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词条 Hellenic Financial Stability Fund
释义

  1. Formation

  2. Management

  3. Operations

  4. References

  5. External links

The Hellenic Financial Stability Fund ({{lang-el|Ταμείο Χρηματοπιστωτικής Σταθερότητας}}), or HFSF is a Greek special purpose vehicle created to help stabilizing the Greek banking sector inmidst the Greek government-debt crisis.

Formation

Based in Athens, the HFSF was founded in July 2010 under Law 3864/2010 as a state-owned private legal entity with the purpose to "contribute to the maintenance of the stability of the Greek banking system, for the sake of public interest".[1] It began its operation on 30 September 2010 with the appointment of the members of the fund's Board of Directors.[2]

The fund has been seeded by the European Financial Stability Facility (EFSF) with 50 billion euros to recapitalize Greece's banks.[3][1]

Management

Originally governed by a Board of Directors, on 30 January 2013, the fund's management was reorganized into a two-tier management structure, consisting of the General Council and the Executive Board.[2] While Anastasia Sakellariou was appointed Managing Director, or CEO, as part of the Executive Board, Paul Koster became Chairman of the General Council. Koster however resigned on 15 March 2013 and was replaced by Christos Sclavounis.{{sfn|HFSF|2013|page=11}}

Following the January 2015 legislative election, the new SYRIZA government was expected to replace Sclavounis by Panagiotis Roumeliotis,[4] while Sakellariou would remain Managing Director.[5] Shortly thereafter, Sclavounis indeed resigned from his office as Chairman.[6]

Sakellariou (Chief Executive Director of the HFSF between 2013 and 2015) had to be asked by the Greek government to step down from its position in May of 2015 as she was charged, alongside other 25 former executives of the Hellenic Post Bank, with committing fraud and money laundering.[7]

Operations

During the first year and half after its creation, the HFSF had capital for €1.5 billion. During this time the only bank receiving funds from it was New Proton.[8][9]

In spring 2013, the HFSF together with the Bank of Greece led the merger of ten Greek banks into four "systemic" banks.[10]

By early 2015, the HFSF kept a remaining buffer of 11 billion euros in EFSF bonds that the outgoing Greek government had intended to repurpose as a precautionary credit line.[3] In February 2015, the new, SYRIZA-led administration negotiated with the Troika over a six-month extension of the Master Financial Assistance Facility Agreement. The administration proposed repurposing the remaining funds for Keynesian anti-cyclical investments in the non-banking economic sector. The Eurogroup however insisted that the remaining buffer "can only be used for bank recapitalisation and resolution costs."[11]

National Bank of Greece

In 2014 HFSF had a representative (Independent Non-Executive Member) in the board of directors of National Bank of Greece.[12]

Alpha Bank

HFSF has a representative (non-executive member) in the board of directors of Alpha Bank (12 May 2015); this representative is a member of the Risk Management Committee of the bank, the Audit Committee, the Remuneration Committee and the Corporate Governance and Nominations Committee.[13]

Eurobank-Ergasias S.A.

HFSF has a representative (non-executive director) in the board of directors of the bank Eurobank Ergasias (13 May 2015).[14]

Pireaus Bank

HFSF has a representative in the board of directors of Piraeus Bank (2015).[15]

References

1. ^Daniel Munevar, "Greece: The PSI and the process of bank recapitalization (2012-2016)", CADTM (24 January 2017).
2. ^{{harvnb|HFSF|2013|page=4}}
3. ^{{cite news|first=George|last=Georgiopoulos|title=Greek bank rescue fund's cushion reverts to lenders if no deal|agency=Reuters|url=http://uk.reuters.com/article/2015/02/17/uk-eurozone-greece-efsf-idUKKBN0LL12P20150217|date=17 February 2015|accessdate=21 February 2015}}
4. ^{{cite web |first=Anna |last=Zarifi |title=Panagiotis Roumeliotis to head Hellenic Stability Fund |work=Times of Change |url=http://www.thetoc.gr/eng/economy/article/panagiotis-roumeliotis-to-head-hellenic-stability-fund |date=2 February 2015 |accessdate=11 April 2015}}
5. ^{{cite news| title=Panayiotis Roumeliotis poised for bank bailout fund chair |publisher=Kathimerini |url=http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_06/02/2015_547000 |date=6 February 2015 |accessdate=11 April 2015}}
6. ^{{cite news| first=Nektaria |last=Stamouli| title=Greece's Bank-Rescue Fund Chairman Resigns |publisher=Wall Street Journal |url=https://www.wsj.com/articles/greeces-bank-rescue-fund-chairman-resigns-1427135284 |date=23 March 2015 |accessdate=11 April 2015}}
7. ^Angeliki Koutantou, [https://uk.reuters.com/article/uk-eurozone-greece-hfsf-idUKKBN0NS2CM20150507 "Greek bank bailout fund CEO asked to resign -government official"], Reuters (May 7, 2015).
8. ^"Hellenic Financial Stability Fund - What we do." Retrieved May 21, 2016.
9. ^George Georgiopoulos, Harry Papachristou and Angeliki Koutantou, [https://uk.reuters.com/article/uk-greece-fsf-idUKTRE7990R720111010 "Greece activates rescue fund to save Proton Bank"], Reuters (October 10, 2011).
10. ^{{cite web|first=Elaine|last=Green|title=Greek Banking No Longer Lost At Sea?|work=Forbes|url=https://www.forbes.com/sites/mergermarket/2013/09/24/greek-banking-no-longer-lost-at-sea/|date=24 September 2013|accessdate=21 February 2015}}
11. ^{{cite press release|title=Eurogroup statement on Greece|publisher=European Council|url=http://www.consilium.europa.eu/en/press/press-releases/2015/02/150220-eurogroup-statement-greece/|date=20 February 2015|accessdate=21 February 2015}}
12. ^ {{cite web|date= 23 March 2015|publisher=National Bank of Greece|title=NATIONAL BANK OF GREECE: Board of Directors|access-date=19 May 2015| url=https://www.nbg.gr/en/the-group/corporate-governance/board-of-directors}}
13. ^ {{cite web|date=12 May 2015|publisher=Alpha Bank|title=ALPHA BANK: Board of Directors|access-date=19 May 2015| url=http://www.alpha.gr/page/default.asp?la=2&id=12 }}
14. ^{{cite web|date= 13 May 2015|publisher=Eurobank Ergasias|title=ANNOUNCEMENT: Replacement of the Board of Directors|access-date=19 May 2015| url=http://www.eurobank.gr/online/home/viewNews2.aspx?id=2043&code=ANNOUNCE&lang=en}}
15. ^ {{cite web|date= 2015|publisher=Piraeus Bank|title=PIREAUS BANK: Board of Directors (BoD) Composition|access-date=19 May 2015| url=http://www.piraeusbankgroup.com/en/investors/corporate-governance/board/bod-composition}}
Literature
  • {{cite book |author=HFSF |chapter=General Council and Executive Board Report |title=Annual Financial Report for the period from 01/01/2012 to 31/12/2012 |date=August 2013 |url=http://www.hfsf.gr/files/hfsf_annual_report_2012_en.pdf |ref=harv}}

External links

  • {{official website|http://www.hfsf.gr/}}—{{en icon}}−{{el icon}}

7 : Financial services companies of Greece|State-owned companies of Greece|Companies based in Athens|Financial services companies established in 2010|2010 establishments in Greece|Greek government-debt crisis|Athens Exchange

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