{"id":5934,"date":"2015-04-30T19:32:20","date_gmt":"2015-04-30T19:32:20","guid":{"rendered":"https:\/\/hfsf.odh.gr\/?p=5934"},"modified":"2021-01-07T13:20:51","modified_gmt":"2021-01-07T13:20:51","slug":"annual-report-for-the-period-1-1-2014-31-12-2014","status":"publish","type":"post","link":"https:\/\/hfsf.odh.gr\/en\/annual-report-for-the-period-1-1-2014-31-12-2014\/","title":{"rendered":"Annual Report for the period 1\/1\/2014 \u2013 31\/12\/2014."},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5934\" class=\"elementor elementor-5934\" 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-642e9565 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"642e9565\" 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-39a40376\" data-id=\"39a40376\" 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-21d4588c elementor-widget elementor-widget-text-editor\" data-id=\"21d4588c\" 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) uploaded to its web site (www.hfsf.odh.gr) the \u201cAnnual Financial Report\u201d for 2014.<\/p>\n<p>The key points of the annual report are the following:<\/p>\n<ul>\n<li><strong>Systemic Banks \u2013 Recapitalisation \u2013 Restructuring plans.<\/strong> The HFSF provided its consent<br \/>to the four systemic banks to complete their share capital increases (SCIs) with the<br \/>participation of institutional and private investors. The HFSF also approved the<br \/>Restructuring plans of all four banks which were subsequently approved by DG<br \/>Competition.<\/li>\n<li><strong>EBA\/SSM Comprehensive Assessment: AQR and Stress Test Results.<\/strong> On 26 October<br \/>2014 the ECB and the EBA announced the results of the Comprehensive Assessment. This<br \/>exercise comprised both an Asset Quality Review (AQR) and a Stress Test in which the<br \/>capital adequacy of banks under review was tested under different stress scenarios, and<br \/>measured against minimum threshold levels in each scenario. Under the static balance<br \/>sheet &#8211; adverse scenario &#8211; assumption, the aggregate capital shortfall for the Greek Banks<br \/>amounted to \u20ac 8.7bn, however, taking into account the effect of net capital raising<br \/>actions that took place in 2014, the remaining aggregate capital shortfall amounted to c.<br \/>\u20ac 2.7bn. Greek banks were also assessed under the dynamic balance sheet assumption,<br \/>resulting into practically no shortfall.<\/li>\n<li><strong>Deferred Tax Asset.<\/strong> A law (no 4303 GG 231\/17.10.2014) was voted by the Greek<br \/>Parliament amending article 27A of law 4172\/2013. Article 27A deals with the voluntary<br \/>conversion of the deferred tax assets (DTA) on temporary differences deriving from PSI<br \/>and allowances for loan losses to a definitive and cleared tax credit (DTC) against the<br \/>Greek State. DTCs held by the banks give rise to a direct refund right from the State. The<br \/>total DTA of the four systemic banks eligible to be converted in DTC as of 31\/12\/2014<br \/>amounted to \u20ac 12.8 billion.<\/li>\n<li><strong>Banks under liquidation.<\/strong> According to par. 15 of article 9 of Law 4051\/2012 (A\u2019 40) as<br \/>amended by Law 4224\/2013, the Fund had to contribute until 31\/12\/2014 the amount<br \/>that the HDIGF would have covered, in the context of the resolution of financial<br \/>institutions. The liquidators of credit institutions under liquidation are nominated by the<br \/>BoG and are subject to its monitor and control. The Fund has no involvement or control<br \/>over the liquidation process and the recovery of any amounts. During 2014, the Fund collected via the liquidation process a total amount of \u20ac 40m while in the first quarter of<br \/>2015 the Fund collected \u20ac 209m.<\/li>\n<\/ul>\n<p><strong>The Fund\u2019s financial performance:<\/strong><\/p>\n<ul>\n<li><strong>Interest income:<\/strong> During 2014 interest income amounted to \u20ac 76.7m versus \u20ac 167.6m<br \/>for 2013. The decrease in interest income versus 2013 was primarily due to the<br \/>decrease of the amount of the EFSF bonds held by the Fund.<\/li>\n<li><strong>Impairments of investments and receivables and provisions for funding gap:<\/strong> During<br \/>2014 the impairment charges amounted to \u20ac 284m (2013: \u20ac 4,326m) and pertained to<br \/>the Fund\u2019s receivables from banks under liquidation.<\/li>\n<li><strong>Gain from Investment Securities:<\/strong> A gain of \u20ac 5.4m was recorded in 2014 arising from the disposal of the New Hellenic Postbank that took place in 2013 (2013: \u20ac 434m).<\/li>\n<li><strong>Loss from Financial<\/strong> <strong>Instruments at Fair Value through Profit or Loss:<\/strong> The \u20ac 9,695m loss pertains to a) the revaluation of the Fund\u2019s shareholdings in the 4 systemic banks and the sales of shares due to the exercise of warrants (2014: \u20ac 10,705m loss, 2013: \u20ac 3,700 loss) and b) the revaluation of the warrants (2014: \u20ac 1,010m gain versus 2013: \u20ac 2,282 loss).<\/li>\n<li><strong>Personnel expenses:<\/strong> During 2014 personnel expenses amounted to \u20ac 2.8m versus \u20ac 2.3m for 2013. The increase is due to the increase of the number of personnel which reached 33 at the end of 2014.<\/li>\n<li><strong>General administrative and other operating expenses:<\/strong> During 2014 operating expenses amounted to \u20ac 17.4m versus \u20ac 11m for 2013. The main reasons for the increase in operating expenses were: a) the advisor\u2019s fees for the share capital increases and other transactions of the four banks, and the sale of the transitional credit institutions, and b) custody fees for the banks\u2019 shares held by the Fund.<\/li>\n<li><strong>Financial assets at fair value through profit or loss:<\/strong> As of 31\/12\/2014 the Fund\u2019s portfolio fair value amounted to \u20ac 11,622m (31\/12\/2013: \u20ac 22,585m).<\/li>\n<li><strong>Cash and balances with banks:<\/strong> As of 31\/12\/2014 the cash and balances with banks<br \/>amounted to \u20ac 670m versus \u20ac 489m as of 31 December 2013. The movement of the<br \/>balance during 2014 pertains to outflows of \u20ac 195m and inflows of \u20ac 376m.<\/li>\n<li><strong>Investment securities:<\/strong> As of 31\/12\/2014 the balance remained practically unchanged<br \/>at \u20ac 10,937m.<\/li>\n<li><strong>Receivables from banks under liquidation:<\/strong> As of 31\/12\/2014 receivables stood at<br \/>\u20ac 2,542m (31\/12\/2013: \u20ac 2,853m).<\/li>\n<li><strong>Equity:<\/strong> During 2014 the loss amounted to \u20ac 9,917m and the accumulated deficit<br \/>increased to \u20ac 25,195m from \u20ac 15,278m in 2013. Given the accumulated deficit, the<br \/>total equity decreased to \u20ac 24,505m in 2014 from \u20ac 34,422m in 2013.<\/li>\n<\/ul>\n<p><strong>The Fund\u2019s activities after the reporting date:<\/strong><br \/>a) <strong>Return of EFSF Notes to the issuer and reduction of HFSF capital.<\/strong> Following a<br \/>ministerial decision of 26 February 2015 and in accordance with the Master Financial Assistance Facility Agreement signed in March 2012 as amended in 2015 and in alignment with the Eurogroup statement of 20 February 2015 the HFSF proceeded with the re-delivery of the unused EFSF Notes, with nominal value of \u20ac 10,933m to<br \/>the EFSF on 27 February 2015 and the reduction of its paid in capital by the same amount<\/p>\n<p>b) <strong>Transfer of \u20ac 555.9m to Hellenic Republic.<\/strong> Pursuant to the provisions of par. 7 art.<br \/>16c of Law 3864\/2010, all financial institutions that have received a capital support from HFSF were obliged to pay a one-off amount totaling \u20ac 555.6m, which was recognised in 2012 Financial Statements, as one-off income fee and actually received<br \/>by the Fund in December 2012. On 19\/3\/2015, according to the article 35 L.<br \/>4320\/2015, HFSF transferred this amount and the relevant accrued interest totaling \u20ac 555.9m to the Hellenic Republic.<\/p>\n<p><br \/>As <strong>Mrs. Anastasia Sakellariou, HFSF\u2019s CEO<\/strong> stated: \u201cThe HFSF has published today its Annual<br \/>Financial Report for 2014 according to which as of 31.12.2014 the Fund\u2019s total equity,<br \/>following losses of \u20ac 9.7bn in 2014 primarily as a consequence of the decline of the share<br \/>prices of the banks, stands at \u20ac 24.5bn. During 2014 the HFSF approved the second round of<br \/>recapitalization of the systemic banks by the private sector totaling \u20ac 8.3bn, thus strengthening their capital adequacy and resulting in them passing the ECB\/EBA stress tests.<br \/>Going forward the HFSF will continue to support the Greek banking system\u2019s stability aiming to further strengthen the Greek economy.&#8221;<\/p>\n<p>For the full \u201cAnnual Financial Report\u201d please visit the following link:<\/p>\n<p><strong><a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/hfsf_annual_report_2014_en.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/hfsf_annual_report_2014_en.pdf<\/a><\/strong><\/p>\n<p><a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/press_release_20150430_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) uploaded to its web site (www.hfsf.odh.gr) the \u201cAnnual Financial Report\u201d for 2014. The key points of the annual report are the following: Systemic Banks \u2013 Recapitalisation \u2013 Restructuring plans. The HFSF provided its consent to the four systemic banks to complete their share capital increases (SCIs) with the participation [&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>Annual Report for the period 1\/1\/2014 \u2013 31\/12\/2014. - Hellenic Financial Stability Fund<\/title>\n<meta name=\"description\" content=\"The Hellenic Financial Stability Fund (HFSF) uploaded today to its web site (www.hfsf.odh.gr) the\u201cAnnual Financial Report\u201d for 2014.\" \/>\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=\"Annual Report for the period 1\/1\/2014 \u2013 31\/12\/2014. - Hellenic Financial Stability Fund\" \/>\n<meta property=\"og:description\" content=\"The Hellenic Financial Stability Fund (HFSF) uploaded today to its web site (www.hfsf.odh.gr) the\u201cAnnual Financial Report\u201d for 2014.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/hfsf.odh.gr\/en\/annual-report-for-the-period-1-1-2014-31-12-2014\/\" \/>\n<meta property=\"og:site_name\" content=\"Hellenic Financial Stability Fund\" \/>\n<meta property=\"article:published_time\" content=\"2015-04-30T19:32:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-07T13:20:51+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=\"4 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\/annual-report-for-the-period-1-1-2014-31-12-2014\/#webpage\",\"url\":\"https:\/\/hfsf.odh.gr\/en\/annual-report-for-the-period-1-1-2014-31-12-2014\/\",\"name\":\"Annual Report for the period 1\/1\/2014 \\u2013 31\/12\/2014. - Hellenic Financial Stability Fund\",\"isPartOf\":{\"@id\":\"https:\/\/hfsf.odh.gr\/#website\"},\"datePublished\":\"2015-04-30T19:32:20+00:00\",\"dateModified\":\"2021-01-07T13:20:51+00:00\",\"author\":{\"@id\":\"https:\/\/hfsf.odh.gr\/#\/schema\/person\/6ab52d0e7e520e35657eef987a95074c\"},\"description\":\"The Hellenic Financial Stability Fund (HFSF) uploaded today to its web site (www.hfsf.odh.gr) the\\u201cAnnual Financial Report\\u201d for 2014.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/hfsf.odh.gr\/en\/annual-report-for-the-period-1-1-2014-31-12-2014\/\"]}]},{\"@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\/5934"}],"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=5934"}],"version-history":[{"count":8,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/posts\/5934\/revisions"}],"predecessor-version":[{"id":12053,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/posts\/5934\/revisions\/12053"}],"wp:attachment":[{"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/media?parent=5934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/categories?post=5934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/tags?post=5934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}