This development is expected to officially conclude the recapitalization cycle of the Greek banking system and the Greek economy, which is showing resilience as, despite the new challenges, it is moving at a growth rate four times the average of the Eurozone.
The HFSF has fully divested from Eurobank, Piraeus Bank, Alpha Bank while maintaining a percentage of approximately 18% in National Bank and a percentage of approximately 70% in Attica Bank.
In particular, as pointed out after the completion of the divestment of the HFSF from Piraeus Bank by the financial staff of the government, the HFSF, the Bank of Greece and financial analysts, this fact is a vote of confidence for the international investment community, not only for the Greek banking system, but also for the Greek economy.
The successful cycle of disinvestment of the HFSF from the systemic banks started with Eurobank and was followed by Alpha Bank, National Bank and Piraeus Bank.
According to data presented by the Minister of National Economy and Finance Kostis Hatzidakis to the Parliament (February 2024), the State has not only an accounting but also, above all, a more general benefit from disinvestment.
According to these figures, for the rescue of the four systemic banks, the Greek State - through the HFSF - has paid a total of 30.9 billion euros, while the benefit it had is:
- 28.2 billion from the clipping of bonds (PSI program) held by the 4 systemic banks.
- 3.8 billion euros from the redemption of convertible bonds (CoCos).
- 2.8 billion from disinvestments made to date (March 2024) without the program being completed yet.
The outstanding total overall is 34.8 billion euros, that is, the benefit of the State in relation to the 30.9 billion it gave for the recapitalization is 3.9 billion euros, not counting the 2013-2023 dividends, amounting to 5, 5 billion euros paid by the Bank of Greece to the State, mainly due to the provision of extraordinary liquidity support to the banking system through the ELA.
By saving the systemic banks, of course, the deposits of the Greek citizens were also saved, which were approximately ten times the cost of the recapitalization, and businesses and households were protected from collapse. Speaking to Parliament on February 19, Mr. Hatzidakis emphasized that the results of the disinvestment in Eurobank, Alpha and National Bank prove the correctness of the government's choices.
