The bill of the Ministry of Finance of the National Economy and Finance “Sanction of the Merger and Investment Agreement of 18.7.2024 between the Financial Stability Fund and the limited liability company called THRIVEST HOLDING” was approved at the plenary session of the Assembly of the Republic in the Authority and in its entirety LTD”, for the merger of Attica Bank with Pankritia Bank.
ND voted in favor of the project. and PASOK-KINAL.
All other opposition parties voted against the Authority and the entire project.
K. Hatzidakis: Is there any finance minister who would reject this deal?
The question of whether there would be a Finance Minister who would reject the agreement for the merger of Attica Bank with Pankritia Bank was raised earlier by Finance Minister Kostis Hatzidakis during his speech at the Plenary Session of Parliament for the ratification of the relevant contract.
“We have an agreement for which the governor of the Bank of Greece warns that, if it does not go ahead, there will be dramatic consequences for depositors, for the banking system and for the economy. We have one of the largest investment banks that guarantees that there is no other interested investor. And we also have all the bodies that deal with the matter, which in the House Committee have expressed their support for the agreement. I would like to know if there would be a finance minister who would reject this agreement”, said the Finance Minister.
Mr Hatzidakis submitted to the minutes of Parliament all official documents relating to the transaction, specifically:
- The letter from the Governor of the Bank of Greece, Mr. Yannis Stournaras of 16 July 2024 to the Minister of Economy and National Finance in which he presents the capital deficit of the two banks, while warning of the consequences for depositors (which include even a “cut” of deposits), the banking system (mass withdrawal of deposits, collapse of the most vulnerable banks) and the economy if the agreement were not to go ahead.
- The investigation reported possible investment interests on the same or better terms as JP Morgan did following an order from the HFSF, from which it was concluded that there was no other interested party.
- The reports of two independent financial advisors (EY and JP Morgan) that, according to the law, the FEFG must have.
- Rothschild’s opinion letter (not required by law but requested by the EFSF) that the procedure followed is appropriate based on international practice in similar transactions.
- The minutes of the meeting of the Board of Directors of the FEFG of 18-7-2024 to approve the Fund’s participation in the transaction.
“Everything is transparent, everything is at your disposal,” the minister emphasized and added: “So what would you do in my place? Based on all this evidence, if I or any Finance Minister were to adopt this irreverent criticism heard today, then they could be accused of disloyalty. I would like you to deal with a similar situation someday and reject the solution. Let’s see what would happen then with your parties, but also mainly with the banking system and the economy.”