{"id":6137,"date":"2014-06-12T14:32:36","date_gmt":"2014-06-12T14:32:36","guid":{"rendered":"https:\/\/hfsf.odh.gr\/?p=6137"},"modified":"2021-01-07T13:44:38","modified_gmt":"2021-01-07T13:44:38","slug":"annual-report-for-the-period-1-1-2013-31-12-2013","status":"publish","type":"post","link":"https:\/\/hfsf.odh.gr\/en\/annual-report-for-the-period-1-1-2013-31-12-2013\/","title":{"rendered":"Annual Report for the period 1\/1\/2013 \u2013 31\/12\/2013."},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6137\" class=\"elementor elementor-6137\" 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-4b1e3b00 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4b1e3b00\" 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-58883d2a\" data-id=\"58883d2a\" 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-6306f34f elementor-widget elementor-widget-text-editor\" data-id=\"6306f34f\" 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) uploaded to its web site (www.hfsf.odh.gr) the \u201cAnnual Financial Report\u201d for 2013.<\/p>\n<p>The key points of the annual report are the following:<\/p>\n<ul>\n<li><strong>The Fund\u2019s Capital Increase.<\/strong> Following the Acceptance Notice signed on 23\/05\/2013 by<br \/>the HFSF, the EFSF, the Hellenic Republic and the Bank of Greece (BoG), the HFSF<br \/>received EFSF Floating Rate Notes (FRNs) on 31\/05\/2013 with a nominal amount of<br \/>\u20ac 7,200m and increased its capital to \u20ac 49,700m.<\/li>\n<li><strong>New Management structure of the Fund.<\/strong> A new management structure was established<br \/>in the Fund on 01\/02\/2013, as provisioned in art. 4 of Law 3864\/2010 as in force. The<br \/>BoD was substituted by the Executive Board and the General Council.<\/li>\n<li><strong>Systemic Banks &#8211; Recapitalisation.<\/strong> During May and June 2013 the four systemic banks<br \/>completed their share capital increases (SCIs). The amount that the Fund contributed for<br \/>the SCIs was lower than the one determined by the BoG, due to private sector<br \/>participation in the SCIs. The nominal amount of EFSF FRNs actually disbursed amounted<br \/>to \u20ac24,998m, whereas the fair value of the EFSF FRNs amounted to \u20ac25,522m.<\/li>\n<li><strong>The Fund\u2019s financial performance:<\/strong><\/li>\n<li><strong>Interest income:<\/strong> During 2013 interest income amounted to \u20ac 167.6m versus \u20ac 232.3m<br \/>for 2012. The decrease in interest income versus 2012 is due to a) the decrease of the<br \/>amount of EFSF FRNs held by the Fund and b) the decrease in the EFSF FRN\u2019s base rate<br \/>(6M Euribor).<\/li>\n<li><strong>Commission income:<\/strong> During 2013 commission income amounted to \u20ac 110.7m versus<br \/>\u20ac 665.8m for 2012. The difference is mainly due to the one-off presubscription fee of<br \/>\u20ac 555.6m paid by the banks in December 2012 for their capital advance.<\/li>\n<li><strong>Impairments of investments and receivables and provisions for funding gap:<\/strong> The<br \/>impairment loss and provisions for 2013 of the Fund\u2019s receivables from Banks under<br \/>liquidation amounted to \u20ac 4,325.8m (2012: \u20ac 6,354.6m).<\/li>\n<li><strong>Gain from Investment Securities:<\/strong> \u20ac 434.0m mainly from the EFSF FRNs<\/li>\n<li><strong>Loss from Financial Instruments at Fair Value through Profit or Loss:<\/strong> The \u20ac 5,982.7m<br \/>loss pertains to a) the revaluation loss from the Fund\u2019s shareholdings in the 4 systemic<br \/>banks (\u20ac 3,702.3m) and the revaluation loss from the warrants (\u20ac 2,282.3m), and b) a<br \/>\u20ac 1.9m gain from the exercise of Alpha Bank\u2019s and NBG\u2019s warrants in December<\/li>\n<li><strong>Personnel expenses:<\/strong> During 2013 personnel expenses amounted to \u20ac 2.3m versus<br \/>\u20ac 2.0m for 2012. The number of directors and employees under payroll by the Fund<br \/>as of 31\/12\/2013 stood at 22 while the respective figure as of 31\/12\/2012 was 20.<\/li>\n<li><strong>General administrative and other operating expenses:<\/strong> During 2013 operating<br \/>expenses amounted to \u20ac 11.0m versus \u20ac 2.9m for 2012. The main reasons for the<br \/>increase in operating expenses are a) fees for services rendered from investment<br \/>banks for the capital increases and other transactions of the banks as well as for the<br \/>sale of the transitional credit institutions, and b) custody fees for the recapitalized<br \/>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\/2013 the Fund\u2019s<br \/>portfolio consisted of shares in the four systemic banks and its fair value stood at<br \/>\u20ac 22,584.7m<\/li>\n<li><strong>Receivables from banks under liquidation:<\/strong> As of 31\/12\/2013 receivables stood at \u20ac 2,853.1m (31\/12\/2012: \u20ac 2,218.2m).<\/li>\n<li><strong>Equity:<\/strong> During 2013 the loss amounted to \u20ac 9,607.5m and the accumulated deficit increased to \u20ac 15,278.1m from \u20ac 5,670.6m in 2012. Given the capital increase and the increase of the accumulated deficit the total equity decreased to \u20ac 34,421.9 m in 2013 from \u20ac 36,829.4m in 2012.<\/li>\n<\/ul>\n<p><strong>Sale of Transitional Credit Institutions:<\/strong><br \/>\u00a0a) New Hellenic Post Bank (NHPB): The Fund selected Eurobank as the preferred bidder<br \/>for the acquisition of New HPB. The transfer of shares was completed on<br \/>30\/08\/2013. Eurobank\u2019s consideration offered was \u20ac681m through the issuance of<br \/>new ordinary shares subscribed by the Fund.<br \/>\u00a0b) New Proton Bank: The Fund selected Eurobank as the preferred bidder for the<br \/>acquisition of New Proton. The Fund recapitalized New Proton with \u20ac395m prior to<br \/>the transaction which was completed on 30\/08\/2013 for a consideration of \u20ac 1.<\/p>\n<p><strong>Liquidations in 2013:<\/strong><\/p>\n<ul>\n<li>Probank: The Fund covered the final funding gap amounting to \u20ac 562.7m<\/li>\n<li>FBB: The Fund covered the final funding gap amounting to of \u20ac 457m<\/li>\n<li>Cooperative Banks of Dodecanese, Evia and Western Macedonia: The HFSF disbursed<br \/>\u20ac 284.6m covering 2\/3 of the initial funding gap estimated at \u20ac 426.9m<\/li>\n<\/ul>\n<p><strong>Collections from liquidations in 2013:<\/strong> In 2013 the Fund received a total of \u20ac 237.3m<\/p>\n<p><strong>Prospects:<\/strong><br \/>a) <strong>Restructuring plans of systemic banks:<\/strong> According to the European Commission, the<br \/>banks receiving state aid must submit a five year restructuring plan to the DG Comp.<br \/>Updated restructuring plans approved by the Fund will be submitted, through the<br \/>Ministry of Finance, to the DG Comp for approval.<br \/>b) <strong>Relationship Framework Agreements (RFAs):<\/strong> The Fund announced on 10\/07\/2013<br \/>that the Relationship Framework Agreements (RFAs) have been signed between the Fund<br \/>and the four systemic banks which received capital support from the HFSF. These<br \/>Agreements determine the relationship between each bank and the HFSF and the<br \/>matters related with, amongst others, (i) the corporate governance of the Bank, (ii) the<br \/>development and approval of the Restructuring Plan, (iii) the material obligations of the<br \/>Restructuring Plan and the switch of voting rights, (iv) the monitoring of the implementation of the Restructuring Plan and the Bank\u2019s risk profile and (v) the HFSF\u2019s<br \/>consent rights. Currently HFSF is in the process of revising the RFAs signed in 2013.<br \/>c) <strong>Stress tests.<\/strong> Following the recent capital increases the Greek banks\u2019 capital ratios stand<br \/>well above the minimum required regulatory thresholds. The next key challenge for the<br \/>Greek banks is the outcome of the ECB\u2019s AQR (Asset Quality Review) and EBA stress tests,<br \/>due in October 2014.<br \/>As <strong>Mrs. Anastasia Sakellariou,<\/strong> <strong>HFSF\u2019s CEO<\/strong> stated: \u201cThe HFSF is publishing today its Annual<br \/>Financial Report for 2013 according to which as of 31.12.2013 the Fund\u2019s total equity,<br \/>reflecting potential recovery value, stands at \u20ac34.4bn. It is worth noting that this amount is<br \/>more than double compared to the original estimate incorporated in the International<br \/>Monetary Fund\u2019s debt sustainability analysis for Greece (Report No12\/57, March 2012). This<br \/>development has been supported by the significant restructuring efforts in the banking<br \/>sector and the corresponding improvement in market sentiment towards the Greek banks.<\/p>\n<p>The difference from the original paid-up capital of \u20ac49.7bn stems primarily from the<br \/>cumulative losses from the resolution of non-core banks which amounted to \u20ac 11.3bn and<br \/>the accounting impact of the warrants which stood at \u20ac2.3bn. The reported unrealized<br \/>accounting losses from the warrants are equal to their market value, while their issuance<br \/>was implemented in accordance with the provisions of the law. According to the current<br \/>legal framework the amounts provided for resolutions are not determined by the Fund,<br \/>while those actually recovered by the liquidators are beyond the control of the Fund.<\/p>\n<p>During 2013 the HFSF implemented a series of actions which contributed decisively towards<br \/>the stabilization of the banking system, its consolidation and evolution towards a more solid<br \/>and competitive structure as well as the strengthening of its capital adequacy.<\/p>\n<p>The completion of the recapitalization of the four systemic banks established the conditions<br \/>under which the banking industry has been reinforced and has attracted important<br \/>international investors. The Greek banking sector, with four solid pillar banks, is now in the<br \/>position to play its pivotal role to support the development of the Greek economy.&#8221;<\/p>\n<p><strong><a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/hfsf_annual_report_2013_en.pdf\" target=\"_blank\" rel=\"noopener\">Annual Report 2013<\/a><\/strong><\/p>\n<p><strong><a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/press_release_20140612_en.pdf\" target=\"_blank\" rel=\"noopener\">Press Release<\/a><\/strong><\/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) uploaded to its web site (www.hfsf.odh.gr) the \u201cAnnual Financial Report\u201d for 2013. The key points of the annual report are the following: The Fund\u2019s Capital Increase. Following the Acceptance Notice signed on 23\/05\/2013 by the HFSF, the EFSF, the Hellenic Republic and the Bank of Greece (BoG), the HFSF [&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\/2013 \u2013 31\/12\/2013. - 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 2013.\" \/>\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\/2013 \u2013 31\/12\/2013. - 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 2013.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/hfsf.odh.gr\/en\/annual-report-for-the-period-1-1-2013-31-12-2013\/\" \/>\n<meta property=\"og:site_name\" content=\"Hellenic Financial Stability Fund\" \/>\n<meta property=\"article:published_time\" content=\"2014-06-12T14:32:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-07T13:44:38+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=\"5 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-1-1-2013-31-12-2013\/#webpage\",\"url\":\"https:\/\/hfsf.odh.gr\/en\/annual-report-for-the-period-1-1-2013-31-12-2013\/\",\"name\":\"Annual Report for the period 1\/1\/2013 \\u2013 31\/12\/2013. - Hellenic Financial Stability Fund\",\"isPartOf\":{\"@id\":\"https:\/\/hfsf.odh.gr\/#website\"},\"datePublished\":\"2014-06-12T14:32:36+00:00\",\"dateModified\":\"2021-01-07T13:44:38+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 2013.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/hfsf.odh.gr\/en\/annual-report-for-the-period-1-1-2013-31-12-2013\/\"]}]},{\"@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\/6137"}],"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=6137"}],"version-history":[{"count":7,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/posts\/6137\/revisions"}],"predecessor-version":[{"id":12065,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/posts\/6137\/revisions\/12065"}],"wp:attachment":[{"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/media?parent=6137"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/categories?post=6137"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/tags?post=6137"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}