...Beneficial IDR Uplift: All five Greek covered bonds rated by Fitch benefit from an Issuer Default Rating (IDR) uplift of `1' over the banks' Long-Term IDR of `B-' based on the agency's view that resolution methods other than liquidation would be used by the authorities in the event of a resolution of an institution. This is justified by the importance of each of the four issuers in their domestic market and the banks' high degree of economic interconnectedness with Greece. AP Commitment Versus Legal Maximum: Only the National Bank of Greece SA (NBG) under Programme I commits to maintaining a level of Asset Percentage (AP) not in excess of 65%, disclosing the figure in the investor report. In the absence of a commitment, as is the case for the other four Greek programmes, Fitch relies in its analysis on the maximum AP allowed by the Greek covered bonds law, which is equal to 95%. Pass-Through Versus Soft Bullet: The first half of 2014 has seen restructuring of three covered bonds programmes,...
