Giorgos Provopoulos, CEO of Emporiki Bank, Greece's fourth-largest lender by assets, said yesterday he was optimistic for a solution to the pressing issue of banks' social security unfunded liabilities, including Emporiki, which has the biggest problem. «Seeing the latest developments among all banks and taking into account the government's statements and commitments for our case, allow me to share with you my optimism for a solution of this issue, and in a way which I believe will fully safeguard everyone's interests, staff, pensioners and the bank itself,» he told Emporiki's annual general meeting. The issue has become pressing due to the requirement of International Financial Reporting Standards (IFRS) – which all listed companies must adopt this year – that the unfunded social insurance liabilities, estimated to total about 4-5 billion euros, be written down on banks' balance sheets. For some banks, particularly Emporiki, these liabilities would be large enough to seriously erode their capital base.