The draft law of the Ministry of Finance of the National Economy and Finance “Sanction of the Merger and Investment Agreement from 18.7.2024 between the Financial Stability Fund and the limited liability company named THRIVEST HOLDING” was approved by the plenary session of the Parliament on the Authority and in its entirety LTD”, for its merger Attica Bank with the Pankritia Bank.

The ND voted in favor of the bill. and PASOK-KINAL.

All other Opposition parties voted against the Authority and the entire bill.

K. Hatzidakis: Is there a finance minister who would reject this agreement?

The question of whether there would be a finance minister who would reject the agreement to merge Attica Bank with Pankritia Bank was raised earlier by the finance minister Kostis Hatzidakisduring his speech to the Plenary of the Parliament for the ratification of the relevant contract.

“We have an agreement for which the governor of the Bank of Greece warns that if it does not proceed there would be dramatic consequences for depositors, the banking system and the economy. We have one of the largest investment banks that assures that there is no other interested investor. And we also have all the agencies dealing with the issue, who in the House Committee spoke in favor of the agreement. I wonder if there would be a finance minister who would reject this agreement,” said the Minister of Finance.

Stournaras for Attica Bank – Pankritia: Non-merger would ultimately lead to collapse and tremors in the banking system

Mr. Hatzidakis submitted to the minutes of the Parliament all the official documents related to the transaction, specifically:

  • The letter of the Governor of the Bank of Greece, Mr. Yannis Stournaras of July 16, 2024 to the Minister of National Economy and Finance in which he presents the capital deficit of the two banks, while warning of the consequences for depositors (which include even a “haircut” of deposits ), the banking system (mass withdrawal of deposits, collapse of the most vulnerable banks) and the economy if the deal did not go ahead.
  • The investigation report of possible investment interest on the same or better terms that JP Morgan did following an order from the HFSF, from which it emerged that there was no other interested party.
  • The reports of two independent financial advisors (EY and JP Morgan) which according to the law the HFSF must have.
  • The letter of opinion from Rothschild (not required by law but requested by the HFSF) according to which the procedure followed is appropriate based on international practices in similar transactions.
  • The minutes of the meeting of the Board of Directors of the HFSF on 18-7-2024 for the approval of the Fund’s participation in the transaction.

“Everything transparently, everything is at your disposal”, emphasized the minister and added: “So, what would you do in my place? On all this evidence, if I or any Finance Minister were to adopt this flippant criticism heard today, then they could be accused of disloyalty. I wish you to handle a similar situation sometime and reject the solution. Let’s see what would happen then to your parties but also mainly to the banking system and the economy”.

Follow us on Google News and be the first to know all the news!