltd

Christopher Georgakis

Chief Executive Officer
DCC Maritime Ltd. - Westgate Tankships Inc.
15:00
Refreshment Break
15:20 Track A
The Role of Securitisation in NPL Resolution
  • Costs and benefits of using securitisation as alternative solution 
  • What about risk retention requirements in the EU and U.S.? 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

Christina Papanikolopoulou

Partner
Zepos & Yannopoulos

Richard Hopkin

Managing Director, Head of Fixed Income, Capital Markets
AFME

Victoria Kyritsi

Senior Structured Finance Manager
European Investment Bank

Dimitrios Anagnostopoulos

Chief Risk Officer
Attica Bank

Mei Lian

Partner
Shearman & Sterling

Jonathan Trup

Managing Director
Morgan Stanley
15:20 Track B
Reviving Greek and Cypriot Enterprises: SME Workouts
  • What makes SME 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
  • What are the forms of available financing for SMEs to facilitate SME sector growth, from traditional commercial banks to alternative funders

Bill Hancock

Managing Partner
Resolute Asset Management

Kamen Zahariev

Director, Corporate Recovery
EBRD

Ilias Kyriakopoulos

Chief Executive Officer, Shareholder
EuPraxis FSI S.A.

Sharon Finn

Advisor- Credit Risk, Asset Quality, NPLs
European Central Bank (ECB)

Mark Layther

General Manager, Cyprus
Resolute Asset Management

Paul Marchese

Senior Managing Director
Clayton Holdings


SESSION POLL Results

16:10
NPL Acquisition: The Loan Investors’ Panel
  • 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?
  • Structuring portfolios: granularity, diversification, size
  • Strategies for retail and corporate portfolios
  • Investor classes and return expectations
  • Servicing and foreclosure: good practices and public oversight
  • Concerns in investor reporting, asset performance and over-reliance on the ratings agencies' initial transaction assessments in general

Biagio Giacalone

Managing Director, CFO Area
Intesa Sanpaolo

Charles De Munter

Regional Director, Mid Europe
Hoist Finance

João Ferreira Marques

Chief Investment Officer, Advisor, NED
Arrow Global Group PLC

Savvas Liasis

Chief Executive Officer
Elements Capital Partners Ltd

James Sackett

Principal
CarVal Investors

Jonathan Wheatley

Principal Investment Officer, Distressed Assets
International Finance Corporation


SESSION POLL Results

17:00
“A New Generation’s Approach to an Age Old Problem”

Led by the prestigious ITV News, American College of Greece students from the school’s Debate Club and the Accounting & Finance Society will join us to debate their unique perspectives on potential solutions to Europe’s Non-Performing Loans balance that will not only restore economic vitality, but will preserve quality of life and individual prosperity.

Maria Kagkelidou

Journalist
Journalist


SESSION POLL Results

17:20
The 1st Annual Investors’ Conference on Greek and Cypriot NPLs Concludes and Closing Cocktail Reception Commences*

*Sponsor opportunity. Contact Chris Arnold on carnold@imn.org or + 1 212 901 0544 for more information.

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Cookies are pieces of information which include a unique reference code that a website transfers to your device to store and sometimes track information about you. A number of cookies we use last only for the duration of your web session and expire when you close your browser. Other cookies are used to remember you when you return to the Site and will last for longer. Cookies cannot be used to run programs or deliver viruses to your computer. They are uniquely assigned to you and can only be read by a Web server in the domain that issued the cookie.

We may use cookies to:

  • remember that you have used the Site before; this means we can identify the number of unique visitors we receive to different parts of the Site. This allows us to make sure we have enough capacity for the number of users that we get and make sure that the Site runs fast enough;
  • remember your login session so you can move from one page to another within the Site;
  • store your preferences or your user name and password so that you do not need to input these every time you visit the Site;
  • customise elements of the layout and/or content of the pages of Site for you;
  • record activity on our Sites so that we understand how you use our Sites enabling us to better tailor our content, services and marketing to your needs;
  • collect statistical information about how you use the Site so that we can improve the Site; and
  • gather information about the pages on the Site that you visit, and also other information about other websites that you visit, so as to place you in a “market segment”. This information is only collected by reference to the IP address that you are using, but does include information about the county and city you are in, together with the name of your internet service provider. This information is then used to place interest-based advertisements on the Site which it is believed will be relevant to your market segment. For more information about this type of interest based advertising, and about how to turn this feature off please visit www.youronlinechoices.co.uk. (Please email us at cookies@euromoneyplc.com if you have any queries about cookies)

Some of the cookies used by our Sites are set by us, and some are set by third parties who are delivering services (such as interest based advertising directed at your market segment) on our behalf.

To see a list of the cookies and similar technologies used on this Site and instructions on how to turn them on and off click here. (Please email us at cookies@euromoneyplc.com if you have any queries about cookies)

Most web browsers automatically accept cookies but, if you prefer, you can change your browser to prevent that or to notify you each time a cookie is set. You can also learn more about cookies in general by visiting www.allaboutcookies.org which includes additional useful information on cookies and how to block cookies using different types of browser. Please note however, that by blocking, deleting or turning off cookies used on the Site you may not be able to take full advantage of the Site.

Email tracking: So that we can better understand our users' needs, we track responses to our emails - for example, to see which links are the most popular in newsletters, and to log and follow up responses to our marketing messages. To do this, we use pixel GIFs, also known as "pixel tags" - these are small image files that are placed within the body of our email messages. They enable us to tell if a message has been opened and to track click-throughs on links within the message.
Any other purposes for which Euromoney wishes to use your personal data will be notified to you and your personal data will not be used for any such purpose without obtaining your prior consent.

Consents and opt-outs

You can give your consent to or opt out of particular uses of your data as indicated above by:

  • Indicating at the point on the relevant Site where personal data is collected;
  • Informing us by email, post or phone; or
  • Updating your preferences on the applicable Site;

For turning cookies and similar technologies on and off, see the information in paragraph 5 above.

Disclosures

Information collected at one Site may be shared between Euromoney Institutional Investor plc, Institutional Investor Inc. and other group companies for the purposes listed above.

Your personal data may also be sold to other companies in the form of lists and directories, but only after permission from you in accordance with the provisions above.

We may also disclose your personal data to other third parties, including, without limitation, professional advisers, or governmental or State institutions or regulatory authorities, where necessary in order to exercise or defend legal rights or where required by law.

We may transfer, sell or assign any of the information described in this policy to third parties as a result of a sale, merger, consolidation, change of control, transfer of assets or reorganisation of our business.

Public forums, message boards and blogs

Some of our Sites make message boards, blogs or other facilities for user generated content available and users can participate in these facilities. Any information that is disclosed in these areas becomes public information and you should always be careful when deciding to disclose your personal information.

Transfers outside the EEA

Services on the Internet are accessible globally so collection and transmission of personal data is not always limited to one country. Euromoney Institutional Investor plc may transfer your personal data, for the purposes listed above, to other group companies, service providers or other third parties which may be located in countries outside the European Economic Area, whose laws may not give the level of protection to personal data as within the UK. This will include transfers to Institutional Investor Inc. in the US (and Institutional Investor Inc. will collect some data directly from you, in relation to the Sites which it operates) and to third parties who provide us with email and marketing services. Where we conduct any transfers we will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this Privacy Statement.

Confidentiality and Security of Your Personal Data

We are committed to keeping the data you provide us secure and will take reasonable precautions to protect your personal data from loss, misuse or alteration.

The transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our Site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features described above to try to prevent unauthorised access.

We have implemented information security policies, rules and technical measures to protect the personal data that we have under our control from:

  • unauthorised access
  • improper use or disclosure
  • unauthorised modification
  • unlawful destruction or accidental loss

All our employees, contractors and data processors (i.e. those who process your personal data on our behalf, for the purposes listed above), who have access to, and are associated with the processing of your personal data, are obliged to keep the information confidential and not use it for any other purpose than to carry out the services they are performing for us.

We also give you the option of using a secure transmission method to send us personal data identifiers, such as credit card details and bank account number.

How to Access, Update and Erase your Personal Information

If you wish to know whether we are keeping personal data about you, or if you have an enquiry about our privacy policy or your personal data held by us, in relation to any of the Sites, you can contact the Data Protection Officer via:

  • Postal mail to this address: Data Protection Officer, Euromoney Institutional Investor plc, Nestor House, Playhouse Yard, London EC4V 5EX, UK
  • Telephone: +44 (0)20 7779 8600
  • Email: dataprotectionofficer@euromoneyplc.com

Upon request, we will provide you with a readable copy of the personal data which we keep about you. We may require proof of your identity and may charge a small fee (not exceeding the statutory maximum fee that can be charged) to cover administration and postage.

Euromoney allows you to challenge the data that we hold about you and, where appropriate in accordance with applicable laws, you may have your personal information:

  • erased
  • rectified or amended
  • completed

Changes to this Privacy Statement

We will occasionally update this Privacy Statement to reflect new legislation or industry practice, group company changes and customer feedback. We encourage you to review this Privacy Statement periodically to be informed of how we are protecting your personal data.

This Privacy Statement was last updated in April 2012.

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