Members of HFSF Board need not submit asset declarations

Members of the banking HFSF Board need not submit asset declarations, under the terms of a draft law.

The members of the Hellenic Financial Stability Fund – HFSF – will be exempted from a declaration of assets according to a last-minute amendment in the omnibus bill being debated in parliament. The draft law aims to meet Greece’s commitments to its creditors.

The original rendition of the provision mandated that HFSF board members as well as managers of its subsidiary companies must submit an assets declaration.

The amendment exempts exclusively the members of the HFSF board.

The issue was brought to light by the centre-left Democratic Alliance MP Odysseas Konstantinopoulos this evening in parliament, at the end of the day’s debate of the omnibus bill on Friday evening. The bill will be passed into law on Monday, 15 January.

Konstantinopoulos blasted the government, arguing that it accuses judges of not submitting assets declarations, but at the same time exempts the HFSF from the same requirement.

¨It is shameful for the parliament,’’ Konstantinopoulos concluded.

‘’HFSF’s primary mission is to contribute to the maintenance of the stability of the Greek banking system, for the sake of public interest, by assisting systemic Banks to strengthen their Balance Sheets with adequate capital, and by promoting and accelerating the resolution of the banking sector’s massive non-performing loan volumes, which is a critical requirement in order to restart economic activity in the country. Promoting banks’ return to profitability, thus facilitating eventual return to fully private ownership,’’ is how the Fund’s website describes its mission.