(Editor's note: The financial tables at the end of the article have been redone since the article was first published on Jan. 14, 2004. 2001 and 2002 financials have been restated, primarily due to profit and loss adjustments relating to Ethniki, the insurance subsidiary.) Excellent domestic franchise and market positions; Strong core liquidity with reducing market risk exposures; and Implicit support from the State. Since 1999, net performance has been impaired by market volatility. Although residual market risk persists, National Bank of Greece S.A.'s (NBG) core profitability is recovering and is expected to become less volatile through higher intermediation of retail clients; While core capitalization has been impaired by NBG's weak performance, 2003 reflects NBG's better retention capacity; A comparatively
