Piraeus' greater difficulties raising capital may have been less due to a botched process than an unexpectedly high capital shortfall calculated by the ECB in stress tests published in October, higher than any other Greek bank. It had to raise more than twice as much as Alpha Bank or Eurobank. The capital shortfall at National Bank of Greece was disproportionately large too, although it had the benefit of an imminent sale of just under 100% in a crown jewel banking asset.