Greece's banking sector's capital needs stand at 40.5 billion euros (53.5 billion U.S. dollars), within earlier estimates for recapitalization funds, the Central Bank of Greece (BoG) announced on Thursday.

The country's four largest systemic lenders, who hold a key role in the recapitalization process, will need some 27.5 billion euros, according to BoG's report which includes data from an earlier audit on the Greek banking sector conducted by BlackRock.

The report's release clears the way for share capital increase in Greek banks in coming weeks under the recapitalization plan endorsed by Greece's international lenders.

The plan, which is backed by 50 billion euros from bailout rescue loans granted to Athens from the European Union and the International Monetary Fund, aims to stabilize the banking sector in the framework of overall efforts to address the Greek debt crisis.

The process which will cover losses accumulated from spring's restructuring of part of the Greek debt load owned by private investors, this December's voluntary bond buyback and in general from the three- year crisis, should be wrapped up by April 2013, according to the time table set.

By late January the four top banks, namely National Bank of Greece, Alpha Bank, Eurobank and Piraeus Bank, are expected to get 6-7 billion euro European Financial Stability Facility (EFSF) notes, which will raise to some 25 billion euros the total aid they will have received within a year. (1 euro= 1.32 U.S. dollars)

 Source: Xinhuanet