{"id":6358,"date":"2013-08-02T11:34:23","date_gmt":"2013-08-02T11:34:23","guid":{"rendered":"https:\/\/hfsf.odh.gr\/?p=6358"},"modified":"2021-01-07T15:40:27","modified_gmt":"2021-01-07T15:40:27","slug":"annual-report-for-the-period-1-1-2012-31-12-2012-2","status":"publish","type":"post","link":"https:\/\/hfsf.odh.gr\/en\/annual-report-for-the-period-1-1-2012-31-12-2012-2\/","title":{"rendered":"Annual Report for the period 1\/1\/2012 &#8211; 31\/12\/2012."},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6358\" class=\"elementor elementor-6358\" 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-2b86d2af elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2b86d2af\" 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-455d7cac\" data-id=\"455d7cac\" 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-5e4aa7b2 elementor-widget elementor-widget-text-editor\" data-id=\"5e4aa7b2\" 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><strong>Hellenic Financial Stability Fund\u2019s Annual Financial Report<\/strong><\/p>\n<p>The Hellenic Financial Stability Fund (HFSF) uploaded today on its web site<br \/>(www.hfsf.odh.gr) the \u201cAnnual Financial Report\u201d for the period covering from 1\/1\/2012 to 31\/12\/2012.<\/p>\n<p>The key points of the annual report are the following:<\/p>\n<ul>\n<li><strong>The Fund\u2019s capital and its capital advances to the systemic banks:<\/strong> After<br \/>the Fund\u2019s capital increases in 2012 and 2013 in the form of Floating Rate<br \/>Notes (FRNs) issued by the European Financial Stability Fund (EFSF), the<br \/>Hellenic Financial Stability Fund\u2019s (HFSF\u2019s) paid up capital amounts to<br \/>\u20ac49,700m. Following the signing of the Presubscription Agreements, and<br \/>according to Bank of Greece\u2019s (BoG) letter regarding the necessary capital<br \/>support, HFSF proceeded on 28\/5\/2012 to the payment of a capital advance<br \/>in the form of EFSF FRNs against the future share capital increases of the<br \/>four systemic banks amounting to \u20ac18,000m. In particular Alpha Bank<br \/>received \u20ac1,900m, Eurobank \u20ac3,970m, Piraeus Bank \u20ac4,700m and National<br \/>Bank of Greece (NBG) \u20ac7,430m. At the end of 2012 the four banks received<br \/>additional capital support amounting to a total of \u20ac6,262m.<\/li>\n<li><strong>Contribution of Funding Gaps:<\/strong> According to the relevant laws, the Fund<br \/>has to cover, for 22 months, starting from 29\/2\/2012, the amount of money<br \/>arising from the resolution of the financial institutions instead of the Hellenic<br \/>Deposit and Investment Guarantee Fund\u2019s (HDIGF). In this framework during<br \/>2012 the Fund paid \u20ac7,256m for the resolution of five financial institutions. As<br \/>of 31\/12\/2012, the recoverable amount from the liquidation process was<br \/>estimated to be \u20ac2,218m, hence an impairment of the Fund\u2019s receivables<br \/>amounting to \u20ac5,038m. It should be noted that the Fund has no direct<br \/>involvement or control over the liquidation process that will be recovered by<br \/>this process, due to the fact that the responsibility lies with the liquidator and<br \/>the supervisor authority, the Bank of Greece.<\/li>\n<li><strong>Cash and Cash Equivalents:<\/strong> As of 31\/12\/2012 the Fund\u2019s cash and cash<br \/>equivalents stood at \u20ac828m.<\/li>\n<li><strong>Operating Expenses:<\/strong> The Fund\u2019s operating expenses for 2012 amounted to<br \/>\u20ac4.9m (incl. general administrative, consultants\/ auditors\/ legal fees and staff<br \/>costs).<\/li>\n<li><strong>Acquisitions of banks in 2012 and 2013 to date:<\/strong><\/li>\n<\/ul>\n<p>&#8211; <strong style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); letter-spacing: 0px;\">Alpha Bank<\/strong><span style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); font-weight: inherit; letter-spacing: 0px;\"> acquired Emporiki Bank<\/span><\/p>\n<p>&#8211; <strong>National Bank of Greece<\/strong> acquired the good part of FBB and Probank<\/p>\n<p>&#8211; <strong>Piraeus Bank<\/strong> acquired the good part of Agricultural Bank, Geniki Bank,<br \/>Millennium Bank and the Greek operations of Bank of Cyprus, Cyprus<br \/>Popular Bank, and Hellenic Bank.\u00a0<\/p>\n<p><strong style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); letter-spacing: 0px;\">-Eurobank<\/strong><span style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); font-weight: inherit; letter-spacing: 0px;\"> acquired New Hellenic Post Bank (NHPB) and New Proton Bank (New Proton). In the case of NHPB the Fund, as its sole shareholder, contributed \u20ac500m for the bank\u2019s share capital, and covered, instead of HDIGF, following BoG\u2019s decision, its \u20ac3,960m funding gap. In the case of New Proton, as its sole shareholder, the Fund proceeded in 2012 with the subscription of two additional share capital increases totaling \u20ac295m in order for the bank to comply with the BoG\u2019s capital requirements.<\/span><\/p>\n<ul>\n<li><strong>Corporate Governance:<\/strong> The <span style=\"text-decoration: underline;\"><em>Executive Board <\/em><\/span>consists of three members.<br \/>The Executive Board is responsible for HFSF\u2019s tasks as well as the<br \/>implementation of the General Council\u2019s decisions. The <span style=\"text-decoration: underline;\"><em>General Council<\/em><\/span><br \/>consists of five members (two additional independent members to be added)<br \/>and is responsible for the oversight of the exercise of HFSF\u2019s tasks and<br \/>powers as well as the examination of the administration and the operations of<br \/>HFSF. The <span style=\"text-decoration: underline;\"><em>Audit Committee<\/em> <\/span>assists the General Council in fulfilling its<br \/>oversight responsibilities for the financial reporting process, the internal audit<br \/>performance, the external auditor\u2019s appointment, remuneration and<br \/>independence and the HFSF\u2019s process for monitoring compliance with laws<br \/>and regulations as well as the code of conduct.<\/li>\n<li><strong>The Fund\u2019s activities in 2012 resulted in the successful Recapitalisation <\/strong><strong>of the systemic Banks in 2013:<\/strong> After the capital increase of the four systemic banks in 2013, the Fund\u2019s shareholdings are as follows: NBG 84,35%: Piraeus Bank 81,01%, Alpha Bank 83,71%, and Eurobank 93,55%.<\/li>\n<li><strong>Relationship Framework Agreements (RFAs):<\/strong> The Fund signed on<br \/>10\/07\/2013, (available on the Fund\u2019s website www.hfsf.odh.gr), the RFAs between<br \/>the Fund and the four systemic banks. The RFA determines the relationship<br \/>between each systemic bank and HFSF as well as the matters related with,<br \/>amongst others, (a) the Banks\u2019 corporate governance, (b) the development<br \/>from the Banks and approval by HFSF of the Restructuring Plans, (c) HFSF\u2019s<br \/>consent rights.<\/li>\n<li><strong>Priorities for 2013:<\/strong><br \/>a) <strong>Restructuring plans of systemic banks:<\/strong> According to the laws regarding<br \/>state aid the banks which receive state aid should proceed to restructuring<br \/>measures, on the basis of a 5-year restructuring plan which will be approved<br \/>by the Directorate-General for Competition (DG Comp).<br \/>b) <strong>Re-privatisation of Eurobank:<\/strong> After the signing of the agreements for the<br \/>acquisition of New HPB and New Proton to Eurobank, the enlarged Eurobank<br \/>Group strengthens its strategic position in the Greek banking sector and<br \/>makes its investment proposition more attractive, facilitating its re-privatisation<br \/>to the benefit of the Greek State and the economy. In the coming months<br \/>HFSF will prepare the ground for the return of Eurobank to private sector<br \/>ownership, allowing the bank to be run effectively as a private sector bank<br \/>and ensuring that its management prepares the bank for an effective<br \/>privatization either via a private or market placement.<br \/>As <strong>Mrs. Anastasia Sakellariou \u0397FSF&#8217;s C\u0395\u039f<\/strong> stated: &#8220;The Fund completed<br \/>successfully and, on schedule, the recapitalization of the credit institutions and also a<br \/>range of additional activities such as the signing of the Framework Agreements<br \/>(RFAs) with the systemic banks, the approval of the Liability Management Exercises<br \/>of the banks, as well as the approval for the acquisition of the transitional credit<br \/>institutions and the \u201cgood\u201d part of the banks under liquidation from the four systemic<br \/>banks.<br \/>The Fund&#8217;s main objective remains the maintenance of the Greek banking system\u2019s<br \/>stability, and the immediate priority is to attract new private capital to the banks\u201d.<\/li>\n<\/ul>\n<p>For the full \u201cFinancial Annual Report\u201d please visit the Fund\u2019s web page (www.hfsf.odh.gr) under<br \/>the section About \u2013 Financial Information.<\/p>\n<p><a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/press_release_20130802_en-1.pdf\" target=\"_blank\" rel=\"noopener\"><strong>Press Release<\/strong><\/a><\/p>\n<p><strong><a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/hfsf_annual_report_2012_en.pdf\" target=\"_blank\" rel=\"noopener\">Annual Report 2012<\/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>Hellenic Financial Stability Fund\u2019s Annual Financial Report The Hellenic Financial Stability Fund (HFSF) uploaded today on its web site (www.hfsf.odh.gr) the \u201cAnnual Financial Report\u201d for the period covering from 1\/1\/2012 to 31\/12\/2012. The key points of the annual report are the following: The Fund\u2019s capital and its capital advances to the systemic banks: After the [&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\/2012 - 31\/12\/2012. - Hellenic Financial Stability Fund<\/title>\n<meta name=\"description\" content=\"The Hellenic Financial Stability Fund (HFSF) uploaded today on its web site(www.hfsf.odh.gr) the \u201cAnnual Financial Report\u201d for the period covering from 1\/1\/2012 to31\/12\/2012.\" \/>\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\/2012 - 31\/12\/2012. - Hellenic Financial Stability Fund\" \/>\n<meta property=\"og:description\" content=\"The Hellenic Financial Stability Fund (HFSF) uploaded today on its web site(www.hfsf.odh.gr) the \u201cAnnual Financial Report\u201d for the period covering from 1\/1\/2012 to31\/12\/2012.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/hfsf.odh.gr\/en\/annual-report-for-the-period-1-1-2012-31-12-2012-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Hellenic Financial Stability Fund\" \/>\n<meta property=\"article:published_time\" content=\"2013-08-02T11:34:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-07T15:40:27+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-1-1-2012-31-12-2012-2\/#webpage\",\"url\":\"https:\/\/hfsf.odh.gr\/en\/annual-report-for-the-period-1-1-2012-31-12-2012-2\/\",\"name\":\"Annual Report for the period 1\/1\/2012 - 31\/12\/2012. - Hellenic Financial Stability Fund\",\"isPartOf\":{\"@id\":\"https:\/\/hfsf.odh.gr\/#website\"},\"datePublished\":\"2013-08-02T11:34:23+00:00\",\"dateModified\":\"2021-01-07T15:40:27+00:00\",\"author\":{\"@id\":\"https:\/\/hfsf.odh.gr\/#\/schema\/person\/6ab52d0e7e520e35657eef987a95074c\"},\"description\":\"The Hellenic Financial Stability Fund (HFSF) uploaded today on its web site(www.hfsf.odh.gr) the \\u201cAnnual Financial Report\\u201d for the period covering from 1\/1\/2012 to31\/12\/2012.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/hfsf.odh.gr\/en\/annual-report-for-the-period-1-1-2012-31-12-2012-2\/\"]}]},{\"@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\/6358"}],"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=6358"}],"version-history":[{"count":9,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/posts\/6358\/revisions"}],"predecessor-version":[{"id":12096,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/posts\/6358\/revisions\/12096"}],"wp:attachment":[{"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/media?parent=6358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/categories?post=6358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/tags?post=6358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}