Hellenic Financial Stability Fund

Wednesday's Piraeus Bank board meeting, during which a new chief executive officer was supposed to be elected for the lender, was unexpectedly suspended as an email from the European Central Bank's Single Supervisory Mechanism (SSM) arrived asking for the process to be stopped so that the two short-listed candidates could be examined further.

The resolution of Greek credit institutions that were split into "good" and "bad" banks has led to the collection of just 545 million euros out of the 2.45 billion euros in borrowers' debts that had been deemed retrievable.

This amounts to just 21 percent of the amount that is supposed to be recovered from the bad banks, a performance that is quite disappointing.

The Hellenic Financial Stability Fund has rejected former Piraeus Bank chief executive Anthimos Thomopoulos's candidacy for his old post, opting instead to propose Christos Papadopoulos and Stelios Papadopoulos (who are not related) for the position at the lender of which the bank bailout fund controls 26 percent.

The Hellenic Financial Stability Fund and National Bank of Greece on Thursday announced they had reached an agreement to end their dispute over the appointment of the lender's new president.

National Bank of Greece announced on Monday that, following the conclusion of the sale of Turkish subsidiary Finansbank, it has addressed a letter to the Single Supervisory Mechanism (SSM) of the European Central Bank requesting approval to repurchase the contingent convertible bonds (CoCos) amounting to about 2.03 billion euros issued in December 2015 and held by the Hellenic Financial Stabili

The European Central Bank's Single Supervisory Mechanism (SSM) waded into the rift between National and bank bailout fund HFSF on Monday, saying in a letter that an extraordinary general meeting - that the HFSF wants to call - would lead to a further escalation of the crisis.

National Bank of Greece chief executive Leonidas Fragkiadakis has stressed to Kathimerini his determination to find a solution to the lender's management crisis, adding that the point is to reach consensus for the benefit of the bank. He adds that the lender has many challenges ahead of it and that it is crucial normality returns for work to resume.

There seems to be no end to the administration crisis at National Bank of Greece, as immediately after Panayiotis Thomopoulos was elected the group's new president on Wednesday, the Hellenic Financial Stability Fund, NBG's main stakeholder, stated it had voted against him and is examining the option of calling an extraordinary general meeting.

The National Bank of Greece board meeting interrupted last week upon the demand of major shareholder the Hellenic Financial Stability Fund due to a clash over the election of a new president is scheduled to resume on Wednesday.

National Bank of Greece, the country's oldest, remains without a president, an issue that will be revisited in the coming days. At the same time, its main shareholder, bank bailout fund HFSF, is also effectively headless.