NEW YORK, NY -- (Marketwire) -- 07/03/12 -- Little was expected leading up to the recent summit as the previous 18, since the start of euro zone debt crisis, had done little to ease concerns. Yet foreign bank stocks soared last Friday after the European Union leaders surprisingly announced aggressive plans to help solve Europe's debt crisis. The Paragon Report examines investing opportunities in the Foreign Banking Industry and provides equity research on National Bank of Greece (NYSE: NBG) and Bank of Ireland (NYSE: IRE).
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In the 19th summit, the 17 leaders of the European Union agreed to allow bailout funds to be injected directly into banks instead of struggling governments' balance sheets. The recent EUR 100 billion in bailout funds offered to Spain would have been lent to the Spanish Government, who in turn would then have to lend it to the banks. Under the new policy funds would be distributed directly to the banks instead of adding debt to the government's books. "I think the elements we put together will reassure the markets," Eurogroup President Jean-Claude Juncker said last Friday.
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National Bank of Greece, the oldest and largest among Greek banks, heads the strongest financial group in the country. It boasts a dynamic profile internationally, particularly in Southeastern Europe and the Eastern Mediterranean. Shares of the company rebounded nearly 12 percent last Friday.
Bank of Ireland recently announced the arrival of its new Twitter and Facebook social media channels for customers. This follows the recent launch of the Bank's Boards.ie forum and makes it the first financial services provider to engage with customers across Boards, Twitter and Facebook. The bank also reported the arrival of its first mobile banking app back in May.
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