IFRS 9 transitional measures saved EU banks €22bn
Rules granting relief from the capital-sapping effects of accounting standard IFRS 9 saved European Union banks €22 billion ($24 billion) of Common Equity Tier 1 capital (CET1) as of end-June, with Greek banks reaping the most benefits on average.
Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank – the four Greek banks included in the EU-wide transparency exercise – claimed a combined €4.9 billion of IFRS 9 transitional relief, about €1.2 billion each on average. Their combined
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