General Council

Mr. George Michelis was appointed as Chairman of the General Council of the Hellenic Financial Stability Fund (HFSF) in May 2015.

Mr. Michelis has many years of banking experience having held senior positions in various organizations. From 2004 to 2007 he was the CEO of Bancpost, a subsidiary of Eurobank in Romania. From 1984 to 1990 he held senior positions in Commercial Bank, and served as General Manager from 1989 to 1990 and General Manager & Vice Chairman of the Board of Directors from 1996 to 2004. From 1990 to 1995 he was the Executive Vice President and the Chief Operating Officer at Egnatia Bank, of which he was a founding member.

He served as Administrative Director at the Onassis Cardiac Surgery Center and has been member of Boards and Executive Committees in many financial institutions and organizations in Greece and abroad, such as the Commercial Bank of Greece in Germany and in Cyprus, the Athens Stock Exchange SA, the Hellenic Bank Association, and the Visa International. He has also served as Mayor of Skopelos from 2011 to 2014.

He holds a M.A. in economics from Boston College, Chestnut Hill, USA and a Doctorate (Ph.D.) in Economics from Northeastern University in Boston, USA.

From 1978 to 1984 Mr. Michelis taught economics at various universities in the United States and has published many articles on the financial sector. His most recent publications are "The role of technology in the banking industry in the next decade" published in the Bulletin of the Hellenic Bank Association and the "Measuring customer satisfaction measurement in the private bank sector" published in the European Journal of Operational Research.
Non Executive Member
Mr. Sigurgeirsson is Director of the General Secretariat and International Relations at the Central Bank of Iceland and Chairman of the Central Bank Asset Holding Company

Prior to assuming his current responsibilities at the Central Bank of Iceland, he occupied, for more than fifteen years, several managerial positions as Economist, Deputy Director and Director of the International Department in the fields of debt management, foreign exchange reserves management, external debt of the Republic of Iceland and International Relations.

Since January 2015 Mr. Sigurgeirsson is also a member on the Task Force for Lifting Capital Controls in Iceland.

During his career in the financial sector, he has been Assistant to the Executive Director from 2000 to 2002 and Alternate Executive Director, Nordic-Baltic Chair from 2005 to 2008, at the International Monetary Fund.

Mr. Sigurgeirsson holds a Cand Oecon Degree from the University of Iceland, Faculty of Business Administration and Economics.
Non Executive Member
Mr. Maetze has thirty (30) years of banking experience having held senior management positions in Commerzbank, Dresdner Bank and HypoVereinsbank (now UniCredit Bank AG) in Germany and Singapore. He is a proven expert in Financial Institutions business, actively participated in the two (2) largest bank mergers in Germany, oversaw various business transformation exercises and the development as well as the implementation of successful business unit strategies during the financial crisis and in post-merger situations.

From 2007 to 2015 he was Member of Commerzbank’s Executive Management Board with responsibilities including the global Financial Institutions business of Commerzbank. Prior to this he was Global Head of Financial Institutions at Dresdner Bank.

Mr. Maetze has served/is serving on a number of Boards in Banking, Finance and Financial Technology (Financial Technology) as well as cultural foundations.

Mr. Maetze holds a BSc. from the Frankfurt School of Finance and Management and participated in various management programs at Harvard Business School, Institut Européen d'Administration des Affaires (INSEAD), International Institute for Management Development (IMD), Management School St. Gallen, as well as Baden-Badener Unternehmergespräche (BBUG).
Non Executive Member
Mr. Radovan Jelasity is the CEO and Chairman of the Board of Directors at Erste Bank Hungary (EBH) in Budapest, Hungary. He has managed the turnaround of EBH, consolidated several subsidiaries back into the bank and cleaned up the Non-Performing loan portfolio down to a single digit. In addition, he has concluded several acquisitions and implemented a new overall business strategy for the bank.

Mr. Jelasity served as Governor of the National Bank of Serbia between 2004 and 2010 and Vice Governor from 2000 until 2003. He had a critical role in consolidating the Serbian banking and insurance sectors, strengthening the regulatory and supervisory framework and representing Serbia in key negotiations with international financial institutions. As Vice Governor he was a board member of the Banking Rehabilitation Agency, where he helped reorganize the banking system and launch the privatization of several large banks.

Previously, Mr. Jelasity worked for McKinsey & Company in Frankfurt, focusing on banking projects in Germany, Poland and Bulgaria. He started his banking career in 1995 with Deutsche Bank in Frankfurt where he worked for four years as a Regional Manager responsible for Central and Eastern Europe.

Mr. Jelasity is a member of the board of the Hungarian Banking Association, holds a Master of Business Administration (MBA) in Finance from the University of Illinois, Chicago, USA and a Bachelor of Science (BSc) in Marketing from the University of Belgrade, Yugoslavia.

Non Executive Member, Nominated by the Bank of Greece
Mr. Vassilios Spiliotopoulos is the Head of the Monetary Policy Operations Section within the Financial Operations Department at the Bank of Greece, where he has been employed since 2000.

His area of expertise is the implementation of monetary policy, while in recent years he has been heavily involved in the analysis and assessment of the liquidity profile and the funding needs of the Greek banks. He has also worked on risk management and crisis management issues.

Since 2003 he has been representing the Bank of Greece in various Eurosystem task forces, working groups and committees. Prior to joining the Bank of Greece, he worked in Greek banks in the sectors of corporate banking and mutual funds.

Mr. Spiliotopoulos is a graduate of the National and Kapodistrian University of Athens, Department of Mathematics and he holds an MBA from the University of Newcastle upon Tyne in England.
Non Executive Member, Representative of the Ministry of Finance
Mrs. Marica Frangakis has worked in the financial sector for many years. In 1978 she was appointed to the Research and Planning Division of the Agricultural Bank of Greece becoming involved in the negotiations leading to Greece’s accession to the then Common Market. In this respect, she was seconded to the General Directorate of Agriculture of the European Commission.

In 1984 she became Head of the Forecasting Department of the Research and Planning Division, while in 1989 she was appointed to the Privatisation Unit of the Agricultural Bank of Greece’s Governor’s Office, where she remained until 1993.

In 1993, Mrs. Frangakis transferred to Ethniki Kefalaiou SA, an affiliate of the National Bank of Greece Group, dealing with assets and liabilities management where she remained until 2010. She was in charge of the Division dealing with the operation and sale of companies placed under restructuring &/or liquidation.

From 2015 to 2017 she served as a non-executive member of the Board of Directors of ALPHA Bank, representing the state (L.3723/2008).

She is at present an independent researcher, with a special focus on macroeconomics and finance, areas in which she has published widely.

Mrs. Frangakis is a member of the Board of the “Nicos Poulantzas Institute” and of the Steering Committee of the EuroMemo Group.

She holds a BSc Degree in analytical and descriptive Economics from the London School of Economics (LSE), University of London and a Master’s Degree (MA) in development economics from the University of Sussex, United Kingdom.
Non Executive Member
Paul Arlman received degrees in Law, Economics and International Relations at the Universities of Rotterdam, Groningen and Nice (France) for which he attained Shell and European Commission scholarships.

He joined the Dutch Ministry of Finance in 1970, spent 4 years as Financial Attaché at the Embassy in Washington DC from 1974.

Upon return he served as deputy director international affairs at the Ministry. In that capacity he was co-responsible for the Ministry’s policies in all International Financial Institutions of which his country is a member as well as the European Union.

He also served as full Director in the Board of the European Investment Bank (’81-‘86) and chaired that Bank’s Board Policy Committee.

In 1986 he was elected Executive Director of the World Bankgroup for the constituency that his country presided over, including Cyprus and in MIGA Switzerland.

He took the initiative for and chaired the informal Narmada Board committee which resulted in the Bank removing itself from the major Narmada financing operations. This gave a push to efforts relating to all dam-projects globally and later contributed to the institution of the Bank’s Inspection Panel. He chaired the first MIGA Audit Committee. He also served in the Bank’s Pension and Audit Committees..

In 1990 he was nominated Secretary General of the Amsterdam Stock Exchange. He chaired the Trading System Committee and engineered unprecedented foreign access to the Exchange. Among other international responsibilities he chaired the Legal Committee of the World Federation of Exchanges. He took the initiative for and served as member of the first Dutch Corporate Governance (Peters) Committee.

In 1998 followed his election as Secretary General of the European Stock Exchange Federation (Fese) in Brussels. He was instrumental in the process of assisting the development of Exchanges in Eastern European countries well before these countries joined the EU. He was a founding Board Member of the European Corporate Governance Institute. For three years he chaired the European Parliamentary Forum on Financial Services.

From 2005 till spring 2017 he served on the Board of the Dutch Private Shareholders Association (VEB), lastly as Chairman and since its institution in 2012 till 2016 of the Prime Finance Foundation.

In 2005 he was elected Chair of the Board and of the Membership Assembly of Plan International, a non-governmental organization that manages fundraising of 600mln euro annually in 19 different countries and invests those funds in 50 developing nations.

In 2007 he was elected Chair of the Dutch Chapter of Transparency International, the leading global anti-corruption organization. He stepped down in 2015.

Mr. Arlman married Kieke Wijs in 1971, they have two grown children, two grandsons and two granddaughters.

Members – Term

The General Council shall consist of nine (9) non-executive members. Seven (7) of its members, including the Chairman, shall be persons with international experience in banking matters. The other members of the General Council shall be a representative of the Ministry of Finance, and a person nominated by the Bank of Greece.

The members of the General Council shall be selected by a Selection Panel (Article 4A of Law 3864/2010) following a public call for expression of interest and shall be appointed by a decision of the Minister of Finance. Their appointment cannot extend beyond June 2020 (paragraph 6 of article 2 of Law 3868/2010 as amended). Any vacancy on the General Council shall be filled within sixty (60) days, that can be extended if needed for another thirty (30) days, by the appointment of a new member, under the provisions of the aforementioned article 4A, to serve the remaining term of the departed member. With the exception of the representative of the Ministry of Finance and the nominee from the Bank of Greece in the General Council all appointments, including renewal of appointments and respective remuneration of member of the General Council, shall require the prior agreement of the Euro Working Group Working Group.


The General Council shall decide on its own initiative or upon proposal of the Executive Board, on matters specified below and shall be charged with the oversight over the proper operation and fulfillment of the objective of the Fund. In particular the General Council:
  1. Is informed by the Executive Board for its actions and monitors the compliance of the Executive Board with the provisions of the present law and in particular with the principles enshrined in Article 2 of Law 3864/2010, as amended.
  2. Decides on the matters related to the provision of capital support, the exercise of voting rights and the disposal of the HFSF’s participation.
  3. Approves the general policies and, the by-laws and internal rules and the organizational structure (IROS) applicable to the administration and operations of the HFSF, including the HFSF’s code of conduct for its members, the conflict of interest’s policy, the insider trading policy and the information barriers policy.
  4. Approves the appointment of the senior management of the HFSF, including Chief Financial Officer, the Chief Operations Officer, the Chief Internal Auditor, the Chief Risk Officer, the Chief Investment Officer, and the Chief Legal Counsel.
  5. Approves the HFSF’s general terms and conditions of personnel’s employment and the remuneration policy. The remuneration policy has to be competitive so as to attract and retain high-quality and expert candidates. When approving the remuneration policy, the General Council shall take into account the remuneration levels of staff of similar qualification in the Greek banking system.
  6. Approves the annual budget of the HFSF.
  7. Approves the annual report and other formal reports and the financial statements of the HFSF.
  8. Approves the appointment of the external auditors of the HFSF.
  9. Approves the establishment of one or more advisory bodies, determine their terms and conditions of appointment of their members, and determine the terms of reference of such bodies.
  10. Establishes one or more committees consisting of members of the General Council and/or other persons, and defines their responsibilities.
  11. Adopts the rules of procedure for the General Council and the HFSF’s Procurement Regulation which regulates the procurement of goods and services, for any procurement falling within the values provided in article 23 par. 2 case I.a and par. 4 of Law 4281/2014, as an exception from the relevant provisions and subsequent procurement rules of the said Law.
  12. Takes the decisions and exercises such other powers and tasks as explicitly granted to the General Council by the present Law or any other law.
The Chief Executive Officer (CEO) shall be responsible to the General Council for the execution of General Council’s decisions and for control of the administration and operations of the HFSF. The CEO or in his absence the other member that replaces him shall report, as often as required to the General Council and not less than ten times each year.


The General Council shall meet as often as the business of the HFSF may require but not less frequently than ten times per calendar year. Meetings of the General Council shall be called and chaired by its Chairman. In his absence, the meetings shall be called by a member of the General Council, other than the representative of the Ministry of Finance and the person appointed by the Bank of Greece. A quorum for the conduct of business at any meeting of the General Council shall consist of at least five (5) members of the General Council. Each member of the General Council shall have one vote. Save as otherwise provided in this Law, decisions shall be adopted by a majority of the members present at the meeting. In the event of a tied vote, the person chairing the meeting shall cast a tie-breaking vote.


The remuneration and compensation of members of the General Council:
  • Shall be determined by the Selection Panel decision and shall be stated in the legal instruments relating to their appointment and shall be disclosed in the HFSF’s annual report.
  • No remuneration or compensation shall be based on the HFSF’s profits or any of its revenues.
  • The remuneration or compensation received by the members of the General Council shall be such that qualified and expert persons can be recruited and retained.