ECONOMIC INDICATORS BULLETIN FOR SOUTH-EASTERN EUROPE

Transcription

1 SEPTEMBER Νο. ECONOMIC INDICATORS BULLETIN FOR SOUTH-EASTERN EUROPE The European Bank for Reconstruction and Development (EBRD), in its latest Regional Economic Prospects Report, kept Albania s real GDP growth estimate unchanged from its May Report at. YoY for. The EBRD notes that the country s prospects have improved in recent months due to the government s progress in repaying its arrears. The EBRD, in its latest Regional Economic Prospects Report, revised downwards its estimate for Bulgaria s real GDP growth for to. YoY from. in its May Report, due to the ongoing political uncertainty and the recent turmoil in the banking sector. The EBRD included Cyprus for the first time in its latest Regional Economic Prospects Report following the new credit line from the Bank for the financing of small and medium sized companies. The EBRD estimates that real GDP will contract by. YoY in, observing that the recent resurgence in confidence is having a positive impact on economic activity. The main challenge the country faces is in dealing with non-performing loans. The EBRD, in its latest Regional Economic Prospects Report kept Romania s real GDP growth estimate unchanged from its May Report at. YoY for. The EBRD, in its latest Regional Economic Prospects Report, revised Serbia s real GDP estimate significantly downwards to a contraction of -. YoY in from one of growth of. in its May Report, due to the flood related damage in May that affected vital sectors of the economy such as energy and agriculture. Bilateral Exchange Rates vs. the Euro ( h September ) RSD RON LEK Devaluation -, -, -,,,,,,, Year to Date Change Revaluation CDS Y USD basis points basis points -Jul - -Sep -Oct -Oct -Nov - -Jan -Feb -Mar -Apr -May -Jun -Jul -Aug -Sep Bulgaria(L) Romania(L) Cyprus(R) Table of Economic Forecasts Real GDP ( YoY) Inflation Fiscal Balance Current Account Balance ( GDP) ( GDP) f f f f Albania Bulgaria Cyprus Romania Serbia Source: Piraeus Bank Research, Datastream, Bloomberg All the content of the present document, including any kind of archives or files, constitutes intellectual property and is protected as such by both Greek and international law. Hence it is expressly forbidden to reproduce, reprint, copy, store, sell, transmit, distribute, publish or translate the present document, in whole, in part or in summary without the previous written consent of the beneficiary, that being Piraeus Bank. The above enjoinment does not include the storing or copying of parts of the present document in a simple personal computer for strictly personal use without any intention of commercial or other utilization and without in any way implying any relinquishment of intellectual ownership rights

2 Α. ALBANIA On September th, the Bank of Albania (BoA) decided to keep the key policy rate unchanged at. for the third consecutive month, as it is estimated that the current monetary policy level provides the conditions necessary to achieve the BoA inflation target. (Graph.) In January-August, the fiscal deficit moderated significantly to. of GDP from. in January-August, as public spending contracted to. of GDP from. for the same periods. Revenues increased to. in January-August from. for the same period last year. (Graph.). Real GDP & Economic Sentiment Index. Inflation, Base Effect & Food Prices - YoY Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q YoY Aug Oct Dec Feb Oct Feb Apr Jun Aug Oct Dec Oct Feb Apr Jun Aug - GDP (L) Economic Sentiment Index ( R) Base Effect (t) (L) Inflation ( R) Food Prices ( R). Fiscal Balance. Current Account Balance & FDIs (m rolling sum) GDP January Jan.-Feb. Jan.-Mar. Jan.-Apr. Jan.-May Jan.-Jun. Jan.-July Jan.-Aug. Jan.-Sep. Jan.-Oct. Jan.-Nov. Jan.-Dec. GDP GDP Sep- Dec- Mar- Jun- Sep- Dec- Mar Jun Sep Dec Sep Mar Jun Sep Dec Mar Sep - - Foreign Direct Investments (L) Current Account Balance ( R)

3 . Producer Price Index & Retail Trade. Total Deposits & Unemployment Rate - YoY YoY May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar - - YoY Sep- Dec- Mar- Jun- Sep- Dec- Mar Jun Sep Dec Sep Mar Jun Sep Dec Mar Sep Mar Jun Producer Price Index (L) Retail Trade ( R) Deposits (L) Unemployment Rate (R ). Quality of Loan Portfolio. NPLs & Capital Adequacy Ratio. Quality of Loan Portfolio June.... Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Standard exposures Sub-standard loans Doubtful loans Loss loans Capital Adequacy Ratio-(TIER) ( R) Non-Performing Loans Total Loans (L). Credit Expansion & Total Deposits. Monetary Conditions Index (MCI) - YoY Jul Sep Nov Jan May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul - - Tight MC Easing MC EUR/ALL Interest rate Sep Nov Jan May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep MCI Credit to the Private Sector Total Deposits Note: The index is a weighted sum of the annual change in the policy rate ( weight) and the fx rate ( weight).. EUR/ALL & Imports to Exports Coverage. Central Bank s Lending Survey Oct Feb Apr Jun Aug Oct Dec Oct Feb Apr Jun Aug Easing of credit standards Tightening of credit standards Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q EUR/ALL (L) Percentage of Cover ( R) Business Loans Household Loans

4 Β. BULGARIA In January-July, the current account surplus widened to. of GDP from. in January-July last year, whereas the trade deficit widened to. of GDP from. for the same periods. The widening of the services surplus and the reduction in the income deficit contributed positively to the improvement in the current account balance. In January-July the current account surplus was financed by net FDIs as the latter stood at. of GDP from. for the same period last year. (Graph.) In August, foreign exchange reserves increased by. YoY from. in August. In July reserves covered. of the short-term gross external debt from. for the same month last year. (Graph.) In August, private sector credit increased at a faster rate of. YoY from. in August, while business loans increased by. from. for the same months. Household lending increased marginally by. in August compared with a decrease of. in August, whereas private sector deposits increased at a faster rate of. YoY from. for the same months. Finally, in August, the liquidity ratio (loans/deposits) moderated to. from. in August last year. (Graph.). Leading Indicators. Inflation & Base Effect Aug- Dec- Apr- Aug- Dec- Apr- Aug- Dec- Apr Aug Dec Apr Aug Dec Apr Aug Consumer Confidence Index(L) Industrial Confidence Indicator(L) Economic Sentiment Index(R) - YoY Oct Feb Apr Jun Aug Oct Dec Oct Feb Apr Jun Aug Base Effect(L) Inflation(R) Food Prices(R) - -. Fiscal Balance. Current Account Balance & FDIs (m rolling sum) GDP GDP GDP January February March April May June July August September October November December Apr- Jul- Oct- Jan Apr Jul Oct Jan Jul Oct Jan Apr Jul Oct Jan Jul Oct Jan Apr Jul - FDI(L) Current Account(R)

5 . Fiscal Reserves. Industrial Production & Retail Sales ΥοΥ Jul- Nov- Mar- Jul- Nov- Mar- Jul- Nov- Mar- Jul- Nov- Mar Jul Nov Jul Nov Mar Jul Nov Mar Jul Nov Mar Jul YoY Jul- Oct- Jan- Apr- Jul- Oct- Jan Apr Jul Oct Jan Jul Oct Jan Apr Jul Oct Jan Jul Oct Jan Apr Jul Fiscal Reserves in the Central Bank Industrial Production (m MA) Retail Sales (m MA). Unemployment Rate. Foreign Claims Αυγ- Νοε- Φεβ- Μαϊ- Αυγ- Νοε- Φεβ Μαϊ Αυγ Νοε Φεβ Μαϊ Αυγ Νοε Φεβ Μαϊ Αυγ Νοε Φεβ Μαϊ Αυγ Νοε Φεβ Μαϊ Αυγ Ποσοστό Ανεργίας GDP of Bulgaria Mar- Jun- Sep- Dec- Mar Jun Sep Dec Sep Mar Jun Sep Dec Mar Sep Mar Austrian Banks Greek Banks Italian Banks. FX Reserves & Monetary Base. Unemployment Rate, NPLs & Capital Adequacy,,,,,,,, Aug- Nov- Feb- May- Aug- Nov- Feb May Aug Nov Feb May Nov Feb May Aug Nov May Nov Feb May Aug FX Reserves as Short-Term External Debt(R ) Reserves/Monetary Base(L) q q q q q q q q q q q q q q q q q q q q q q q Q Q Tier I Capital Adequacy ratio (L) NPLs of total (R ) Unemployment rate (R). Deposits & Unemployment Rate. Monetary Conditions Index (MCI) YoY Aug- Dec- Apr- Aug- Dec- Apr Aug Dec Apr Aug Dec Apr Aug Deposits(L) Unemployment Rate(R ) Nominal Effective Exchange Rate Interest rate MCI Tight MC Easing MC Apr Jun Aug Oct Dec Feb Oct Feb Apr Jun Aug Oct Dec Oct Feb Apr Jun Aug Note: The index is a weighted average of the annual change in interest rate SOFIBOR-m ( weight) and the nominal wighted fx rate (Nominal Effective Exchange Rate - NEER, weight), BIS

6 C. CYPRUS In January-August, the fiscal balance turned to a surplus of. of GDP compared to a deficit of. in January-August, as public spending contracted by. YoY. More specifically wages and other current transfers contracted by. and. respectively in January-August, while revenues increased by. YoY as tax revenues increased by. YoY. (Graph.) The international rating agency, Moody s in its recent credit opinion on Cyprus, notes that the country s Caa rating reflects the continued risks related to the sustainability of the country s public finances. A significant recovery over the programme horizon is not expected by Moody s. Nevertheless, the positive outlook reflects the better than expected economic and fiscal performance and the current financial sector restructuring. In the tourism sector, tourism arrivals increased in August at a rate of. YoY from. in July and a decrease of. in August last year. In July, tourism revenues decreased by. from increases of. in June and. in July last year. (Graph.) In July, industrial production contracted by., from an increase of. in June and a decrease of. in July last year, whereas retail sales increased by. YoY from. and a decrease of. for the same months. (Graph.) Private sector credit, in August, contracted at a slower rate of. YoY from a decrease of. in August, as business and household loans both contracted. Private sector deposits contracted by. YoY in August from a decrease of. in August last year, whereas residents deposits contracted by. from. for the same months. (Graph.). Real GDP & Economic Sentiment Indicator (ESI). Inflation & Base Effect YoY Ιουν- Δεκ- Ιουν- Δεκ- Ιουν- Δεκ- Ιουν- Δεκ- Ιουν- Δεκ- Ιουν- Δεκ- Ιουν Δεκ Ιουν Δεκ Ιουν Δεκ Ιουν Δεκ Ιουν,,,, -,,, YoY Aug Oct Dec Feb Oct Feb Apr Jun Aug Oct Dec Oct Feb Apr Jun Aug - - ΑΕΠ (Α) Δείκτης Οικονομικού Κλίματος (Δ) Base Effect (t) (L) Inflation ( R) Food Prices ( R). Fiscal Balance. Public Debt January GDP February March April May June July August September October November December Mar- GDP Sep- Mar- Sep- Mar- Sep- Mar- Sep- Mar Sep Sep Mar Sep Mar Sep Mar Net Total Debt

7 . Current Account Balance (m MA). Industrial Production, Retail Sales & Tourist Arrivals GDP ΥοΥ ΥοΥ Sep- Mar- Sep- Mar- Sep- Mar- Sep- Mar- Sep- Mar- Sep- Mar Sep Sep Mar Sep Mar Sep Mar Aug Dec Apr Aug Dec Apr Aug FDI Current Account Balance Industrial Production (L) Retail Sales (L) Tourist Arrivals ( R). Mortgage Loans & Producer s Price Index in Construction ΥοΥ ΥοΥ Jun- Sep- Dec- Mar- Jun- Sep- Dec- Mar Jun Sep Dec Sep Mar Jun Sep Dec Mar Sep Mar Jun -. Construction Cost & Building Permits YoY YoY Aug- Nov- Feb May Aug Nov Feb May Nov Feb May Aug Nov May Nov Feb May Aug Mortgages(L) Producers' Price Index in Construction(R) Construction Cost(L) Building Permitts (m MA,R). EUR/GBP & Tourism Revenues. Unemployment Rate,,,,,,,,, EUR mn. Apr- Sep- Feb- Jul- Dec- May Oct Jan Jun Nov Sep Feb Jul Αυγ- Νοε- Φεβ- Μαϊ- Αυγ- Νοε- Φεβ Μαϊ Αυγ Νοε Φεβ Μαϊ Αυγ Νοε Φεβ Μαϊ Αυγ Νοε Φεβ Μαϊ Αυγ Νοε Φεβ Μαϊ Αυγ EUR/GBP (L) Tourist revenues, -M Moving Average ( R) Ποσοστό Ανεργίας. Loans & Deposits. Monetary Conditions Index (MCI) YoY,,,,, -,,, -, -, Nominal Effective Exchange Rate Interest rate MCI Tight MC Easing MC Aug- Feb- Aug- Feb Aug Feb Feb Aug Feb Aug Aug Oct Dec Feb Oct Feb Apr Jun Aug Oct Dec Oct Feb Apr Jun Aug Loans Residents Deposits Deposits Rest of the World Deposits Note: The index is a weighted average of the annual change in interest rate EURIBOR-m ( weight) and the nominal weighted fx rate (Nominal Effective Exchange Rate - NEER, weight)

8 D. ROMANIA In January-July, the current account turned to a deficit of. of GDP compared to a surplus of. of GDP in January- July as per the adoption of the new methodology, due to the widening of the trade deficit to. of GDP from. for the same periods. Moreover, the primary income deficit widened to. of GDP in January-July from. in January-July last year, while the services surplus widened to. of GDP from. for the same periods. The secondary income surplus moderated to. of GDP in January-July from. in January-July last year. The current account balance was financed adequately as net FDIs stood at. of GDP in January-July from. in the same period last year. (Graph.) Private sector credit contracted in August, at a faster rate of. YoY from a decrease of. in August last year. Local currency loans increased at a faster rate, but foreign currency loans contracted further. Business loans contracted in August by. from -. in August last year, while household loans decreased by. from -. for the same months. However, private sector deposits increased at a faster rate in August of. YoY from. in August. The liquidity ratio (loans/deposits) was. from. for the same months. (Graphs. &.) In July, gross external debt moderated to. of GDP from. in. Both medium and short-term external debt declined. (Graph.) In its meeting on September th, the National Bank of Romania (NBR) decided to lower the monetary policy rate by bps to.. The NBR estimates that inflation remained on a downward path mainly due to the recent developments in agri-food prices and subdued inflation in the Eurozone. This counterbalances the effect of the negative output gap trend. Further, the NBR decided to cut the minimum reserve requirements ratio on leu-denominated liabilitiites of credit institutions to. from. and maintained the minimum reserve requirements ratio on foreign currency-denominated liabilities at. with the aim of ensuring adequate liquidity in the banking system. (Graph.). Leading Indicators. Inflation & Base Effect ΥοΥ Jun- Dec- Jun- Dec- Jun- Dec- Jun- Dec- Jun- Dec- Jun Dec Jun Dec Jun,,,, -,,, -, May Nov Feb May Aug Nov May Nov Feb YoY May Aug - - GDP (L) Economic Sentiment Index ( R) Base Effect (t) (L) Inflation ( R) Food Prices ( R). Fiscal Balance. Current Account Balance & FDIs (m rolling sum) GDP January Jan-Feb Jan-Mar Jan-Apr Jan-May Jan-June Jan-July Jan-Aug Jan-Sep Jan-Oct Jan-Nov Jan-Dec GDP GDP Jul- Nov- Mar Jul Nov Jul Nov Mar Jul Nov Mar Jul Nov Mar Jul Foreign Direct Investments (L) Current Account Balance ( R)

9 . Loan Portfolio Quality. Industrial Production & Exports.,, Loan Portfolio Quality April,,. Standard Exposures Watch Exposures Substandard Exposures Doubtful Loans Loss Loans - - Jul- YoY YoY - - Dec- May Oct Jan Jun Nov Sep Feb Jul Industrial Production, -M MA (L) Exports, -M MA ( R). Unemployment Rate. FX Reserves as of Short-Term External Debt,,,,,, Aug- Nov- Feb- May- Aug- Nov- Feb May Aug Nov Feb May Nov Feb May Aug Nov May Nov Feb May Aug EUR mn. Jul- Oct- Jan- Apr- Jul- Oct- Jan Apr Jul Oct Jan Jul Oct Jan Apr Jul Oct Jan Jul Oct Jan Apr Jul Unemployment rate FX Reserves Short-Term External Debt ( R) FX Reserves (L). Credit Expansion & FX Rate. Deposits & Unemployment Rate - ΥοΥ Aug- Nov- Feb May Aug Nov Feb May Nov Feb May Aug Nov May Nov Feb May Aug Credit Expansion to the Private Sector (L) Credit Expansion to Foreign Currency (L) EUR/RON (R),,,, Aug- ΥοΥ Dec- Apr Aug Dec Apr Aug Dec Total Deposits (L) Unemployment Rate ( R). Unemployment Rate, NPLs & Capital Adequacy. Monetary Conditions Index (MCI) Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Unemployment Rate ( R) Credit Risk Ratio ( L) Capital Adequacy Ratio, TIER (L) Nominal Effective Exchange Rate Interest rate MCI Apr Tight MC Easing MC Aug Aug- Nov- Feb May Aug Nov Feb May Nov Feb May Aug Nov May Nov Feb May Aug Note: The index is a weighted average of the annual change in interest rate BUBOR-m ( weight) and the nominal weighted fx rate (Nominal Effective Exchange Rate - NEER, weight)

10 Ε. SERBIA The current account deficit in January-July contracted to. of GDP from. in January-July, due to a moderation in the trade deficit to. from. for the same periods. The surplus in services widened to. of GDP in January-July from. in January-July, while the primary income deficit widened to. from. in the same periods. Moreover, the secondary income surplus amounted to. in January-July from. in January-July. (Graph.) Private sector credit contracted in August at a slower rate of. YoY from a decrease of. in August last year, as loans to businesses contracted, and household lending increased further. Private sector deposits in August increased by. YoY from. in August last year. (Graph. &.) In Q, the non-performing loans as a percentage of total loans increased to. from. in Q and. in (Graph.). Leading Indicators. Inflation & Base Effect ΥοΥ Jul- Oct- Jan Apr Jul Oct Jan Jul Oct Jan Apr Jul Oct Jan Jul Oct Jan Apr Jul YoY Aug Oct Dec Feb Oct Feb Apr Jun Aug Oct Dec Oct Feb Apr Jun Aug - Industrial Production(-M MA) Retail Trade(-M MA) Base Effect(L) Inflation(R ) Food Prices(R ). Fiscal Balance. Current Account Balance & FDIs (m rolling sum) GDP January February March April May June July August September October November December GDP GDP Feb Apr Jun Aug Oct Dec Feb Oct Feb Apr Jun Aug Oct Dec Oct Feb Apr Foreign Direct Investments(L) Current Account Deficit(R )

11 . Carry Over Effect. Retail Sales & Real Wages pps Carry-over effect Real GDP growth Growth within the year - - YoY Jan- Apr- Jul- Oct- Jan- Apr- Jul- Oct- Jan- Apr- Jul- Oct- Jan- Apr- Jul- Oct- Jan Apr Jul Oct Jan Jul Oct Jan Apr Jul Oct Jan Jul Oct Jan Apr Jul Retail Trade. Public Debt. Foreign Claims GDP Public Debt. Central Bank Interventions in the Domestic FX Market & EUR/RSD - - : sale EUR mn. : buy EUR mn. May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep FX Interventions FX Rate EUR/RSD(R ) Aug GDP of Serbia Wages Dec- Mar- Jun- Sep- Dec- Mar Jun Sep Dec Sep Mar Jun Sep Dec Mar Sep Mar Austrian Banks Greek Banks Italian Banks. Capital Adequacy & NPLs Dec- Mar- Jun- Sep- Dec- Mar Jun Sep Dec Sep Mar Jun Sep Dec Mar Sep Mar Jun Capital Adequacy Ratio(L) NPL total loans(r ). Private Sector Deposits & Credit. Monetary Conditions Index (MCI) - YoY Aug- Nov- Feb May Aug Nov Feb May Nov Feb May Aug Nov May Nov Feb May Aug Deposits Credit, BIS Tight MC Easing MC Nominal Effective Exchange Rate Interest rate MCI Aug Nov Feb May Nov Feb May Aug Nov May Nov Feb May Aug Note: The index is a weighted average of the annual change in policy rate ( weight) and the nominal weightef fx rate (Nominal Effective Exchange Rate).

12 Economic Analysis & Markets Division LekkosI lias Chief Economist + Lekkosi@piraeusbank.gr Greek Economy Staggel Irini Manager + Staggelir@piraeusbank.gr Gavalas Dimitrios Junior Economic Analyst + GavalasD@piraeusbank.gr Developed Economies Patikis Vasileios Giannakidis Charilaos Patikisv@piraeusbank.gr Giannakidisch@piraeusbank.gr Polychronopoulos Dionysis Senior Economist + Polychronopoulosd@piraeusbank.gr Arakelian Veni Senior Economist + Arakelianv@piraeusbank.gr Papakostas Chrysovalantis Economic Analyst + Papakostasc@piraeusbank.gr Konstantoy Evangelia Junior Economic Analyst + Konstantoue@piraeusbank.gr Developing Economies Rotsika Dimitria Economist + Rotsikad@piraeusbank.gr Margariti Konstantina Junior Economic Analyst + Margaritik@piraeusbank.gr Sectoral Studies Daggalidis Athanasios Senior Economist + Athanasios.Dagalidis@piraeusbank.gr Vlachou Paraskevi Economic Analyst + Vlachoupar@piraeusbank.gr Fragκoulidou Ifigenia Officer + Fragkoulidoui@piraeusbank.gr Institutional & Regulatory Developments Leventakis Artemis Senior Economist + Leventakisar@piraeusbank.gr Secretary Zorba Aikaterini Secretary + ZorbaAik@piraeusbank.gr Disclaimer: This note constitute an investment advertisement, is intended solely for information purposes and it cannot in any way be considered investment advice, offer or recommendation to enter into any transaction. The information included in this note may not be construed as suitable investment for the holder, nor may it be considered as an instrument to accomplish specific investment goals or relevant financial needs of the holder and may neither be reckoned as a substitute to relevant contractual agreements between the Bank and the holder. Before entering into any transaction each individual investor should evaluate the information contained in this note and not base his/her decision solely on the information provided. This note cannot be considered investment research and consequently it was not compiled by Piraeus Bank according to the requirements of the law that are intended to ensure independence in the sector of investment research. Information comprised in this note is based on publically available sources that are considered to be reliable. Piraeus Bank cannot be held accountable for the accuracy or completeness of the information contained in this note. Views and estimates brought forward in this note represent domestic and international market trends on the date indicated in the note and they are subject to alteration without previous warning. Piraeus Bank may also include in this note investment research done by third parties. This information is not modified in any way, consequently the Bank cannot be held accountable for the content. The Piraeus Bank Group is and organization with a considerable domestic and international presence, and provides a great variety of investment services. In cases where conflicts of interest issues should arise while Piraeus Bank or the rest of the companies of the group provide investment services in relation to the information provided in this note, Piraeus Bank and the companies of the Group should be underlined that (the list is not exhaustive): a) No restrictions apply in dealing for own account, or with regards to trading in relation to portfolios managed by Piraeus Bank or companies of its group before the publication of this note, or with regards to trading before an initial public offer. b) It is possible that investment or additional services are provided to the issuers included in this note against a fee. c) It is possible that Bank or any of its subsidiaries participate in the share capital of any of the issuers included in this note or may attract other interests financial or not from them. d) The Bank or any of its subsidiaries may act a market maker or an underwriter for any of the issuers included in the note. e) Piraeus Bank may have issued similar notes with different or incompatible content with the content of this note. It should be explicitly noted that: a) Figures refer to past performances and past performances do not constitute a safe indication for future performances. b) Figures constitute simulation of past performances and they are not a safe indication of future performances. c) Any projections or other estimates are not safe indications for future performances. d) Taxation treatment of information provided in this note may differ according to the rules that govern each individual investor. Therefore the holder should seek independent advice in relation to taxation rules that may affect him/her. e) Piraeus Bank is not under any obligation to keep data and information provided herein updated.