{"id":7014,"date":"2015-07-02T09:27:28","date_gmt":"2015-07-02T09:27:28","guid":{"rendered":"https:\/\/hfsf.odh.gr\/?p=7014"},"modified":"2021-01-07T13:13:00","modified_gmt":"2021-01-07T13:13:00","slug":"interim-financial-statements-of-the-hellenic-financial-stability-fund-3","status":"publish","type":"post","link":"https:\/\/hfsf.odh.gr\/en\/interim-financial-statements-of-the-hellenic-financial-stability-fund-3\/","title":{"rendered":"Interim Financial Statements of the Hellenic Financial Stability Fund."},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7014\" class=\"elementor elementor-7014\" 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-715e5576 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"715e5576\" 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-78c3f574\" data-id=\"78c3f574\" 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-60b7b9fa elementor-widget elementor-widget-text-editor\" data-id=\"60b7b9fa\" 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) announces the issuance of its interim<br \/>Financial Statements for the three month period ended March 31, 2015.<\/p>\n<p>The key points of the interim financial statements are:<br \/><b>A. The Fund\u2019s financial performance<\/b><\/p>\n<ul>\n<li><strong>Interest income:<\/strong> During the 3 month period ended March 31, 2015 the interest<br \/>income amounted to \u20ac 9.3m versus \u20ac 18.9m in the respective period of 2014.<br \/>The decrease in interest income was due to the re-delivery of the EFSF Notes on<br \/>27\/02\/2015. The balance in 2015, except from the coupons of EFSF Notes,<br \/>includes the accrued proceeds from the cash management account with Bank<br \/>of Greece (BoG) amounted to \u20ac 258k.<\/li>\n<li><strong>Personnel expenses:<\/strong> During the 3 month period ended March 31, 2015 the<br \/>personnel expenses amounted to \u20ac 838k versus \u20ac 654k in the respective period<br \/>of 2014. The increase is due to the increase of the number of personnel. The<br \/>average number of employees for the 3 month period ended March 31, 2015<br \/>was 32, while during the respective period of 2014 was 23.<\/li>\n<li><b>General administrative and other operating expenses: <\/b>During the 3 month<br \/>period ended March 31, 2015 the operating expenses decreased to \u20ac 528k from<br \/>\u20ac 797k in the respective period of 2014.<\/li>\n<li><b>Result from financial instruments at fair value through profit or loss (FVTPL):<\/b><br \/>The result from financial instruments at FVTPL amounted to \u20ac 4,426m loss in<br \/>the 3 month period ended 31\/03\/2015 versus \u20ac 1,428m gain in the respective<br \/>period of 2014. The result in the first quarter of 2015 pertains to a) the<br \/>revaluation loss of the Fund\u2019s shareholdings in the systemic banks and the sales<br \/>of shares due to the exercise of warrants (Q1 2015: \u20ac 5,058m loss versus Q1<br \/>2014: \u20ac 2,503m gain) and b) the revaluation gain of the warrants (Q1 2015:<br \/>\u20ac 632m gain versus Q1 2014: \u20ac 1,075m loss).<br \/><b><\/b><\/li>\n<li><b>One-off expense: <\/b>The one-off expense relates to the pre-subscription fee amounted to \u20ac 555.6m, which was paid in December 2012 by the systemic banks that have received capital support from HFSF. On 19\/03\/2015, according to the article 35 L. 4320\/2015, HFSF contributed this amount to the Hellenic Republic and the relevant accruals amounted to \u20ac 555.9m in total.<\/li>\n<li><b>Cash and balances with banks:<\/b> As of March 31, 2015 the account amounted to<br \/>\u20ac 344m versus \u20ac 670m as of December 31, 2014. The movement of the balance in the 3 month period ended March 31, 2015 pertains to inflows of \u20ac 231m and<br \/>outflows \u20ac 557m. Pursuant to the provisions of par. 4 art.3 of L.3864\/2010, as<br \/>amended by the art. 35 L.4320\/2015, the Fund was obliged to place 90% of its<br \/>available cash amounting to \u20ac309.4m in a cash management account with BoG.<\/li>\n<li><span style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); letter-spacing: 0px;\"><b>Investment securities: <\/b><\/span><span style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); font-weight: inherit; letter-spacing: 0px;\">Following a ministerial decision of 26\/02\/2015 (FEK B\u2019\u00a0<\/span><span style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); font-weight: inherit; letter-spacing: 0px;\">292\/26.02.2015) and in accordance with the Master Financial Assistance Facility\u00a0<\/span><span style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); font-weight: inherit; letter-spacing: 0px;\">Agreement signed on 15\/03\/2012 as amended and in alignment with the\u00a0<\/span><span style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); font-weight: inherit; letter-spacing: 0px;\">Eurogroup statement of 20\/02\/2015, the HFSF proceeded with the re-delivery\u00a0<\/span><span style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); font-weight: inherit; letter-spacing: 0px;\">of the EFSF Notes, with nominal value of \u20ac 10.9bn to the EFSF on 27\/02\/2015.<\/span><\/li>\n<li><b>Financial assets at fair value through profit or loss: <\/b>As of March 31, 2015 the<br \/>market value of the Fund\u2019s equity portfolio of the four systemic banks\u2019<br \/>amounted to \u20ac 6.6bn versus \u20ac 11.6bn as of December 31, 2014. This has been<br \/>increased to \u20ac 7.5bn in June 26, 2015.<\/li>\n<li><b>Receivables from banks under liquidation: <\/b>As of March 31, 2015 receivables<br \/>amounted to \u20ac 2,334m.<\/li>\n<li><b>Capital:<\/b> Following the re-delivery of the EFSF Notes on 27\/2\/2015, the HFSF<br \/>proceeded with the reduction of its paid in capital by the amount of \u20ac 10.9bn.<br \/>As of March 31, 2015 HFSF\u2019s capital amounted to \u20ac 38.8bn.<\/li>\n<\/ul>\n<p><b>B. Significant events in 2015 per systemic bank<\/b><br \/><b>Alpha Bank:<\/b><\/p>\n<ul>\n<li>In February 2015 the HFSF provided its consent to Alpha\u2019s BoD to proceed<br \/>with the merge by absorption of Diners Club of Greece with the Bank, which<br \/>was completed in June 2015.<\/li>\n<li>In June 2015 Alpha\u2019s fourth warrants exercise took place. There were 13,800<br \/>warrants exercised and 102,239 shares exchanged and the Fund received<br \/>\u20ac49,034. Following the exercise the HFSF shareholding in Alpha remained at<br \/>66.2%.<\/li>\n<\/ul>\n<p><b>Eurobank:<\/b><\/p>\n<ul>\n<li><span style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); font-weight: inherit; letter-spacing: 0px;\">In February 2015 the HFSF provided its consent to Eurobank\u2019s BoD to proceed\u00a0<\/span><span style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); font-weight: inherit; letter-spacing: 0px;\">with management changes following the resignations of the President of the\u00a0<\/span><span style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); font-weight: inherit; letter-spacing: 0px;\">BoD, Mr. Panagiotis Thomopoulos and the CEO, Mr. Christos Megalou. The\u00a0<\/span><span style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); font-weight: inherit; letter-spacing: 0px;\">Board decided to elect Mr. Nikolaos Karamouzis as President and Mr. Fokion\u00a0<\/span><span style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); font-weight: inherit; letter-spacing: 0px;\">Karavias as CEO.<\/span><\/li>\n<\/ul>\n<p><b>National Bank of Greece:<\/b><\/p>\n<ul>\n<li>In January 2015 the HFSF provided its consent to NBG to proceed with the<br \/>reverse merger of Pangaea REIC with MIG REIC. Pangaea REIC owns 96.94%<br \/>of the share capital and voting rights of MIG REIC. The proposed merger has<br \/>been proposed to take place in consolidating the assets and liabilities of the<br \/>above mentioned companies.<\/li>\n<li>In March 2015 the HFSF provided its consent to NBG\u2019s BoD to proceed with<br \/>management changes following the resignations of the Chairman of the BoD<br \/>Mr. Georgios Zanias and the CEO Mr. Alexandros Tourkolias. The BoD decided to elect Mrs. Louka Katseli as the Chairman of the BoD and<br \/>Mr. Leonidas Fragkiadakis as CEO.<\/li>\n<\/ul>\n<p><b>Piraeus Bank:<\/b><\/p>\n<ul>\n<li>In April 2015 the BoG announced its decision, in the context of the<br \/>resolution procedure provided for in Law 4261\/2014, to transfer the assets<br \/>and liabilities of Panellinia Bank to Piraeus, following an offer by the latter,<br \/>which had been authorized by HFSF.<\/li>\n<li>In June 2015 the HFSF provided its consent to Piraeus to dispose its stake in<span style=\"color: inherit; font-size: var( --e-global-typography-text-font-size ); font-weight: inherit; letter-spacing: 0px;\">Piraeus Bank Egypt, its Egyptian subsidiary, to Al Ahli Bank of Kuwait.<\/span><\/li>\n<\/ul>\n<p>The full report of the Fund\u2019s interim financial statement can be found at the<br \/>following link:\u00a0<\/p>\n<p><a href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/HFSF_Interim_January_March_2015_en.pdf\" target=\"_blank\" rel=\"noopener\">&#8220;<strong><em>Interim Financial Statements for the period ended 31 March 2015<\/em><\/strong>&#8221;\u00a0<\/a><\/p>\n<p><strong><a style=\"font-size: var( --e-global-typography-text-font-size ); font-weight: inherit; background-color: #ffffff; letter-spacing: 0px;\" href=\"https:\/\/hfsf.odh.gr\/wp-content\/uploads\/2020\/10\/press_release_20150702_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) announces the issuance of its interim Financial Statements for the three month period ended March 31, 2015. The key points of the interim financial statements are: A. The Fund\u2019s financial performance Interest income: During the 3 month period ended March 31, 2015 the interest income amounted to \u20ac 9.3m [&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) announces the issuance of its interim Financial Statements for the three month period ended March 31, 2015.\" \/>\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) announces the issuance of its interim Financial Statements for the three month period ended March 31, 2015.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/hfsf.odh.gr\/en\/interim-financial-statements-of-the-hellenic-financial-stability-fund-3\/\" \/>\n<meta property=\"og:site_name\" content=\"Hellenic Financial Stability Fund\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-02T09:27:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-07T13:13:00+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-3\/#webpage\",\"url\":\"https:\/\/hfsf.odh.gr\/en\/interim-financial-statements-of-the-hellenic-financial-stability-fund-3\/\",\"name\":\"Interim Financial Statements of the Hellenic Financial Stability Fund. - Hellenic Financial Stability Fund\",\"isPartOf\":{\"@id\":\"https:\/\/hfsf.odh.gr\/#website\"},\"datePublished\":\"2015-07-02T09:27:28+00:00\",\"dateModified\":\"2021-01-07T13:13:00+00:00\",\"author\":{\"@id\":\"https:\/\/hfsf.odh.gr\/#\/schema\/person\/6ab52d0e7e520e35657eef987a95074c\"},\"description\":\"The Hellenic Financial Stability Fund (HFSF) announces the issuance of its interim Financial Statements for the three month period ended March 31, 2015.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/hfsf.odh.gr\/en\/interim-financial-statements-of-the-hellenic-financial-stability-fund-3\/\"]}]},{\"@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\/7014"}],"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=7014"}],"version-history":[{"count":12,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/posts\/7014\/revisions"}],"predecessor-version":[{"id":12048,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/posts\/7014\/revisions\/12048"}],"wp:attachment":[{"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/media?parent=7014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/categories?post=7014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hfsf.odh.gr\/en\/wp-json\/wp\/v2\/tags?post=7014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}