{"id":5656,"date":"2016-12-07T13:16:00","date_gmt":"2016-12-07T13:16:00","guid":{"rendered":"https:\/\/hfsf.odh.gr\/?p=5656"},"modified":"2021-01-07T12:19:00","modified_gmt":"2021-01-07T12:19:00","slug":"interim-financial-statements-of-the-hellenic-financial-stability-fund-for-the-six-month-period-ended-june-30th-2016","status":"publish","type":"post","link":"https:\/\/hfsf.odh.gr\/en\/interim-financial-statements-of-the-hellenic-financial-stability-fund-for-the-six-month-period-ended-june-30th-2016\/","title":{"rendered":"Interim Financial Statements of the Hellenic Financial Stability Fund for the six month period ended June 30th, 2016"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5656\" class=\"elementor elementor-5656\" 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-34cb5f71 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"34cb5f71\" 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-7d77dbb7\" data-id=\"7d77dbb7\" 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-4452348 elementor-widget elementor-widget-text-editor\" data-id=\"4452348\" 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\">\n<p>The Hellenic Financial Stability Fund (HFSF or Fund) announces the issuance of its interim financial statements for the six month period ended June 30th, 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 six month period ended June 30th, 2016 the interest income amounted to \u20ac 6.4m versus \u20ac 11.8m in the respective period of 2015. The decrease in interest income is attributed to the re-delivery of the European Financial Stability Facility Floating Rate Notes held by the Fund to the EFSF on February 27th, 2015. The balance in 2016 refers to the interest received from HFSF\u2019s deposits in the cash management account.<\/li>\n<li><strong>Personnel expenses:<\/strong> During the six month period ended June 30th, 2016 the personnel<br \/>expenses amounted to \u20ac 1.4m versus \u20ac 1.5m in the respective period of 2015.<\/li>\n<li><strong>General administrative and other operating expenses:<\/strong> During the six month period<br \/>ended June 30th, 2016 the operating expenses amounted to \u20ac 4.1m versus \u20ac 1.0m in the respective period in 2015. The increase in the operating expenses is attributed mainly to<br \/>the advisory fees for services rendered in relation to projects undertaken by HFSF in line<br \/>with the commitments of the Memorandum of Understanding signed in August 2015,<br \/>and the sale of Finansbank by National Bank of Greece.<\/li>\n<li><strong>Result from financial instruments at fair value through profit or loss (FVTPL):<\/strong><br \/>The figure corresponds to the financial result from the revaluation of bank\u2019s shares,<br \/>warrants and Contingent Convertible bonds (CoCos) held by the Fund. The \u20ac 1,052.0m<br \/>loss in the six month period of 2016 (6 months of 2015: \u20ac 3,532.4m loss) is analyzed to<br \/>the revaluation loss of the Fund\u2019s participations in the four systemic banks (6 months of<br \/>2016: \u20ac 1,000.5m loss, 6 months of 2015: \u20ac 4,087.8m loss), the revaluation gain of<br \/>warrants (6 months of 2016: \u20ac 0.4m gain, 6 months of 2015: \u20ac 555.4m gain) and the<br \/>revaluation loss of CoCos (6 months of 2016: \u20ac 51.8m loss, 6 months of 2015: \u20ac 0).<\/li>\n<li><strong>Cash and balances with banks:<\/strong> As of June 30th, 2016 the cash and balances with banks<br \/>amounted to \u20ac 379.9m versus \u20ac 349.3m as of December 31st, 2015. The increase of the cash balances in the first half of 2016 is derived mainly from the inflow of the<br \/>amount of \u20ac 30.0m relating to the collection from ATEbank under liquidation.<\/li>\n<li><strong>Financial assets at fair value through profit or loss:<\/strong> The balance includes the Fund\u2019s investments in the four systemic banks and the CoCos issued by National Bank of Greece and Piraeus Bank. As of June 30th, 2016 the market value of shares amounted to \u20ac 1,383.5m versus \u20ac 2,384.1m as of December 31st, 2015. The fair value of CoCos<br \/>amounted to \u20ac 4,009.6m versus \u20ac 4,061.4m as of December 31st, 2015.<\/li>\n<li><strong>Receivables from banks under liquidation:<\/strong> The balance pertains to the estimated<br \/>recoverable amount of the funding gap, which has been covered by the Fund instead<br \/>of the HDIGF, and amounted to \u20ac 1,937.2m as of June 30th, 2016 versus \u20ac 2,052.3m as<br \/>of December 31st, 2015.<\/li>\n<\/ul>\n<p><br \/><strong>B. HFSF\u2019s significant events after the reporting date<\/strong><\/p>\n<ul>\n<li><strong>Income received from Piraeus\u2019 CoCos.<\/strong> On December 2nd, 2016 the Fund received from<br \/>Piraeus the amount of \u20ac 165.9m relating to the annual coupon of CoCos.<\/li>\n<\/ul>\n<p>The full report of the Fund\u2019s interim financial statement can be found at the following link:<br \/><a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/12\/HFSF_Interim_January_June_2016_en.pdf\" target=\"_blank\" rel=\"noopener\"><strong>&#8220;Interim Financial Statements for the period ended June 30th<\/strong><\/a><br \/><a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/12\/HFSF_Interim_January_June_2016_en.pdf\" target=\"_blank\" rel=\"noopener\"><strong>, 2016\u201d<\/strong><\/a><\/p>\n<p>\u00a0<\/p>\n<p><a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/press_release_20161207_en.pdf\" target=\"_blank\" rel=\"noopener\"><strong>Press Release<\/strong><\/a><\/p>\n<\/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 six month period ended June 30th, 2016. The key points of the interim financial statements are: A. The Fund\u2019s financial performance Interest income: During the six month period ended June 30th, 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 six month period ended June 30th, 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 six month period ended June 30th, 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 six month period ended June 30th, 2016 - 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