The «Credit-Rating» agency confirmed the reliability level of deposits of financial institutions at a Rating committee meeting. According to the official results that were published on 1 December, 2014 the deposit rating of JSC «Piraeus Bank ICB» was confirmed at the level «5» (highest reliability).
According to the «Credit-Rating» the bank deposit ratings reflects the agency independent opinion with regard to banks capacity to timely and in full meet its commitments on the deposit obligations in the course of the next 12 months. This type of rating has been developed in order to protect banks depositors via their informing with regard to strength of the banking institutions. This rating mirrors probability of obstacles for timely repayment of deposits (in case of introduction of regulatory restrictions for before due repayment of deposits, the repayment upon expiration of the deposit agreement shall be considered the timely repayment of deposits).
Unlike banks general credit rating, the bank deposit ratings take into account priorities for meeting commitments on the banks obligations. The bank deposit ratings correlate with the banks rating, yet being assigned by a special scale, which is employed for financial institutions only.
For a complete list of banks that received ratings’ confirmation at the same level, you can find at the rating agency "Credit Rating" website (in Ukrainian).
Earlier, Piraeus Bank reported that Fitch has confirmed the rating of Greece with a stable outlook.