Greek bank rescue fund deputy CEO resigns

The deputy chief executive at Greece’s bank rescue fund, the vehicle in charge of recapitalizing the country’s top lenders, resigned on Tuesday, the second senior executive to leave the fund in the last three months.

The resignation of Deputy CEO Marios Koliopoulos from the Hellenic Financial Stability Fund (HFSF) follows the departure of the fund’s Dutch chairman Paul Koster in March, who stepped down, citing personal reasons.

Funded with 50 billion euros ($64 billion) from the country’s European Union/International Monetary Fund bailout, the HFSF was set up to recapitalize Greece’s major banks and cover the cost of winding down others deemed non-viable.

“Mr. Koliopoulos resigned over a disagreement on legal procedures,» said a senior HFSF executive, who declined to be named due to the sensitivity of the issue.

Koliopoulos declined to comment.

In May the rescue fund appointed former UBS executive Christos Sklavounis as the new chairman to replace Koster.

Greece’s four big lenders – National Bank, Piraeus, Alpha and Eurobank – which incurred heavy losses from a sovereign debt swap and impaired loans, completed their recapitalization last month.

The HFSF now owns majority stakes in all four lenders and exercises full control of Eurobank. [Reuters]

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