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Hellenic Financial Stability Fund
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Hellenic Financial Stability Fund
The Hellenic Financial Stability Fund (Greek: Ταμείο Χρηματοπιστωτικής Σταθερότητας), or HFSF is a Greek special purpose vehicle created to help stabilize the Greek banking sector amidst the Greek government-debt crisis.
Based in Athens, the HFSF was founded in July 2010 under Law 3864/2010 as a state-owned private legal entity with the purpose to "contribute to the maintenance of the stability of the Greek banking system, for the sake of public interest". It began its operation on 30 September 2010 with the appointment of the members of the fund's Board of Directors.
The fund has been seeded by the European Financial Stability Facility (EFSF) with 50 billion euros to recapitalize Greece's banks.
Originally governed by a Board of Directors, on 30 January 2013, the fund's management was reorganized into a two-tier management structure, consisting of the General Council and the Executive Board. While Anastasia Sakellariou was appointed Managing Director, or CEO, as part of the Executive Board, Paul Koster became Chairman of the General Council. Koster however resigned on 15 March 2013 and was replaced by Christos Sclavounis.
Following the January 2015 legislative election, the new SYRIZA government was expected to replace Sclavounis by Panagiotis Roumeliotis, while Sakellariou would remain Managing Director. Shortly thereafter, Sclavounis indeed resigned from his office as Chairman.
Sakellariou (Chief Executive Director of the HFSF between 2013 and 2015) was asked by the Greek government to step down from its position in May 2015 as she was charged, alongside other 25 former executives of the Hellenic Post Bank, with breach of trust for restructuring loans issued by the state lender.
In 2022, the Greek government proposed a law about divestment, lifetime and governance of the HFSF, special powers and rights of the HFSF; the ECB expressed a positive opinion on the proposal.
During the first year and half after its creation, the HFSF had capital for €1.5 billion. During this time the only bank receiving funds from it was New Proton.
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Hellenic Financial Stability Fund
The Hellenic Financial Stability Fund (Greek: Ταμείο Χρηματοπιστωτικής Σταθερότητας), or HFSF is a Greek special purpose vehicle created to help stabilize the Greek banking sector amidst the Greek government-debt crisis.
Based in Athens, the HFSF was founded in July 2010 under Law 3864/2010 as a state-owned private legal entity with the purpose to "contribute to the maintenance of the stability of the Greek banking system, for the sake of public interest". It began its operation on 30 September 2010 with the appointment of the members of the fund's Board of Directors.
The fund has been seeded by the European Financial Stability Facility (EFSF) with 50 billion euros to recapitalize Greece's banks.
Originally governed by a Board of Directors, on 30 January 2013, the fund's management was reorganized into a two-tier management structure, consisting of the General Council and the Executive Board. While Anastasia Sakellariou was appointed Managing Director, or CEO, as part of the Executive Board, Paul Koster became Chairman of the General Council. Koster however resigned on 15 March 2013 and was replaced by Christos Sclavounis.
Following the January 2015 legislative election, the new SYRIZA government was expected to replace Sclavounis by Panagiotis Roumeliotis, while Sakellariou would remain Managing Director. Shortly thereafter, Sclavounis indeed resigned from his office as Chairman.
Sakellariou (Chief Executive Director of the HFSF between 2013 and 2015) was asked by the Greek government to step down from its position in May 2015 as she was charged, alongside other 25 former executives of the Hellenic Post Bank, with breach of trust for restructuring loans issued by the state lender.
In 2022, the Greek government proposed a law about divestment, lifetime and governance of the HFSF, special powers and rights of the HFSF; the ECB expressed a positive opinion on the proposal.
During the first year and half after its creation, the HFSF had capital for €1.5 billion. During this time the only bank receiving funds from it was New Proton.