EFSF Says It Doesn’t Have a Stake in Greece’s HFSF Reserve Funds
2015-03-10 14:08:31.785 GMT
By Rebecca Christie
(Bloomberg) -- The EFSF, a euro-area firewall fund, doesn’t
have a stake in EU555m of funds claimed by Greece from the
Hellenic Financial Stabilization Fund, EFSF spokesperson tells
reporters Tuesday by e-mail.
* Says last Friday the EFSF was made aware by the HFSF that
the Greek government is claiming part of the remaining HFSF
reserve, which is the result of a one-off commission paid to
the state by banks
* The EFSF does not have a stake in this, as this sum is
related to activities that took place before the EFSF
disbursed money to Greece, spokesperson says
* The HFSF remaining reserve, around EU856m in cash, includes
revenue related to bank recapitalization and resolution
operations, such as recoveries from liquidation and fees
* Also, EU10.9b in remaining EFSF notes have been returned to
the EFSF, as foreseen in Feb. 27 amended Greek Master
Financial Assistance Facility Agreement
* Between 2012 and 2014, the EFSF transferred EU48.2b in EFSF
notes to Greece in the context of the financial assistance
agreement, and more than EU37.3b in EFSF notes have actually
been used in banks for this purpose
* EFSF notes were provided via the Greek government to the
Greek bank recapitalization fund for the purpose of
stabilising the banking sector through bank recapitalisation
or resolution
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Rebecca Christie in Brussels at +32-2-285-4307 or
rchristie4@bloomberg.net
To contact the editors responsible for this story:
Alan Crawford at +49-30-70010-6237 or
acrawford6@bloomberg.net
Zoe Schneeweiss
2015-03-10 14:08:31.785 GMT
By Rebecca Christie
(Bloomberg) -- The EFSF, a euro-area firewall fund, doesn’t
have a stake in EU555m of funds claimed by Greece from the
Hellenic Financial Stabilization Fund, EFSF spokesperson tells
reporters Tuesday by e-mail.
* Says last Friday the EFSF was made aware by the HFSF that
the Greek government is claiming part of the remaining HFSF
reserve, which is the result of a one-off commission paid to
the state by banks
* The EFSF does not have a stake in this, as this sum is
related to activities that took place before the EFSF
disbursed money to Greece, spokesperson says
* The HFSF remaining reserve, around EU856m in cash, includes
revenue related to bank recapitalization and resolution
operations, such as recoveries from liquidation and fees
* Also, EU10.9b in remaining EFSF notes have been returned to
the EFSF, as foreseen in Feb. 27 amended Greek Master
Financial Assistance Facility Agreement
* Between 2012 and 2014, the EFSF transferred EU48.2b in EFSF
notes to Greece in the context of the financial assistance
agreement, and more than EU37.3b in EFSF notes have actually
been used in banks for this purpose
* EFSF notes were provided via the Greek government to the
Greek bank recapitalization fund for the purpose of
stabilising the banking sector through bank recapitalisation
or resolution
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Rebecca Christie in Brussels at +32-2-285-4307 or
rchristie4@bloomberg.net
To contact the editors responsible for this story:
Alan Crawford at +49-30-70010-6237 or
acrawford6@bloomberg.net
Zoe Schneeweiss