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16/7/2008
Bank of Greece Recognizes ICAP Group as an External Credit Assessment Institution
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ICAP Group has been recognized by the Bank of Greece as an External Credit Assessment Institution (ECAI), in regards to the New Regulatory Framework for Capital Requirements Calculations of Financial Institutions.

ICAP Group is the first Greek company that has been recognized as ECAI.The Bank of Greece, following a thorough examination of ICAP Group’s methodologies and processes, recognized the ICAP Credit Ratings as objective and reliable, thus, certifying the validity of ICAP DataBank.

Since 1992, the ICAP Credit Rating has been a key criterion in the decision making process of Greek and International Financial Institutions, as well as other enterprises companies, in relation to their credit risk.

The recognition is in immediate effect.

Mr. Nikitas Konstantellos, ICAP Group’s CEO, said, “We are satisfied and proud that ICAP Group is the first Greek company and one of the very few in Europe that has been certified as ECAI. ICAP’s credit ratings have enjoyed the trust of the market for many years. The Bank of Greece, the supervising authority of the Greek Financial system, has recognized ICAP as a trustworthy partner of Banks for the application of the Standardized Approach of BASEL II framework.

This important recognition establishes ICAP’s credit rating evaluations internationally, as an integral part for the applications of the conditions set out by Pillar I of the new framework of BASEL II for Banking Institutions”.



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