On Oct. 26, 2014, the European Central Bank (ECB) published the results of its comprehensive review of Europe's largest banks, including the European Banking Authority's EU-wide stress test. Recently, Greece changed the tax law treatment of deferred tax assets and, with the European authorities, is evaluating the conversion of the existing Hellenic Financial Stability Fund (HFSF) reserve fund earmarked for Greek banks into a precautionary credit line for the Hellenic Republic. In our view, the ECB's report, along with other developments, is consistent with our assessments of National Bank of Greece's very weak capital and earnings and moderate risk positions, and we see no significant impact on other aspects of its business and financial profiles. We are, therefore, affirming our
