The Single Supervisory Mechanism (SSM), the ECB's permanent supervisory authority for banks has learned that BN will raise questions with the involved banks, specifically Piraeus Bank and non-supervised Intrum, which manages ND's loans, regarding how this escalating scandalous fiasco will be addressed. Based on the 2025 balance sheet, ND already carries 602.130 million in total liabilities, of which loans reached 592.950 million compared to 530.9 million in loans previously. The 62 million increase does not represent new borrowing but unpaid interest, while total net equity stands at -590 million euros, meaning ND has negative equity of 590 million euros.
ND debt skyrockets: It will owe 986 million in 2031
We proceed on the assumption that ND will exist as a legal entity until 2031, which marks the end of the next four-year term beginning in 2027.
In 2026, total liabilities of ND will reach 663 million.
In 2027, total liabilities of ND will reach 725 million.
In 2028, total liabilities of ND will reach 790 million.
In 2029, total liabilities of ND will reach 855 million.
In 2030, total liabilities of ND will reach 920 million.
In 2031, total liabilities of ND will reach 986 million.
It is obvious that this compounding pace stems from ND's failure to service its annual interest payments amounting to 65 million euros. By 2031, ND will owe 1 billion euros, a dynamic that cannot continue; ND has failed to put its financial house in order, proving the pledges made by ND President Kyriakos Mitsotakis to be false. Back in 2016, he stated he would clean up ND's financial balance sheet, making ND's failure to achieve financial discipline clear.
Attention
Very painful decisions will inevitably fall upon ND; already the SSM supervisory body is set to pose queries, while it sends a disastrous political message to society for the ruling party to present such a tragic financial state. With declining revenues of barely 8 million euros, ND cannot pay, meaning ND MPs should be required to surrender 50% of annual earnings toward the party's debts. ND currently counts 156 MPs, and if 30,000 euros are withheld from each MP, that equals 156 x 30,000 = 4.68 million euros. This combination, along with a debt securitization plan and a potential debt haircut, could offer a half-measure solution... the debt is vast, and ND heads toward elections sending a wrong political signal through its inability to fix its finances.
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