On the 4th and final sustainable report with a reference period in 2023, as it progressed towards its merger with the Super Fund by the end of 2024, it released the Financial Stability Fund ( ). As the HFSF reports, since its establishment it has played a key role in the transformation and restructuring of the Greek banking sector, strengthening corporate governance structures, risk management and internal control system, sustainable and sustainable development and social responsibility. This report highlights the strategic guidelines of the EFSF for sustainable development and presents the direct and indirect positive impact of its actions on both the banking system and society as a whole. Based on the data of 2023, it is mentioned in the report, the Fund focused on creating sustainable value. As an active shareholder, the Fund played an important role in promoting sustainable development, social responsibility and strong corporate governance in the banking sector, contributing for another year to the improved performance of Greek systemic banks and non-systemic Attica Bank. With the support of the Fund, as stated in its communication, systemic banks further reduced their environmental footprint and strengthened their strategy with policies promoting “green” entrepreneurship and efficient climate risk management. At the same time, the HFSF placed particular emphasis on financial inclusion, promoting equal access to finance, support for vulnerable groups and facilitating access to banking services. In these fields, banks made significant progress through the development of new products and services. The Fund devotes Chapter 3 of the exhibition to initiatives, actions and selected quantitative sizes of Greek systemic banks and Attica Bank. The EFSI also encourages Greek systemic banks to better align their efforts in promoting sustainable development in the provision of business credits, identifying possible synergies with specific international cooperation initiatives between banks. In addition, the HFSF actively encourages Greek banks to participate in ENGAGE4ESG, which is funded by the European Union and aims to promote funding (e.g. housing, renovation) of energy-efficient properties. At the same time, as stated in the Communication, the Fund contributed significantly to the promotion of financial stability with a view to protecting the public interest, successfully completing the divestment of its holdings by the vast majority of systemic banks, while strengthening the values of transparency and responsibility. As banks emerge as an important force in achieving the UN Sustainable Development Goals (SDGs), and stakeholders require strong commitment to environmental, social and strong corporate governance priorities, the Fund worked closely with the Greek banking sector to make it possible to move towards a sustainable future. It is noted that the EFSI, recognizing the need for additional related actions, remains committed to cooperate effectively with all stakeholders in order to achieve greater progress. The Chairman of the Board of Directors, Andreas Verukios, said: “As we complete this important cycle of actions of the TSF, the fourth Sustainable Development Report is proof of our timeless commitment to sustainable growth and financial stability. With a focus on environmental responsibility and transparency, we achieved significant results, working closely with Greek banks to create a strong banking system for the benefit of the economy and society.” The CEO, Elias Xerouchakis, said: “In the TCS, we realise that the sustainable development of banking activities is becoming increasingly important. In 2023, with the integration of the new Strategy, we focused on the successful implementation of the divestment from our participations and the reduction of the environmental footprint of both the Fund and the banks we participated in. Believed in our commitment to adopting the highest standards of environmental and social responsibility and corporate governance, we remain committed to supporting the public interest through responsible banking and sustainable development.” The Sustainable Development Report for 2023 was drawn up in accordance with international Global Reporting Initiative (GRI) standards and received limited assurance (limited assurance) from an external independent auditors based on ISAE 3000 (Revised) and AA1000 standards.
EFSI: Sustainable Development Report for 2023, at the heart of the divestment of stakes in banks
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