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H
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M.Sc. :M.A., M.Sc.
:. M.Sc.
M.Sc.
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-: , 2010: 1724 : Copyright: ISBN: 978-960-7170-03-3
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2.1 2.2 2.2.1 2.2.2 2.2.3 2.3 2.4 2.4.1 ()2.4.2 ()2.4.3 (....)2.4.4 .. ..2.5
3
3.1 3.2 3.3 3.4 3.5 3.5.1 3.5.2 3.6 3.6.1 3.6.2 3.6.3 3.7 K 3.8 ()3.9
4
4.1 4.2
2121
25
252528313644484849505153
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59596163636972738183858691
95
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4.3 4.4 4.5 4.6 4.7 4.8 - 4.9 - 4.10 4.11 4.12 4.13 4.14 4.15 4.16 4.17
5
5.1 5.2 5.3 5.4 5.4.1 5.4.2 5.5
6
6.1 6.2 6.2.1 6.2.2 6.2.3 6.2.4 (spreads)6.2.5 6.3 6.3.1 6.3.2
101106108115118130134136138138140143145148154
161
161161165168168176182
189
189190190191206230234
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11
6.3.3 6.3.4 6.3.5 6.4 , 6.5 - 6.6
7
7.1 7.2 7.3 7.3.1 7.3.2 Alpha Bank7.3.3 Eurobank7.3.4 7.3.5 7.4 : 7.4.1 7.4.2 7.4.3 7.4.4 7.4.5 7.4.6 7.4.7 7.5
8
8.1 8.2 8.2.1 . . (Basel Accord II)
244246247249
253254
261
261261264265268270273275277
278282286289294297300304
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12
. 8.2.2 8.2.3 8.3 8.3.1 , 8.3.2 8.3.3 - 8.4 8.4.1 8.4.2 : 8.4.2 : 8.4.4 : 8.4.5 8.5
9
9.1 9.2 9.3 : 9.4 9.4.1 9.4.2 9.4.3 9.4.4 9.4.5 9.4.6 9.4.7 9.5 9.5.1 9.5.2 9.5.3 9.5.4 9.6
310311312315315318322324324326328330
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381
13
10
10.1 10.2 10.2.1 10.2.2 10.2.3 10.3 10.4 10.5 10.6 10.6.1 10.6.2 10.7 10.7.1 10.7.2 10.7.3 10.7.4 10.7.5 10.7.6 10.7.7 10.7.8 , , 10.8 10.9 10.9.1 10.9.2 10.9.3 10.9.4 10.9.5 10.9.6 10.9.7 10.10 10.10.1 10.10.2 H 10.10.3 H 10.10.3.1 : 10.10.3.2 : 10.10.3.3 :
389
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397398398399
399400400400401401401401402402403404404
405405405406407408409411418421423
14
10.10.4 .10.10.4.1 (Standardised Approach).10.10.4.2 (Internal Ratings-Based Approach)10.10.5 10.10.5.1 10.10.5.2 H 10.10.6 .10.10.6.1 10.10.6.2 10.10.6.3 .10.10.6.4 .10.11 10.11.1 10.11.2 10.11.2.1 1 10.11.2.2 2 10.11.2.3 3 10.11.2.4 1, 2 3 10.11.2.5 10.12 : 200810.13
11
11.1 11.2 (2008-2009)11.3 11.3.1 11.3.2 11.3.3 11.3.4 11.3.5 11.3.6 11.3.7 11.3.8 11.3.9 11.4 11.4.1
424424425428430434435437437438439440
440442443445446447448454
470
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482483484485486486487487488
15
11.4.2 11.4.3 11.4.4 11.4.5 , 11.4.5.1 11.4.5.2 11.4.6 11.4.7 11.4.8 11.5 11.5.1 11.5.2 11.5.3 11.6 11.7 11.8 11.9 de Larosire11.10 G-2011.11
12
12.1 12.2 12.3 12.4 12.4.1 12.4.2 12.4.3 (switching)12.4.4 12.4.5 12.6 12.7
3.1 (repos) 3.2 repos
489493494495495500505506508509510513514515517521523524526
529
529529533537538538539540542543
544
74
78
16
( )3.3 ( repos) () 3.4 ( repos) () 3.5 (. )4.1 4.2 4.3 (%) , 4.4 4.5 4.6 4.7 () 4.8 4.9 () 4.10 4.11 4.12 , 4.13 - 4.14 repos () 4.15 / 4.16 4.17 4.18 4.19 ( + ) 4.20 ( + )4.21 4.22 () 4.23 () 4.24 4.25 4.26 4.27 - 5.1 ( 31.12) % 5.2 ( ) , ( )
87
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100102106107109110
113115116125
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17
5.3 (2004-2008) 6.1 6.2 6.3 6.3 6.3 6.4 6.5 (spread) 6.6 6.6 (%) 6.9 6.7 7.1 7.2 Eurobank 20087.3 7.4 7.5 7.6 7.7 9.1 9.2 9.3 (%) 9.4 (%)9.5 (%) 9.6 (%) 9.7 9.8 11.1 11.2 2009 11.3 (% q-o-q) 11.4 (% m-o-m) 11.5 (% q-o-q) 11.6 (% q-o-q)
173193202206209217224232235236
241264271280283286290294345
350367
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376
377
378
490492497
499
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18
11.7 11. 8 11.9 .
3.1 3.2 (repos) 3.3 repos ( )3.4 ( repos) () 3.5 *4.1 4.2 4.3 4.4 4.5 4.6 () 4.7 4.8 repos 4.9 () 4.10 / .4.11 / 4.12 4.13 4.14 4.15 4.16 , 5.1 5.2 ( ) , ( ) 5.3 6.1 6.2 : 20096.3 : 2009 6.4 (%)
507508513
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19
6.5 6.5 6.5 (%) 6.6 6.6 6.7 : 20096.8 ( )6.9 ( )6.10 6.11 6.12 6.13 9.1 9.2 9.3 9.3 9.4 9.4 9.5 (%) 9.5 9.6 (%) 9.6 9.7 (%) 9.7 9.8 (%) 9.8 9.9 (%) 9.9 9.9 11.1 ,
214214216223229
230231236241243246249344
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21
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2 Alpha Bank 406
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357
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12 Probank 59
13 30
14 First Business Bank 20
15 Aspis Bank 72
16 144
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2 HSBC Bank 27
3 Paribas (Hellas) 1
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CETELEM 2
Royal Bank of Scotland 1
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8 CITIBANK 85
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10 EUROHYPO AG. 1
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13 253
14 Securities Services 1
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30
16 Daimlerchrysler Bank Polska
17 Deutsche Bank
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21 American Bank of Albania 4
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. , 1998 , -
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.
13,92% 80,44%. -
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.
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23,61% 37,29%. ,
98,74%.
,
-
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(34%)
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Alpha 51% . Alpha
. 2002 Credit
Agricole 6,78% ( 9%) .
, 2004 .
Alpha Bank
Alpha -
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798 . . 230
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, .
EFG-Eurobank
1990 1996 6 -
,
.
1996, Consolidated
Eurofinance Holdings Ltd, Eurobank ( ),
Banque Worms 95% Interbank. , 6
Eurobank 19 Interbank
50 . 116 . , 1,5% ,
1,3% 1,4% , -
10, 12 14 .
1998 Hanwa 58,08% -
26,1 . 51%
4,7 . , 24.
1998, 1997 5 7 Credit
Lyonnais, ,
273 . 49 137, -
.
3,6% , 3,9%
4,1%, 7
3 . 1998 Deutsche Bank 9,3% Eurobank, -
. , 2003 .
, 1999 .
5-12 . ,
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2,2 Eurobank 11,73
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, Eurobank 2,4 49,9 ,
.
, Eurobank-Ergasias, 308 (
178 Eurobank) 1.247 . ( 80%),
8,87%, 8,51% 9,82%
,
4, 5 5 .
34
To 2001 Eurobank Telesis,
5
.
1992 ,
() 66,67% . -
, .
: Chase Manhattan Corporation,
62,5 . 86,1 . .
, 0,9% , 0,8%
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1998,
36,98% 80 .
107 , 30 .
, 103 . 264 .
8 , ,
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Westminster Bank
5 , 1,3%
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1998
Credit Lyonnais, Piraeus Prime Bank,
Bank of Tokyo-Mitsubishi.
1998 37,8% Xiosbank 243 . ,
36 6
7 5 .
Xiosbank ,
.
2001 57,8% -
(), 510 . . , 2002
ING Bank (International Netherlands Group)
Bancassurance, 20% ING/INN , ING
5% .
35
51% 20,1% .
378 . 864 . 0,9%
, 13 18
. ,
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16 15 .
ROE ROA, ROA -
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. 105%, -
94%, 58%, 131%
127%,
.
2005 , 10% Marfin Bank Marfin
Popular Bank Marfin Bank,
.
, 7
156 . Marfin Investment Group
Marfin Popular Bank.
, -
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AMRO Aspis ank 2002,
24 41 ,
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.
Nova Bank Banco Commercial Portuguese SA 2005,
Nova Bank Millennium ank.
2007 50% First Business Bank Aspis Bank.
Alpha Bank
2001 -
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36
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1998 33% ,
1999 9%. -
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1928.
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2009.
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2008, 111.243.361,60 ,
19.864.886 5,60 .
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. (2008), data envelopment analysis,
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1990.
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Alpha, Eurobank , -Marfin
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.
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100%, .
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1.7.2005 ,
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51
(, , ..) (,
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.
2008, -
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. & . (2004), -
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., . & . . (2008),
,
, 30, . 7-31.
. (1993), , ...,37-
38, .
. (1982), -
, . , .
. (1982), . , . Gutenberg,
.
Gibson H. (2005), : ,
, , 24, . 7-27.
. (1989), ...,. .,
.. 51-58.
- . (2004), , . , , .
70.
. (1984), ..., .
. (1991), Bancassurance: , .... 12/91.
. (2005), : -
20 21 , . , .
Hardy H. & . (1998),
, , , 11 , .. 7-26.
. & . (1989), -
, ..., .
. & . (1990), , ,
, . 173-294.
. (1995), ..., -
.
. (2002), , .
..., ., . 66-77.
. & . (1991), ROE , , .
, 149.
. (1995), , . ..., , . 59-62.
Molyneux P.H. (1990), ,
, 143, . 5-17.
. (1999), 1993-1998,
. ..., .
. & . (1989), -
, , 141/89.
. (1993), marketing: , ...,
, .. 37-38.
. (2002), ,
, . .
. & . . (2008),
,
, 9, . , .
Passet R. (2004), , , . , /,
. 306-331.
. (1996), ,
..., ., .
. (2003), ...,
.
. & . . (2002), ,
, . , .
. & . (1999),
, ..., ,19-20, ., .. 61-66.
. (2007), t, ..., 9/07.
. (1998), Bancassurance ... .
. (2000), : -
, .
.. (1995),
, : (.), ,
, . , .
. & . (2008),
- , -
, . , , .. 43-91.
. (2001),
, , . -
, , . 487-497.
. (2001), ,
, . , .
. (2001), ,
Digesta , 3.
. (2003), , -
, ,
. , .
. (2007), , , . -
o, .
. (2007), -
, , . , /,
.. 301-326.
. (2009), ,
, 16.5.09, .
. (2009), , , -
, 1/3/09, . 26.
. (2009), ,
28.2.09, . 32.
. (1996),
19 , Working paper, .
. (2009),
, Marketing, , .... .., ..
27-45.
Aglietta M. & A.Reberioux (2004), Drives du capitalisme financier, Albin Michel, Paris.
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59
3
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repos, 128,0 . 2002 242,0 . -
2009, 89,1%.
100,5% ( : 41,4%, :
197,7% : 191,3%).
( repos) 2002- 2009
88,7% ( , 99,0%). ,
46,7% -
2002- 2009. (
6 ) ( 4,7 .
2002, 33,0 . 2009).
3.6.2
.
82
, repos -
( ). (
) .
11,7% , 8,3% Alpha, 18,8% Eurobank 23,1%
.
-
repos . .
-
.
. , , -
. ,
, -
, .
.
.
, .
,
. ,
. , Lehman Brothers
2008, Euribor ,
1-2 . -
, ,
.
1,8 . 225,5 .
2008. ,
, -
. ,
Euribor ,
, .
. 18.12.2008 -
83
, -
overnight, ,
. ,
1,5%
2% 3,5% 3%.
. ,
, .
2008 Euribor 2,5%. ,
,
. , Euribor
,
.
3.6.3
.
, ,
. -
(commercial paper) ECP (European
Commercial Paper).
. -
EMTN (European Medium-Term Notes). EMTN
. -
ECP EMTN, .
, ECP , EMTN
.
ECP EMTN
.
,
. ECP EMTN
,
.
,
84
. , 5%
10%, 5,5%,
. ,
4%,
5,2%. 30 ,
,
30 .
-
. ,
, 4,5%
. , .
, Alpha 28,9% ,
Eurobank 26,4% 18,9%. -
ECP EMTN,
, .
-
. 2007,
,
2008 .
,
, 2008 .
.
,
. Moodys
. , spread
, 200 ,
. . -
, ECP EMTN
.
EMTN , ECP .
, EMTN
ECP. , , -
spreads,
85
EMTN ,
. ,
Euribor ( Euribor -
), (premium) uribor
.
ECP, , ECP
, -
. , uribor , spreads
uribor,
.
3.7 K
.
,
.
(.. , ) -
. (SPV) ( )
. SPV .
asset-backed securities (ABS). SPV ABS
. -
, , ,
. ,
ABS. -
,
.. , , ,
.
-
. SPV ,
SPV .
SPV, off-balance sheet. , -
on-balance sheet,
ABS. , -
, .
(credit enhancement) .
.
86
on-balance sheet .
.
,
.
.
.
, -
. -
.
, . ,
.
, .
2008
Estia Mortgage Finance PLC III. -
. .
premium
ABS . , Euribor
18 , Euribor 45 .
,
. , ,
,
. ,
,
( ) -
.
3.8 ()
3.3 repos
. 3.4
. 3.4.
87
3
.3
(
rep
os)
(
)
. 01
. 02
. 0
3
.
04
. 0
5
.
06
. 07
. 0
8
. 0
9
. 0
9
.
09
r
epos
(
.
)
135,
713
3,8
140,
015
9,9
187,
621
1,1
248,
528
0,2
279,
427
8,1
277,
2
Repo
s (
.
)
24,2
20,0
10,8
9,5
2,7
1,6
0,7
0,4
0,3
0,3
0,2
11
1,5
113,
912
9,3
150,
418
4,9
209,
524
7,8
279,
827
9,1
277,
827
7,0
(
)
81,8
95,1
110,
012
7,6
147,
816
7,4
199,
322
0,6
222,
721
7,1
217,
1
/
13
6%12
0%11
7%11
8%12
5%12
5%12
4%12
7%12
5%12
8%12
8%
:
.
88
3.4
( rep
os)
()
. 02
. 0
3
. 0
4
. 0
5
. 0
6
. 07
. 0
8
. 09
(-
.
)
. 09
(-
.
)
. 0
9 (
-
.
)
repos
-1,4%4,6%
14,2%17,3%
12,5%17,7%
12,7%-0,3%
-0,5%-0,3%
Repos-17,6%
-46,0%-12,0%
-71,3%-42,4%
-55,2%-46,4%
-29,2%3,6%
-18,9%
2,1%
13,5%16,3%
22,9%13,3%
18,3%12,9%
-0,2%-0,5%
-0,3%
()
16,3%15,7%
16,0%15,8%
13,3%19,1%
10,7%1,0%
-2,5%0,0%
: .
89
3.3 3.4, repos
2001- 2009 141,5%.
, 2009 . repos
2001-2009. 111,5 . 2001
279,8 . 2008. 2009
,
.
-
3.3 3.4
3.4.
3.4 ( repos)
()
: .
2005. , 125% 2005 ( -
) 127% 2008 128% 2009.
,
3.5.
90
3.5
-
(. )
. 01
. 02
. 0
3
. 04
. 0
5
. 06
. 07
. 0
8
. 09
. 09
. 0
9
0,6
3,04,4
0,32,4
4,98,8
40,637,0
38,6/48,1
22,7
32,636,9
31,137,5
44,969,0
77,781,1
84,384,3
repos
135,7133,8
140,0159,9
187,6211,1
248,5280,2
279,4278,1
277,2
0,3
0,40,7
0,70,5
0,81,1
3,02,6
2,92,7
159,3169,9
182,1192,0
228,0261,7
327,4401,4
400,1403,8
412,3
/
88,7%
89,6%86,3%
85,3%89,4%
90,4%92,1%
96,9%97,3%
96,0%95,9%
: .
91
3.5
*
: .
* : + + - repos + : + + + + + .
[( +
+ repos + ) / ( +
+ + +
+ )] 2005 2009
( 3.5). -
, 0,6 . 2001
48,1 . 2009. , 85,3 2004,
96,9 2008, 2009
( 2009: 95,9).
3.9
. , ,
,
.
-
92
2002-03 ( 13,1%) 2007-08 ( 2,8%).
,
,
. , 6,5%-7,5%
. -
.
, ,
. 45-65%
.
, , repos
2002 (31,0 . ) 2009 (141,3 .
). , 2002--
2005, (71,1 .
2009). ,
repos .
, -
. ,
.
, -
.
. ,
.
93
European Central Bank, Financial Stability Review, 2009.
.. .. (2009),
, , -
, 32, .
, 2008-2009, 2009.
, , 2009.
, , 2009.
, ,
2009.
, :
2009, , 30.12.2009.
95
4
4.1
-
.
-
, -
,
,
.
()
, ,
.
, .
, -
,
. ,
()
.
, -
( ).
( , , ),
( ) . ,
,
(, ..). , -
.
. (ESA 95),
, ,
.
2002.
96
,
, -
. ,
() , , -
, , .
, -
. (
), .
-
. 2003.
4.2
4.1, -
( ),
2001-2008.
97
. 0
1
. 0
2
. 0
3
. 0
4
. 0
5
. 0
6
. 0
7
. 0
8
1.53
41.
842
1.88
01.
945
2.17
62.
597
2.70
12.
712
7.69
51.
705
2.41
35.
387
4.35
44.
625
7.24
87.
936
31.5
3934
.444
43.8
4537
.559
38.7
9843
.584
66.2
6788
.507
(
)
81
.779
95.0
8411
0.01
912
7.63
814
7.76
416
7.35
919
9.34
822
0.59
5
46
.339
48.4
7845
.454
45.4
2254
.147
60.0
9865
.406
80.4
88
015
4612
544
5429
222
12
.201
9.99
39.
306
9.05
79.
898
13.8
1517
.274
16.3
21
3.16
33.
644
2.93
63.
930
4.58
94.
866
4.39
74.
380
8.
419
4.70
83.
635
4.43
811
.756
11.7
3912
.259
14.5
58
373
900
860
1.15
81.
343
1.71
62.
477
2.72
6
19.4
3811
.583
8.66
19.
346
11.1
7610
.564
13.9
2126
.080
212
.481
212
.397
229.
05
62
46
.00
52
86
.04
432
1.0
18
391
.327
46
4.5
25
4
.1
(
.
)
:
.
98
, (y-o-y %)
4.2
, (16,3%) 2005
(7,4%) 2004. -
2007 (21,9%)
2006 (12,2%). 2001-2008
,
2005-2008
,
.
4.2
. 02 . 03 . 04 . 05 . 06 . 07 . 08
20,0% 2,1% 3,4% 11,9% 19,4% 4,0% 0,4%
-77,8% 41,5% 123,2% -19,2% 6,2% 56,7% 9,5%
9,2% 27,3% -14,3% 3,3% 12,3% 52,0% 33,6%
()
16,3% 15,7% 16,0% 15,8% 13,3% 19,1% 10,7%
-
4,6% -6,2% 0,1% 19,2% 11,0% 8,8% 23,1%
200,3% 170,3% -64,3% 21,6% -47,1% 675,2%
-
-18,1% -6,9% -2,7% 9,3% 39,6% 25,0% -5,5%
15,2% -19,4% 33,9% 16,8% 6,0% -9,6% -0,4%
-44,1% -22,8% 22,1% 164,9% -0,1% 4,4% 18,8%
141,1% -4,4% 34,6% 16,0% 27,8% 44,4% 10,1%
-40,4% -25,2% 7,9% 19,6% -5,5% 31,8% 87,3%
0,0% 7,8% 7,4% 16,3% 12,2% 21,9% 18,7%
: .
4.2
() 10,7% 19,1%.
,
,
.
-
99
,
-
.
4.1
.
4.1
( . 2001- . 2009)
( , . )
: .
4.3,
,
(, -
) 80% -
. (
),
85% .
100
4.3 (%) ,
( )
. 01 . 02 . 03 . 04 . 05 . 06 . 07 . 08 .09
0,72 0,87 0,82 0,79 0,76 0,81 0,69 0,58 0,45
3,62 0,80 1,05 2,19 1,52 1,44 1,85 1,71 0,92
14,84 16,22 19,14 15,27 13,56 13,58 16,93 19,05 20,59
()
38,49 44,77 48,03 51,88 51,66 52,13 50,94 47,49 45,94
21,81 22,82 19,84 18,46 18,93 18,72 16,71 17,33 19,81
0,00 0,01 0,02 0,05 0,02 0,02 0,01 0,05 0,04
-
5,74 4,70 4,06 3,68 3,46 4,30 4,41 3,51 3,65
1,49 1,72 1,28 1,60 1,60 1,52 1,12 0,94 0,95
3,96 2,22 1,59 1,80 4,11 3,66 3,13 3,13 1,82
0,18 0,42 0,38 0,47 0,47 0,53 0,63 0,59 0,55
9,15 5,45 3,78 3,80 3,91 3,29 3,56 5,61 5,27
100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00 100,00
: .
, -
2008
-
,
.
, -
,
()
, , 2007-2008. , 2007
101
() +19,1%, 2008
+10,7%, -
, ( ).
,
( ), +8,8% 2007 -
+23,1% 2008. ,
,
(%) . ,
2007-2008
. ,
+52,0% +33,6%. -
2008. -
, 2007-2008
(fair value)
.
4.3
-
.
(leverage gearing)
,
. ,
. ,
. ,
( , )
.
. .
-
.
, -
( ).
102
4.4
( / )
. 01
. 02
. 03
. 04
. 05
. 06
. 07
. 08
. 09
. 09
. 09
()
212,5 212,4 229,1 246,0 286,0 321,0 391,3 464,5 459,1 463,0 472,7
()
19,3 19,7 17,3 19,3 22,8 25,0 29,0 28,2 28,7 29,0 29,3
(/)
11,0 10,8 13,3 12,7 12,5 12,8 13,5 16,5 16,0 16,0 16,1
: .
4.2
: .
4.4 4.2,
2001-2008, 11,0
2001 ( 10,8% 2002) 2008 (
) 16,5, 2009,
(deleveraging) .
, ,
-
(. -
103
).
.
4.3
: 4.4.
2008 5 -
1/4 , 2007, 3
.
, 2008,
72% .
(leverage) ,
ROE (return on equity) ROA (return on assets),
.
ROE -
, ,
, .
ROE= ( ) ()
= (I) ()
104
, ROA
,
(. ) . ,
, . ROA -
.
ROA ( -
) .
RO= ( ) ()
= () ()
ROE ROA
(leverage) .
, :
(equity multiplier
EM), -
.
(quity ultiplier) = () ()
,
() () , ,
(
), , -
. ,
, -
.
()
.
(quity ultiplier) = () ()
105
ROE ROA -
. -
.
ROA 1,0%.
ROE 10%, 10 -
1 . ,
, ROA 0,5%,
, ROE 10%, 1
20
. , -
.
, ROE ROA
:
ROE = ROA x EM
, :
ROE = PM x AU x EM
:
PM (Profit MArgin) = ( ) (R)
= (I) (R)
AU = (AOR)M ()
(Profit Margin PM), -
.
.
, (sset Utilisation AU)
.
ROE ROA ,
6 , -
, .
106
4.4
,
2001-2008 ,
.
, -
, ,
2001-2008,
.
4.5
( . )
. 01 . 02 . 03 . 04 . 05 . 06 . 07 . 08
7.695 1.705 2.413 5.387 4.354 4.625 7.248 7.936
31.539 34.444 43.845 37.559 38.798 43.584 66.267 88.507
()
81.779 95.084 110.019 127.638 147.764 167.359 199.348 220.595
121.013 131.233 156.277 170.584 190.916 215.569 272.862 317.038
,
46.339 48.478 45.454 45.422 54.147 60.098 65.406 80.488
-
167.353 179.712 201.731 216.007 245.063 275.667 338.268 397.526
: .
4.6, 2001-2008
2006-2008,
+12,9% 2006 +26,6% 2007
+16,2% 2008 ( 31.12). -
()
( 70%
), -
2007 (+52,0%)
2008 (+33,6%).
107
4.6
( %)
. 02 . 03 . 04 . 05 . 06 . 07 . 08
-77,8% 41,5% 123,2% -19,2% 6,2% 56,7% 9,5%
9,2% 27,3% -14,3% 3,3% 12,3% 52,0% 33,6%
()
16,3% 15,7% 16,0% 15,8% 13,3% 19,1% 10,7%
8,4% 19,1% 9,2% 11,9% 12,9% 26,6% 16,2%
4,6% -6,2% -0,1% 19,2% 11,0% 8,8% 23,1%
7,4% 12,3% 7,1% 13,5% 12,5% 22,7% 17,5%
: .
,
, -
. , 2006-2008
11,0% 2006, 8,8% 2007 23,1% 2008. , -
2008, ,
(+23,1%)
(+10,7%).
spread
,
(. 10, -
).
108
4.4
: .
, 2001-2008,
, 12,5% 2006, 22,7% 2007 17,5% 2008.
4.5
4.7
,
( 31.12)
.
109
4
.7
(
)
(
.
)
. 0
1
. 0
2
. 0
3
. 0
4
. 0
5
. 0
6
. 0
7
. 0
8
. 0
9
. 0
9
.
09
(
)
81
,895
,111
0,0
127,
614
7,8
167,
419
9,3
220,
622
2,7
217,
121
7,1
77,7
91,1
106
,212
3,6
143
,216
2,6
191
,22
08
,02
09,
42
03
,52
03
,9
3,8
4,8
5,2
6,6
6,5
6,0
7,8
8,0
7,9
5,9
6,6
73
,986
,310
1,0
117,
013
6,7
156,
618
3,4
200,
020
1,5
197,
619
7,3
4,1
4,0
3,8
4,1
4,5
4,8
8,2
12,6
13,3
13,6
13,3
:
.
110
4.7,
( 31.12)
,
.
4.8
.
02
.
03
.
04
.
05
.
06
.
07
.
08
. 0
9
. 09
. 09
()
16,3%15,7%
16,0%15,8%
13,3%19,1%
10,7%1,0%
-2,5%0,0%
17,3%16
,5%16
,4%15
,9%13
,5%17,6%
8,8%
0,7%
-2,8%
0,2%
26,5%
9,5%26,5%
-1,2%-7,9%
29,5%2,4%
-0,5%-25,6%
11,6%
16,9%
16,9%15,8%
16,9%14,5%
17,1%9,1%
0,7%-1,9%
-0,2%
-3
,6%-3
,4%6
,2%11
,1%4
,9%71
,7%5
4,2%
5,6%
2,3%
-2,3%
(y-o-y %
))
(m-o
-m %
)
: .
111
:
, ( 31.12) -
,
2007 (+29,5%).
( )
. ...
....,
.
, ( 31.12)
, ( +14,5%)
2001-2007, 2008
(+9,1%).
2009 +0,7%, -1,9% -0,2%. -
,
,
. -
-
(deleveraging),
.
, -
2007-2008.
, 2001-2008
( 31.12)
. , 2004 -
, 2007 2008
71,7% 54,2%, . ,
( )
:
-
,
112
,
,
ROE, ROA, RORAC RAROC,
- ,
(rating)
.
4.5
( 31.12) -
.
4.5
, 4.9,
,
( 31.12) .
: .
113
4
.9
(
)
(
%)
. 0
1
. 0
2
. 0
3
. 0
4
. 0
5
. 0
6
. 0
7
. 0
8
. 0
9
. 0
9
.
09
-
100
,0%
100
,0%
100
,0%
100
,0%
100
,0%
100
,0%
100
,0%
100
,0%
100
,0%
100
,0%
100
,0%
5,0
%4
,2%
3,5
%3
,2%
3,1
%2
,8%
4,1
%5
,7%
6,0
%6
,3%
6,1
%
95,0
%95
,8%
96
,5%
96
,8%
96
,9%
97,2
%95
,9%
94
,3%
94
,0%
93,7
%93
,9%
4,8%
5,2%
4,9%
5,3%
4,5%
3,7%
4,1%
3,8%
3,8%
2,9%
3,2%
95
,2%
94,8
%95
,1%
94,7
%95
,5%
96,3
%95
,9%
96,2
%96
,2%
97,1
%96
,8%
:
.
114
,
-
(. 28 . ),
( 31.12), 2,8%
5,7%, 2009, 6,0%
2009, 6,3% 2009 6,1% 2009,
. -
, -
2001-2009 Q1.
-
,
.
4.6 ()
( . )
: .
4.6
, ,
2008, 2009.
115
4.6
5,0% 2002
,
. 4.2 , -
25%
. , -
1/4 3/4
. , -
,
.
, -
, 2001-2009 Q1.
4.10
( . )
. 01
. 02
. 03
. 04
. 05
. 06
. 07
. 08
. 09
. 09
. 09
12,2 10,0 9,3 9,1 9,9 13,8 17,3 16,3 16,8 16,7 17,2
11,0 8,8 7,9 7,5 7,7 7,9 8,1 6,5 6,4 6,2 6,4
2,5 1,5 1,1 0,6 0,8 1,0 1,2 1,0 0,9 0,8 0,9
8,5 7,3 6,8 6,9 6,9 6,9 6,9 5,5 5,5 5,4 5,6
1,2 1,2 1,4 1,5 2,2 5,9 9,1 9,8 10,4 10,5 10,8
: .
, ,
.
116
4.11
( )
. 01
. 02
. 03
. 0
4
. 05
. 0
6
. 07
. 08
. 0
9
. 0
9
. 09
100
,0%
100
,0%
100
,0%
100
,0%
100
,0%
100
,0%
100
,0%
100
,0%
100
,0%
100
,0%
100
,0%
90
,3%8
8,0
%8
4,8%
82,9%
77,8%57,1%
47,2%3
9,7%3
8,1%
37,2%37,3%
22,6%17,1%
13,4%8,4%
10,1%12,8%
15,1%14,7%
13,8%12,6%
13,3%
77,4%
82,9%86,6%
91,6%89,9%
87,2%84,9%
85,3%86,2%
87,4%86,7%
9,7
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: .
117
4.11 :
, (2001-2009 Q1),
.
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-
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2002-05.
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2. , , , 2005 , 2004.
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.
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,
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4 2004 4,4 2002.
Hellastat : ,
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(13%), (16,8%), (15,1%)
(12,7%).
Hellastat 2008,
3. 20.777 2004-2005, 10.269 2005, 10.159 2004.
120
, 2% 1,7% 2005.
4 2004-2007, 0,1%, -
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