MARFIN EGNATIA BANK S.A. - Irish Stock Exchange

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zero; (iii) (iv) if such Loan is a first ranking loan with a loan-to-value ("LTV") at such time greater than 80 per cent., 80 per cent. of the value of the relevant Property securing such Loan; and if such Loan is in arrears of more than 90 days, zero. In calculating whether the Statutory Tests are satisfied, the Servicer shall not take into account any amounts in relation to Defaulted Loan Assets or any Loan in respect of which the Eligibility Criteria are not satisfied or any amounts which are payable to the Hellenic Republic in accordance with law 128/75. "Asset Percentage" means on any date, the lower of: (a) (b) (c) 95.0 per cent; the percentage figure as notified to the Issuer (or the Servicer on its behalf) on or prior to each Calculation Date (or otherwise from time to time) by Fitch as part of their surveillance process provided that where Fitch have not notified the Issuer or the Servicer of such percentage on or prior to such Calculation Date, the percentage shall be the percentage applied on the immediately preceding Calculation Date. Such percentage figure will reflect the rating agency methodology of Fitch; and the percentage figure (as selected at the option of the Issuer, by the Issuer (or the Servicer acting on its behalf) from time to time and notified to Moody's and the Trustee), if applicable, being the difference between 100 per cent. and the amount of credit enhancement required to ensure that the Covered Bonds achieve an Aaa rating by Moody's using Moody's expected loss methodology (regardless of the actual Moody's rating of the Covered Bonds at the time). "Indexed Valuation" means any valuation used by applying the Propindex, the Bank of Greece Index or any other recognised indexation methods. Marketable Assets: Compliance with Statutory Tests: Breach of Statutory Tests: The Servicer may, subject to filing a Registration Statement so providing, include Marketable Assets in the Cover Pool in order to assess compliance with the Statutory Tests, provided that the conditions set out in the Servicing Deed are satisfied. The Servicer will check compliance with the Statutory Tests on each Calculation Date, or in respect of months in which there is no Calculation Date the fifth Athens Business Day of such month. The Asset Monitor will check compliance with the Statutory Tests on each Calculation Date or as otherwise described in "Description of Principal Documents - Asset Monitor Agreement" below. If any of the Statutory Tests noted above are not satisfied, the Issuer must take immediate remedial action. The Issuer and the Servicer will immediately notify the Trustee of the breach of any of the Statutory Tests. In the event that the Issuer breaches any Statutory Test, the Issuer will not be permitted to issue any further Covered Bonds until such time as such breach has been cured. - 15 -
Amendments to Statutory Tests and Cover Pool Asset definition: Issuer Events: The Servicing Deed provides that, subject to all applicable laws and regulations, the Statutory Tests and the definition of "Cover Pool Asset" may be amended by the Issuer from time to time without the consent of the Trustee as a consequence of, inter alia, including in the Cover Pool, Cover Pool Assets which have characteristics other than those pertaining to the Initial Assets and/or changes to the hedging policies or servicing and collection procedures of the Issuer provided that Fitch has provided confirmation in writing that the ratings of the Covered Bonds would not be adversely affected by, or withdrawn as a result of such amendment and Moody's has been notified of such amendment. If any of the following events (each, an "Issuer Event") occurs: (a) (b) (c) (d) (e) (f) (g) an Issuer Insolvency Event; any present or future Indebtedness of the Issuer becomes due and payable prior to the stated maturity thereof as extended by any grace period originally applicable thereto; or any present or future guarantee of, or indemnity given by the Issuer in respect of, Indebtedness is not honoured when called upon or within any grace period originally applicable thereto, provided that the amount of such Indebtedness individually or in the aggregate exceeds €10,000,000 (or its equivalent in any other currency or currencies); the Issuer defaults in the performance or observance of any of its other obligations under or in respect of the Covered Bonds or the Transaction Documents, which in the sole opinion of the Trustee would have a materially prejudicial effect on the interests of the Covered Bondholders, and such default (i) is, in the sole opinion of the Trustee, incapable of remedy or (ii) is, in the sole opinion of the Trustee, capable of remedy and remains unremedied for 30 days or such longer period as the Trustee may agree after the Trustee has given written notice thereof to the Issuer; it is or will become unlawful for the Issuer to perform or comply with any of its obligations under or in respect of the Covered Bonds or the Transaction Documents, which in the sole opinion of the Trustee would have a materially prejudicial effect on the interests of the Covered Bondholders; if there is a failure to satisfy any Statutory Test on any Calculation Date, or on the monthly date when checked by the Servicer, which is not remedied (for example by the addition of new Loan Assets to the Cover Pool or the depositing of cash collateral in the Transaction Account) within 5 Business Days (a "Test Event"); there is a failure to pay the Final Redemption Amount on the Final Maturity Date in respect of any Series for which an Extended Final Maturity Date is specified in the applicable Final Terms, which shall constitute an Issuer Event only for so long as the Final Redemption Amount has not been paid in full; or there is a failure to pay any amount of interest in respect of any Series of Covered Bonds on the due date for payment of such (disregarding any grace period), then, for so long as such Issuer Event is continuing, (i) no further Covered Bonds may be issued and (ii) all collections of principal and interest on the Cover Pool Assets will be dedicated exclusively to the payment of - 16 -
Page 1 and 2: MARFIN EGNATIA BANK S.A. (incorpora
Page 3 and 4: Neither this Base Prospectus nor an
Page 5 and 6: PRINCIPAL PARTIES Issuer: Servicer:
Page 7 and 8: applicable Final Terms) (each, the
Page 9 and 10: English Law Security Deed: Cross co
Page 11 and 12: in connection with the offering and
Page 13 and 14: CREATION AND ADMINISTRATION OF THE
Page 15: Disposal of the Loan Assets: Follow
Page 19 and 20: of the chosen hedging policy with d
Page 21 and 22: Collateral Ledgers; (g) (h) (i) (j)
Page 23 and 24: Programme Payment Date Payments Pri
Page 25 and 26: Pursuant to the Credit Facility Agr
Page 27 and 28: DOCUMENTS INCORPORATED BY REFERENCE
Page 29 and 30: Conditions and the Issuer will make
Page 31 and 32: Framework and any relevant implemen
Page 33 and 34: If the Issuer is obliged to pay a t
Page 35 and 36: any particular region, should exper
Page 37 and 38: equest of the total outstanding bal
Page 39 and 40: markets may cause changes in the va
Page 41 and 42: monitoring procedures will reduce t
Page 43 and 44: and exemptions laid down in the Cre
Page 45 and 46: "ANY UNITED STATES PERSON WHO HOLDS
Page 47 and 48: TERMS AND CONDITIONS OF THE COVERED
Page 49 and 50: (i) (ii) the Servicer has, by arran
Page 51 and 52: "Floating Rate Covered Bonds" means
Page 53 and 54: demonstrate that adequate reserves
Page 55 and 56: (b) the product of the Accrual Yiel
Page 57 and 58: the original Tranche and the terms
Page 59 and 60: each Holder of Registered Bonds in
Page 61 and 62: 7.4 Calculation period of less than
Page 63 and 64: 7.11 Notification of Interest Rate
Page 65 and 66: (vi) if 30/360, 360/360 or Bond Bas
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8.3 Redemption at the option of the
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8.9 Cancellation: All Covered Bonds
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9.8 Unmatured Receipts Void: On the
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the Issuer shall pay such additiona
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13.2 Proceedings: The Trustee may a
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indemnified to its satisfaction) up
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(b) published in a leading English
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FORM OF FINAL TERMS Set out below i
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(ii) Extended Final Maturity Date:
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(x) Other terms relating to the met
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(iv) Business Day Convention: [Floa
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any, of calculation of such amount(
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(ii) Instalment Date(s): [Not Appli
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3. [SWAPS Interest Rate Swap Provid
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(viii) Paying Agent(s) (if any): In
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SUMMARY OF THE GREEK COVERED BOND L
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e taken in the event of insolvency
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DESCRIPTION OF THE ISSUER 1. Overvi
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2006 The Marfin Group increases its
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enting, promotion of products and s
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Executive members: Andreas E. Vgeno
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Mr Markos Foros was born in Chios a
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The greatest fraction of loans was
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independent status. Besides benefit
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In order to quantify risk, the Risk
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The delegated approval authority le
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• Prevention and response procedu
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The subordinated debt is used as se
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Specific provisions 50,154.00 91,16
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The online investment site, via an
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over the second position in the tra
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Bank of Cyprus, Citibank and HSBC,
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• consumer credit and personal lo
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Following the adoption of Basel II
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institution’s qualifying holdings
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Mortgage Products ISSUER'S STANDARD
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from the customer's monthly income
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THE MORTGAGE AND HOUSING MARKET IN
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proceedings. Three working days aft
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estriction does not apply to the se
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DESCRIPTION OF PRINCIPAL DOCUMENTS
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(v) (vi) (vii) (viii) (ix) (x) (xi)
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(iii) in respect of which all acts,
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Sale of Selected Loans and their Re
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Programme Payment Date prior to the
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(b) (c) a first fixed charge over t
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Where required to hedge such risks,
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TAXATION The following is a general
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SUBSCRIPTION AND SALE Covered Bonds
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(c) General compliance: it has comp
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(k) (l) (m) (n) (o) (p) (q) (r) the
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Global Covered Bonds...............
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REGISTERED OFFICE OF THE ISSUER Mar
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LAIKI BANK (HELLAS) A.E. Financial
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Laiki Bank (Hellas) Α.Ε. 31 Decem
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Λαϊκή Τράπεζα (Ελλά
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Opinion In our opinion, the financi
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MARFIN EGNATIA BANK S.A. - Irish Stock Exchange

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