Announcements

Resolution of Credit Institution “Panellinia Bank S.A. - Final valuation

On 26 November 2015, the RMC determined the definitive valuation of the difference in value between transferred liabilities and transferred assets from credit institution “Panellinia Bank S.A.”, which is placed under special liquidation in April 2015, to “Piraeus Βank S.A.”The license of credit institution “Panellinia Bank S.A.” was revoked by the European Central Bank Decision ECB/SSM/2015 – 213800HD5YY7LYTQ1369/1 of April 17th, 2015, according to the provisions of article 14 of the Council Regulation (EU) No 1024/2013 of 15 October 2013.

The difference in value amounted to 296,993,841 euro, of which:

  • the Deposit Cover Scheme contributes 66,255,194 euro, the difference between covered deposits (366,761,208 euro) and transferred assets (300,506,014 euro),
  • the Resolution Scheme contributes the remaining balance due (230,738,647 euro),

as per the relevant legislation.

TEKE has claim over the credit institution “Panellinia Bank S.A.”, which is placed under special liquidation, for the total amount of the difference in value between transferred liabilities and transferred assets.

 

Enactment of law 4346/2015

On November 20, 2015 lav 4346/2015 (Govenrment gazette A/152) "Emergency provisions for the application of the Agreement on fiscal targets and structural reforms" was enacted, by which the legal framework for the provision of a resolution loan from the Hellenic Financial Stability Fund (HFSF) to TEKE was amended and further temporary borrowing of the Resolution Scheme from the Deposit Cover Scheme for financing resolution measures was provided for.

Enactment of law 4340/2015

On November 1, 2015, law 4340/2015 (Government Gazette 134/A) was enacted "On credit institutions recapitalization framework and other provisions", by which the Settlement Account was abolished and the granting of a Resolution Loan from the Hellenic Financial Stability Fund to TEKE for financing resolution measures was provided for.  

Guidelines on methods for calculating contributions to Deposit Guarantee Schemes

On 22/9/15 European Banking Authority (EBA) published the Guidelines on methods for calculating contributions to Deposit Guarantee Schemes.

Bilateral Agreement between the HDIGF and the Entschädigungseinrichtung Deutscher Banken GmbH – EdB

On 11 September 2015, two Bilateral Agreements were signed between the Hellenic Deposit and Investment Guarantee Fund (HDIGF) and the Compensation Scheme of German Banks (Entschädigungseinrichtung Deutscher Banken GmbH - EdB).

The Agreements are based on provisions of the Directive 2014/49/EC on Deposit Guarantee Schemes (DGSs), stipulating that in case of credit institutions operating on a cross-border basis via branches, the host country DGS represents the home country DGS.

In the two Agreements signed, one provides for the HDIGF acting on behalf of the EdB for depositors at branches set up by German banks in Greece and respectively the other agreement provides for the EdB acting on behalf of the HDIGF for depositors at branches set up by Greek banks in Germany.

The Agreements focus on communication issues with depositors residing in the host country and on reimbursing procedures and they are the first to be concluded under the new European legal framework, while  similar agreements expected to be drafted among EU DGSs.

Guidelines on payment commitments on Deposit Guarantee Schemes.

On 11/9/15 European Banking Authority (EBA) published the Guidelines on payment commitments under Directive 2014/49/EU on Deposit Guarantee Schemes.