ECONOMY

Increased responsibility for bank fund

increased-responsibility-for-bank-fund

Bank bailout fund HFSF will soon have a much broader role as besides the major project of the recapitalization of banks, it will also be involved in the tackling of nonperforming loans, the assessment of systemic banks’ managements and the new privatizations fund.

The new bailout agreement provides for HFSF to start the process for the assessment of the banks’ managers and committees in February, with the aim of having it completed by next summer. To that end, HFSF will appoint special consultants from abroad by the end of 2015 to contribute to the assessment process with their expertise and experience.

Along with the Bank of Greece, HFSF will contribute toward the creation of a market for bad loans and seek out best international practices for the organization and promotion of that new market. The HFSF will also participate in the process for the re-privatization of the systemic banks.