{"id":5668,"date":"2016-12-23T13:29:39","date_gmt":"2016-12-23T13:29:39","guid":{"rendered":"https:\/\/hfsf.odh.gr\/?p=5668"},"modified":"2021-01-07T12:16:32","modified_gmt":"2021-01-07T12:16:32","slug":"interim-financial-statements-of-the-hellenic-financial-stability-fund-2","status":"publish","type":"post","link":"https:\/\/hfsf.odh.gr\/en\/interim-financial-statements-of-the-hellenic-financial-stability-fund-2\/","title":{"rendered":"Interim Financial Statements of the Hellenic Financial Stability Fund"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5668\" class=\"elementor elementor-5668\" 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-6e12401a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6e12401a\" 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-5b6657f7\" data-id=\"5b6657f7\" 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-33fef283 elementor-widget elementor-widget-text-editor\" data-id=\"33fef283\" 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 nine month period ended September 30th, 2016.<\/p>\n<p>The main points of the interim financial statements, during the above-mentioned period, are:<\/p>\n<p><strong>A. The Fund\u2019s financial performance<\/strong><\/p>\n<ul>\n<li><strong>Interest income:<\/strong> During the nine month period ended September 30th<br \/>, 2016 the interest income<br \/>amounted to \u20ac 9.9m versus \u20ac 15.0m in the respective period of 2015. The decrease results from the re-delivery of the European Financial Stability Facility (EFSF) Notes held by the Fund, on February 27th, 2015. The interest income in 2016 represents interest received from cash<br \/>balances deposited at the Bank of Greece.<\/li>\n<li><strong>Personnel expenses:<\/strong> During the nine month period ended September 30th<br \/>, 2016 personnel expenses amounted to \u20ac 2.1m versus \u20ac 2.2m in the respective period of 2015.<\/li>\n<li><strong>General administrative and other operating expenses:<\/strong> During the nine month period ended September 30th, 2016 operating expenses amounted to \u20ac 4.8m versus \u20ac 1.5m in the respective period of 2015. The increase in the operating expenses is attributed mainly to the advisory fees for services provided to HFSF in relation to specific projects undertaken by HFSF as part of the commitments set in the Memorandum of Understanding (MoU) signed in August 2015 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:<\/strong> This represents the financial result from the revaluation of bank\u2019s shares, warrants and contingent convertible<br \/>bonds (CoCos) held by the Fund. The \u20ac 1,166.6m loss in the nine month period of 2016 (nine<br \/>months of 2015: \u20ac 8,271.7m loss) comprises of the revaluation loss of the Fund\u2019s participations<br \/>in the four systemic banks (nine months of 2016: \u20ac 1,118.3m loss, nine months of 2015:<br \/>\u20ac 9,505.1m loss), the revaluation gain of warrants (nine months of 2016: \u20ac 0.9m gain, nine<br \/>months of 2015: \u20ac 1,233.4m gain) and the revaluation loss of CoCos (nine months of 2016:<br \/>\u20ac 49.2m loss, nine months of 2015: \u20ac 0).<\/li>\n<li><strong>Cash and balances with Banks:<\/strong> As of September 30th, 2016 the Fund\u2019s cash and balances<br \/>amounted to \u20ac 375.8m versus \u20ac 349.3m as of December 31st, 2015. The increase relates mainly from the payment of \u20ac 30.0m from the liquidation of ATEBank.<\/li>\n<li><strong>Financial assets at fair value through profit or loss:<\/strong> The balance includes the Fund\u2019s<br \/>investments in the four systemic banks and the CoCos issued by National Bank of Greece and<br \/>Piraeus Bank. As of September 30th, 2016 the market value of shares amounted to \u20ac 1,265.9m versus \u20ac 2,384.2m as of December 31st, 2015. The fair value of CoCos amounted to \u20ac 4,012.3m<br \/>versus \u20ac 4,061.5m as of December 31st, 2015.<\/li>\n<li><strong>Receivables from banks under liquidation:<\/strong> The balance pertains to the estimated recoverable amount of the funding gap, which has been covered by the Fund instead of the HDIGF, and amounted to \u20ac 1,937.2m as of September 30th, 2016 versus \u20ac 2,052.3m as of December 31st, 2015.<\/li>\n<\/ul>\n<p><strong>B. HFSF\u2019s significant events after the reporting date<\/strong><\/p>\n<ul>\n<li><strong>Income received from CoCos:<\/strong> In December of 2016 the Fund received in cash the total amount of \u20ac 330.96m relating to the annual coupon of CoCos. Specifically, the Fund received from Piraeus Bank the amount of \u20ac 165.92m on December 2nd, 2016 and from National Bank of Greece the amount of \u20ac 165.04m on December 9th, 2016. Additionally, on December 15th, 2016 the Fund received in cash from National Bank of Greece the amount of \u20ac 2.71m relating to the accrued income of CoCos for the period from December 9 th, 2016 to December 14th, 2016.<\/li>\n<li><strong>Redemption of CoCos by NBG:<\/strong> On December 15th, 2016 the Fund received in cash the amount of \u20ac 2,029.2m following the redemption of CoCos issued by NBG on December 9<br \/>th, 2015. NBG proceeded with the redemption of its CoCos in line with the Bank\u2019s commitment to its restructuring plan and following the approval by SSM.<\/li>\n<\/ul>\n<p>The<strong> Deputy Chief Executive Officer of the HFSF, Mr. Eric Tourret<\/strong> on the occasion of the publication of interim financial statements, for the nine month period ended September 30th, 2016 noted:<br \/>\u201cThe activity of the Fund for the first nine months of 2016 has been focused on the delivery of major initiatives as part of the implementation of the MoU signed between the Hellenic Republic and the Institutions in 2015. In particular the Fund with the assistance of an independent international consultant, performed a thorough evaluation of the Board of Directors of the four systemic banks in accordance with international best practices and prevailing European and national compliance and legal frameworks. In addition, the Fund in cooperation with the Bank of Greece, completed an assessment of non-regulatory constraints and impediments (administrative, economic, legal etc.) to the development of a dynamic NPL market in Greece. Finally, the Fund continued to work closely with the banks as part of the monitoring of the implementation of their Restructuring plans, their compliance with the Relations Framework Agreement (RFA), and the successful completion of their divestment plans. In 2017, the HFSF will continue its effort to preserve financial stability and assist<br \/>Greek banks for a sustainable recovery.\u201d<\/p>\n<p>The full report of the Fund\u2019s interim financial statement can be found at the following link:<br \/>\u201c<a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/HFSF_Interim_January_September_2016_en.pdf\" target=\"_blank\" rel=\"noopener\"><strong>Interim Financial Statement of the Hellenic Financial Stability Fund (HFSF) for the nine month<\/strong><\/a><br \/><a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/HFSF_Interim_January_September_2016_en.pdf\"><strong>period ended September 30th, 2016\u201d. <\/strong><\/a><\/p>\n<p><strong><a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/press_release_20161223_en.pdf\" target=\"_blank\" rel=\"noopener\">Press Release<\/a><\/strong><\/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 nine month period ended September 30th, 2016. The main points of the interim financial statements, during the above-mentioned period, are: A. The Fund\u2019s financial performance Interest income: During the nine month period ended September 30th , 2016 [&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 - Hellenic Financial Stability Fund<\/title>\n<meta name=\"description\" content=\"The Hellenic Financial Stability Fund (HFSF or Fund) announces the issuance of its interim financialstatements, for the nine month period ended September 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 - Hellenic Financial Stability Fund\" \/>\n<meta property=\"og:description\" content=\"The Hellenic Financial Stability Fund (HFSF or Fund) announces the issuance of its interim financialstatements, for the nine month period ended September 30th, 2016.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/hfsf.odh.gr\/en\/interim-financial-statements-of-the-hellenic-financial-stability-fund-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Hellenic Financial Stability Fund\" \/>\n<meta property=\"article:published_time\" content=\"2016-12-23T13:29:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-07T12:16:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/09\/hfsf-icon.png\" \/>\n\t<meta property=\"og:image:width\" content=\"710\" \/>\n\t<meta property=\"og:image:height\" content=\"828\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"3 minutes\">\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/hfsf.odh.gr\/#website\",\"url\":\"https:\/\/hfsf.odh.gr\/\",\"name\":\"Hellenic Financial Stability Fund\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/hfsf.odh.gr\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/hfsf.odh.gr\/en\/interim-financial-statements-of-the-hellenic-financial-stability-fund-2\/#webpage\",\"url\":\"https:\/\/hfsf.odh.gr\/en\/interim-financial-statements-of-the-hellenic-financial-stability-fund-2\/\",\"name\":\"Interim Financial Statements of the Hellenic Financial Stability Fund - Hellenic Financial Stability Fund\",\"isPartOf\":{\"@id\":\"https:\/\/hfsf.odh.gr\/#website\"},\"datePublished\":\"2016-12-23T13:29:39+00:00\",\"dateModified\":\"2021-01-07T12:16:32+00:00\",\"author\":{\"@id\":\"https:\/\/hfsf.odh.gr\/#\/schema\/person\/6ab52d0e7e520e35657eef987a95074c\"},\"description\":\"The Hellenic Financial Stability Fund (HFSF or Fund) announces the issuance of its interim financialstatements, for the nine month period ended September 30th, 2016.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/hfsf.odh.gr\/en\/interim-financial-statements-of-the-hellenic-financial-stability-fund-2\/\"]}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/hfsf.odh.gr\/#\/schema\/person\/6ab52d0e7e520e35657eef987a95074c\",\"name\":\"spetroula\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","_links":{"self":[{"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/posts\/5668"}],"collection":[{"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/comments?post=5668"}],"version-history":[{"count":8,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/posts\/5668\/revisions"}],"predecessor-version":[{"id":12024,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/posts\/5668\/revisions\/12024"}],"wp:attachment":[{"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/media?parent=5668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/categories?post=5668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/tags?post=5668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}