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.
The objective of the HFSF is to contribute to the maintenance of the stability of the Greek banking system in the public interest. The first and most important rule in carrying out this objective is transparency and respect to the laws. The HFSF acts in accordance with the relevant obligations of the Letters of Intent of 15.3.2012 and 19.8.2015 and complies with the obligations arising from or in connection with the Master Financial Facility Agreement of 15.3.2012, and the Financial Facility Agreement of 19.8.2015. 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 General Council’s decisions
The General Council 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 General Council tasks are to:
The CEO is responsible to the General Council for the execution of its decisions and for the control of the management and operation of the HFSF. The CEO or, in his/her absence, the other member replacing him/her, reports to the General Council as often as necessary, but at least ten times a year.
The Executive Board’s decisions
The Executive Board tasks are to:
Any power given to the Fund under this or any other law, will also be delegated to the Executive Board, unless expressly reserved for the General Council.