Greek HFSF Stability Fund Board Members Tender Resignations

HFSF

Members of the Hellenic Financial Stability Fund have tendered their resignation to be made effective on July 18, 2016. The decision was made so as to ease the future choices concerning the role that the HFSF will play in the Greek credit system. The General Council met on Tuesday to thank the outgoing members of the Greek fund’s executive committee — Managing Director Aris Xenofos, Acting Managing Director George Koutsos and HFSF member Anastasios Gagalis. The three outgoing HFSF members were thanked for their contribution.

The decision to resign as members of the HFSF came after a relevant report by the Review Committee that reportedly want the fund to play a more active role in dealing with non-performing loans. The amount of these loans is at 110 billion euros — 50% the amount of Greece’s loans.

In its announcement, the HFSF stated that “having completed the recapitalization of the bank system, it has contributed towards securing stability in the Greek bank system in a conclusive way under difficult economic conditions. The successful design allows for the pumping of important funds from the investment community in Greece and abroad, and the acquisition — for the first time — for the voting rights in bank share capital.”