{"id":5627,"date":"2016-09-23T12:53:37","date_gmt":"2016-09-23T12:53:37","guid":{"rendered":"https:\/\/hfsf.odh.gr\/?p=5627"},"modified":"2021-01-07T12:29:35","modified_gmt":"2021-01-07T12:29:35","slug":"interim-financial-statements-of-the-hellenic-financial-stability-fund-for-the-three-month-period-ended-march-31-2016","status":"publish","type":"post","link":"https:\/\/hfsf.odh.gr\/en\/interim-financial-statements-of-the-hellenic-financial-stability-fund-for-the-three-month-period-ended-march-31-2016\/","title":{"rendered":"Interim Financial Statements of the Hellenic Financial Stability Fund for the three month period ended March 31, 2016"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5627\" class=\"elementor elementor-5627\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6178a4d1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6178a4d1\" data-element_type=\"section\">\n\t\t\t\n            \t\t\t<div class=\"elementor-container elementor-column-gap-default \">\n\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7260b742\" data-id=\"7260b742\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap  elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t<div class=\"elementor-element elementor-element-118c4bb1 elementor-widget elementor-widget-text-editor\" data-id=\"118c4bb1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><p><\/p>\n<p>The Hellenic Financial Stability Fund (HFSF or Fund) announces the issuance of its interim financial statements for the three month period ended March 31, 2016.<\/p>\n<p>The key points of the interim financial statements are:<\/p>\n<p><br \/><strong>A. The Fund\u2019s financial performance<\/strong><\/p>\n<ul>\n<li><strong>Interest income:<\/strong> During the 3 month period ended March 31st 2016, the interest<br \/>income amounted to \u20ac 3m versus \u20ac 9.2m in the respective period of 2015. The<br \/>decrease in the interest income is attributed to the re-delivery of EFSF FRNs to the<br \/>EFSF on 27\/02\/2015. The balance in 2016 refers to the accrued interest from HFSF\u2019s<br \/>deposit in the cash management account.<\/li>\n<li><strong>Personnel expenses:<\/strong> During the 3 month period ended March 31st 2016, the personnel<br \/>expenses amounted to \u20ac 864k versus \u20ac 837k in the respective period of 2015.<\/li>\n<li><strong>General administrative and other operating expenses:<\/strong> During the 3 month period<br \/>ended March 31st 2016, the operating expenses amounted to \u20ac 651k versus \u20ac 528k in<br \/>the respective period of 2015.<\/li>\n<li><strong>Result from financial instruments at fair value through profit or loss (FVTPL):<\/strong> The<br \/>result from financial instruments at FVTPL amounted to \u20ac 579m loss in the 3 month<br \/>period ended March 31st 2016, versus \u20ac 4,425m loss in the respective period of 2015.<br \/>The result in the first quarter of 2016 is analyzed to a) the result of the revaluation loss<br \/>from the HFSF\u2019s participations in the four systemic banks (Q1 2016: \u20ac 564m loss versus<br \/>Q1 2015: \u20ac 5,058m loss), b) the revaluation loss from warrants (Q1 2016: \u20ac 332k loss<br \/>versus Q1 2015: \u20ac 632m gain) and c) the revaluation loss from CoCos (Q1 2016: \u20ac 14m<br \/>loss versus Q1 2015: \u20ac0).<\/li>\n<li><strong>Cash and balances with banks:<\/strong> As of March 31st 2016, the cash and balances with<br \/>banks amounted to \u20ac 376m versus \u20ac 349m as of December 31st 2015. The movement<br \/>of the balance in the first quarter of 2016 is analyzed mainly to the inflow of \u20ac 30m<br \/>relating to the collection from ATEbank under liquidation and outflows of \u20ac 3,4m for<br \/>operating expenses and other payments.<\/li>\n<li><strong>Financial assets at fair value through profit or loss:<\/strong> The balance includes the HFSF\u2019s<br \/>investments in the four systemic banks and the CoCos issued by NBG and Piraeus. As of<br \/>March 31st 2016, the market value of shares amounted to \u20ac 1,820m versus \u20ac 2,384m as<br \/>of December 31st 2015. The fair value of CoCos amounted to \u20ac 4,047m versus \u20ac 4,061m<br \/>as of December 31st 2015.<\/li>\n<li><strong>Receivables from banks under liquidation:<\/strong> As of March 31st 2016, receivables from<br \/>banks under liquidation amounted to \u20ac 2,022m versus \u20ac 2,052m as of December 31st<br \/>2015, following the collection of \u20ac 30m from ATEbank under liquidation.<\/li>\n<\/ul>\n<p><strong>B. HFSF\u2019s significant events after the reporting date<\/strong><\/p>\n<p><strong>Analysis of non-regulatory constraints &amp; impediments for the development of an NPL<\/strong><br \/><strong>market.<\/strong> As per the provisions of the MoU signed on 19\/8\/2015, the HFSF in<br \/>cooperation with BoG, provided an analysis to identify non-regulatory constraints and<br \/>impediments (e.g. administrative, economic, legal) to the development of a dynamic<br \/>NPL market in Greece. Following the analysis, impediments were identified and<br \/>grouped per broad areas of obstacles, i.e. legal and judicial, tax and accounting,<br \/>administrative and other impediments. This study was effectively completed and<br \/>presented to the Authorities, in October 2015. Subsequently and as specified in the<br \/>Supplemental MoU signed on 16\/06\/2016, the HFSF in cooperation with BoG, would<br \/>have to update and propose concrete actions regarding all remaining non-regulatory<br \/>impediments to the development of a dynamic NPL market by end of June 2016. The<br \/>updated study was completed and the updated report was published on HFSF\u2019s site.<\/p>\n<p>The full report of the Fund\u2019s interim financial statement can be found at the following link:<br \/>&#8220;<a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/HFSF_Interim_January_March_2016_en.pdf\" target=\"_blank\" rel=\"noopener\"><strong>Interim Financial Statements for the period ended 31 March 2016<\/strong><\/a>&#8220;<\/p>\n<p><a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/press_release_20160923_en.pdf\" target=\"_blank\" rel=\"noopener\"><strong>Press Release<\/strong><\/a><\/p>\n<p>\u00a0<\/p>\n<p><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The Hellenic Financial Stability Fund (HFSF or Fund) announces the issuance of its interim financial statements for the three month period ended March 31, 2016. The key points of the interim financial statements are: A. The Fund\u2019s financial performance Interest income: During the 3 month period ended March 31st 2016, the interest income amounted to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Interim Financial Statements of the Hellenic Financial Stability Fund for the three month period ended March 31, 2016 - Hellenic Financial Stability Fund<\/title>\n<meta name=\"description\" content=\"The Hellenic Financial Stability Fund (HFSF or Fund) announces the issuance of its interimfinancial statements for the three month period ended March 31, 2016.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interim Financial Statements of the Hellenic Financial Stability Fund for the three month period ended March 31, 2016 - 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