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(Title) veto on decisions of a financial institution would have the Fund Xrimatopistotikis stability of the banking establishment which provided the memorandum between Greece and the troika said in a statement the Ministry of Finance. It has been seven years and will be financed with 10 billion from the Greek government.
As mentioned the main points of the draft law for the fund will finance banks with capital in case of a contraction of.
Stressed not be unconnected with the provision of liquidity but would provide equity in the form of preferred shares that will become common, later. Banks are required to participate in the fund and if unable to obtain timely funds to repay the Fund, “will apply a restructuring plan under the auspices of the Fund under the Community competition rules and state aid.” It has been seven years during and after the ownership passes to the Greek Dimodio the legal form of allowing private participation.
The 10 billion will be provided by the Greek government as part of the loan money by the Troika, which means that Greece will assume the risk of damage. The powers include the demand for all necessary information from banks, it may appoint a member of the Board , will be required to submit a restructuring plan and has veto (veto) in their decisions.
It will require the conversion of preferred shares to common when the bank does not cover:
â€¢ The minimum amount of equity as required by relevant regulations or
â€¢ certain financial requirements that are imposed by the restructuring of the financial institution
NO VAT 2007
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