Extensive checks at the Solidarity Fund for the former Agricultural Bank

As a compulsory insurance institution providing one-off pension benefits, the Greek Workers’ Welfare Fund (ACE- ATE), is under the direct supervision of the Ministry of Labour and Social Security and the National Accounting Authority. These principles are entrusted by law with the assessment of the financial data and the viability of the Rural Bank Fund, the control of prudent management of the public property granted to it and the general compliance with its legal function for the benefit of the insured persons. In this respect, in the exercise of their supervisory powers, both supervisory authorities proceeded to extensive controls and found a number of deficiencies and derogations in its operating patterns which directly jeopardise its viability. In this context and in order to restore the legality and proper functioning of the Fund, the supervisory authorities initiated, as required by law, the administrative procedure of the Ministerial Decision F.51010/1821/16/24.02.2004 ‘Application of Administrative Penalties’ (B’ 370/2004), while simultaneously transmitting the file to the competent prosecutors to investigate any criminal liability. At the same time, with the new instruments provided to supervisory authorities by Law 5078/2023, it was decided to appoint an independent administrator with a view to safeguarding the interests of the insured and the State more directly and effectively.

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