BOF raises risk provision fund by €1.25bn to €6.91bn. It also says 2013 net profit dropped to €2.44bn vs €3.15bn in 2012 and will pay €2.45bn in corporate taxes for 2013.
We’ll have to see whether the BOF are raising provisions just to cover their national banks over the AQR’s and stress tests or whether they know of definite problems in the system.
