The first step was to calculate the amount needed to recapitalize the banking system. The determination of the losses on the bond portfolios was straightforward. What was challenging was to calculate, in a conservative manner, all possible losses on the loan portfolios of banks in the coming years.
BIS central bankers’ speeches  3  For this purpose the Bank of Greece worked with BlackRock Solutions. Once this work was finished, most pieces were in place for the calculation of the capital needs of banks. The second part of our strategy was to assess which banks were good candidates for recapitalization with programme funds.