Finance ministry issues amendment on operation of Greek bank bailout fund

The finance ministry issued an amendment on the operation of the Hellenic Financial Stability Fund (HFSF) which may have risen issues concerning on the validity of the Fund’s decisions.

The ministry says the changes will ensure the smooth operation of the Fund and address “interpretative difficulties”.

The Fund has yet to appoint a new CEO despite the law which states that the seat must be filled within a maximum of three months. The amendment was needed to ensure that although there is no CEO, the Fund’s decisions are valid.
According to the amendments in articles 4 and 4a, “no action or proceedings of the General Council or the Executive Board of the HFSF can become invalid due to an empty position in the executive committee or within the General Council.”

It also adds that “if a member of the General Council or the Executive Board cannot be appointed within the prescribed period such bodies will convene and operate continuously until the appointment of new members, provided the necessary quorum is maintained.”