HFSF Fund, Babas Investment Bank and Tzakry Oil Company

A meeting of the Parliament’s Standing Committee on Economic Affairs, which dealt with the briefing presented by the Minister of National Economy and Finance, Kostis Hatzidakis, to members of the committee regarding Financial Stability Fund The THS, with the participation of Bank of Greece Governor Yannis Stournaras and THS Director General Ilias Shirohakis, was a thorn in the side of the entire opposition and especially the Syriza representatives.

For the umpteenth time, the myths about bank sell-offs and the losses recorded by the HFSF fund by withdrawing its investments from the fund have been proven. Regular banksThey have no connection with reality. Many saviors and beacons of truth have rallied around this myth, outside the opposition parties, who have succeeded day and night against Kostis Hatzidakis and Yannis Stournaras.

Apart from them, there are also Syriza representatives who dare to express an opinion about the banking system that had been dismantled in their days, and the old PASOK who were dominated by the wrong model of the Agricultural Bank during their tenure, too. As representatives of the party of the Shiites and the Messages of Jesus who imagine conspiracies and enemies everywhere and always.

The truth is that even the always calm and sober Kostis Hatzidakis could not stand it and took advantage of his caustic humor. Thus, when Nikos Pappas expressed his objections to the selling prices of shares of statutory banks, owned by the Privatization Fund and the timing of divestments, the Minister responded that the Privatization Fund had listened to the assessments of the privatization consultants and not to the proposals. Ha «Babas Investment Bank».

In response to Theodora Zachary, who denounced the rise in liquid fuel prices, she stated that fuel prices had risen since the first memorandum and had been maintained by the remaining two memorandums, noting that Theodora Zachary had given her positive votes to all three memorandums.

But let us put aside the political absurdity of Syriza's interventions and focus on the substance of the discussion.

Sisomi N opposition argued that Divestment to Ths Of bank capital, it caused a loss of more than 40 billion euros to the state. Does this 40 billion come from somewhere? no.

The analysis conducted by the Governor of the Bank of Greece leads to completely different conclusions, by comprehensively recording the cost of bailing out the banks with taxpayers' money, as well as recording the benefits to the state, that is, to the state. Taxpayers again. Because the state, as is known, does not own its own money, but rather manages taxpayers' money.

According to the Bank of Greece's tables, the state paid 25.5 billion euros to recapitalize the most important banks by the HFSF during the period 2012-2013. Through the HFSF, it contributed another 14.4 billion euros in the context of the consolidation of smaller informal banks, which were absorbed by the regular banks.

The HFSF also participated with another €5.5 billion in capital increases and joint ventures for systemic banks in 2015. It also participated in 2021 in new increases. justice (AMK) to Alfa Bank and Piraeus Bank in the amount of 440 million euros. Contributed €480 million to AMK of Attica Bank. Deferred tax cost (DTC) of Attica Bank amounts to €239 million. Finally, the decline in the value of DTC cost the Greek state 3.8 billion euros. That is, the total cost borne by the state amounts to 50.3 billion euros.

With regard to the benefits accruing to the state, the amounts mentioned in its tables Bank Ha Greece, As follows. The banking system's contribution to debt restructuring (PSI) amounted to approximately EUR 38.3 billion. An amount recorded as a loss on banks' balance sheets. Bank of Greece dividends Greek state Which comes mainly from ELA exceptional revenues amounting to 5.5 billion euros.

The HFSF's income from convertible corporate bonds amounts to €2.7 billion. The HFSF's income from divestment from systemic banks to date amounts to EUR 2.8 billion, and the current valuation of the remaining contributions in the National Bank and Attica Bank is EUR 1.7 billion.

The HFSF provided income from pre-registrations and underwriting of the 2012-13 AMCs and from the disposition of collateral amounting to €1.1 billion, from bank collections in liquidation of €878 million, while it is estimated that it will do so. Recovering another 752 million from banks under liquidation. That is, the total benefits accruing to the state amount to 53.7 billion euros.

Therefore, a positive balance of 3.4 billion euros appears, which no one can dispute anymore. Unless we hear again from the knowns – the unknowns, that the Bank of Greece does not know how to do its job. Something we should hear from the time of Tsipryadas and early Tsipryadas – Lavaziyanadas and Varoufakayadas during the first half of 2015.

Of course, one could justifiably say that public opinion is under the impression that “the state has lost money,” that “the banks have sold out,” and that “the banks are drowning in excess profits.” The same thing happens with “gypsum,” “cement,” “hidden things,” and “montage.”

The toxic misinformation spread and the populist projection of it by the media is so powerful that it is capable of clouding even reality, no matter how bright.

the Government It must be explained and analysed. To analyze and explain, without getting tired or procrastinating. The search for easy explanations by citizens, and the adoption of conspiratorial scenarios, constitute butter for the opposition’s bread. The government must convey its positions and the truth, at any cost, under any pretext, and never from above.

The meeting of the Standing Committee for Economic Affairs in Parliament, regarding the withdrawal of bank investments and state profits, should be a model of communication and communication for the government. The political positions of Babas Investment Bank Tzakry Oil Company They are toxic deceptions and must be confronted and exposed.