Alpha Bank on Wednesday announced that, on 20.6.2017, it ceased using the guarantee scheme of
the Hellenic Republic, in accordance with the provisions of article 2 of Law 3723/2008 (Pillar II),
and has fully repaid the respective liquidity to the Bank of Greece.
In an announcement, Alpha Bank noted consequently, as of the same date, the bank was not subject any longer to the provisions and the relevant restrictions of Law 3723/2008, inclusive of the obligation to appoint a representative of the Hellenic Republic to the bank’s Board of Directors. It is reminded that, since April 2014, the Hellenic Republic has ceased to hold any preference shares of the bank under article 1 of Law 3723/2008 (Pillar I), following their full redemption, and the special instruments under article 3 of Law 3723/2008 (Pillar III) have already been cancelled.
The law was introduced in 2008 in Greece in the aftermath of the financial crisis in the US.