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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Crédit Agricole    ACA   FR0000045072

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Agricole's Emporiki Secures Greek Central Bank Funding

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06/08/2012 | 07:15pm CET

PARIS--French bank Credit Agricole SA's (>> CREDIT AGRICOLE) troubled Greek unit Emporiki Bank of Greece SA (TEMP.AT) has succeeded in getting funding from Greece's central bank, a person close to the matter told Dow Jones Newswires Friday, in a move that should ease pressure on the parent bank's finances.

Over the past year Credit Agricole has lodged numerous similar requests to borrow from the Greek central bank's so-called Emergency Liquidity Assistance program.

Greek banks have borrowed about 54 billion euros ($67.9 billion) under the program, making it a primary source of cash since the banks were locked out of normal funding markets. The ELA loans are attractive because the Greek central bank accepts lower-quality assets as collateral for the loans, compared with what the European Central Bank accepts.

Credit Agricole declined to comment.

Write to Digby Larner at digby.larner@dowjones.com

Stocks mentioned in the article : CREDIT AGRICOLE
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Financials (€)
Sales 2016 16 896 M
EBIT 2016 4 884 M
Net income 2016 3 513 M
Debt 2016 -
Yield 2016 5,67%
P/E ratio 2016 8,90
P/E ratio 2017 10,75
Capi. / Sales 2016 1,80x
Capi. / Sales 2017 1,70x
Capitalization 30 495 M
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Mean consensus HOLD
Number of Analysts 24
Average target price 11,0 €
Spread / Average Target 1,4%
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NameTitle
Philippe Brassac Deputy Chairman & Chief Executive Officer
Dominique Lefèbvre Chairman
Jérôme Grivet Chief Financial Officer & Deputy Managing Director
Jean-Paul Mazoyer Head-Group Information Technology
Laurence Dors-Meary Independent Director
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