How we decide
How we decide
The Hellenic Financial Stability Fund (HFSF) was established in July 2010 (under Law 3864/2010) as a private legal entity and is not part of the public sector. It has administrative and financial autonomy, operates exclusively under private sector rules and is subject to the provisions of the applicable founding law.
HFSF objective is to contribute to the maintenance of the stability of the Greek banking system in the public interest as well as the effective disposal of shares or other financial instruments held in credit institutions, which is based on a divestment strategy with a specific time horizon of definite and full implementation, which in principle does not extend beyond the Fund’s termination, namely 31.12.2025. The first and most important rule in carrying out these objectives is transparency and respect to the laws. The Fund complies with the obligations arising from or in connection with the Master Financial Facility Agreement of 15.3.2012, draft of which ratified by Law 4060/2012 and the Financial Facility Agreement of 19.8.2015, draft of which ratified by Law 4336/2015; thus, it is authorized to take all necessary measures to fully comply with these obligations and to fulfil them entirely.
The decisions that the HFSF will have to make from time to time, fall on different departments, depending on the nature of the decision itself.
The Board of Directors’ decisions
The Board of Directors decides on its own initiative or on a proposal from the Executive Board on the matters listed below and is entrusted with the supervision of the proper functioning and fulfilment of the Fund’s objectives. In this respect, the tasks of the Board of Directors are to:
The CEO is responsible for the preparation of the Fund’s work, the implementation of the decisions of the competent bodies and the execution of the acts required for the administration and operation, as well as the fulfillment of the purpose of the Fund.
In particular, the Chief Executive Officer has the following powers and responsibilities:
Any power given to the Fund under this or any other law, are considered granted to the Board of Directors, unless expressly reserved for the Chief Executive Officer.
Following the amendment of Law 3864/2010 by Law 4941/2022 (A ‘113/16.06.2022), the Board of Directors as the governing body of the Fund will replace the existing governing bodies (General Council and Executive Board) as of 16 July 2022.