The UK’s Royal Bank of Scotland, Germany’s DZ Bank and LBBW and Austria’s Erste Bank, which between them hold about €3bn of Greek sovereign debt, are among the lenders that have not yet committed to take part in a programme that will see participants swap or roll over their Greek debt for bonds that mature in 30 years.

Senior bankers said considerable uncertainty remained about the details of the Greek bail-out plan and its likely application. Even the level of projected participation of private-sector bondholders – which the European Union said would be €37bn over the next three years, and the Institute of International Finance, which has co-ordinated bondholders, said would be €54bn – has caused widespread confusion.

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