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Greek central bank finds irregularities in Attica Bank

The Bank ofGreece SA's investigation into Attica Bank SA found at least 30 substantialirregularities, including shortfalls in the bank's administrative and businessoperations, risk management, IT systems and recapitalization, Kathimerini reportedSept. 24, citing sources.

Approximately €85 million of the lender's share capital is underinvestigation by theEuropean Commission over suspicion that that the bank benefited from illegalstate aid. Some €65 million of the raised capital came from funds the bankloaned to investors so that they could take part in its recapitalization,according to the report.

The Bank of Greece's probe also found that the lender wasinvolved in privileged financing of certain business groups, with loans beingissued to businesses which were on the verge of collapse, Kathimerini reported.

The investigation also highlighted problems surrounding thebank's governing board, which has now been .