ΤΑΧΥΤΑΤΗ ΜΑΖΙΚΗ ΕΚΚΑΘΑΡΙΣΗ ΣΤΙΣ ΔΙΟΙΚΗΣΕΙΣ ΤΩΝ ΕΛΛΗΝΙΚΩΝ ΤΡΑΠΕΖΩΝ ΠΡΟΑΝΑΓΓΕΛΛΟΥΝ ΟΙ FINANCIAL TIMES
Οι ξένοι δεν έφεραν στην Ελλάδα μόνο λεφτά, αλλά και ΜΜΕ παγκοσμίου εμβέλειας & δημοσιογράφους !!!
More than a third of the board members at Greece's four largest banks will be replaced within weeks as part of a governance overhaul of the banking sector.
About 20 of the 55 individuals on the boards of the four lenders were likely to fail "fit and proper" tests being conducted by the Hellenic Financial Stability Fund, the rescue vehicle backed by Athens' international creditors, according to two senior Greek officials.
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The evaluations are part of a drive to implement rigorous new criteria for how board members are chosen at National Bank of Greece, Alpha Bank, Eurobank and Piraeus Bank. The aim is to boost board-level expertise and improve corporate governance by severing the nexus of ties between top bankers, government ministers and powerful business groups — a system known as diaploki, or entanglement.
The tests are also an attempt to pre-empt an effort by the leftwing Syriza government to install its own placemen on the banks' boards in line with its policy of tightening state control of the economy.
"Even if the government pushes its own people for some of these posts . . . it will be difficult for any their candidates to pass the 'fit and proper' aspect of the process," said a senior banker.
The most high-profile victim is likely to be Louka Katselli, NBG non-executive chairwoman who was appointed less than a year ago. Ms Katselli's career in politics — she served as economy minister in 2009-11 before founding her own party — breaches the required four-year "cooling off" period for candidates with political affiliations.
Nikos Karamouzis, non-executive chairman of Eurobank, Dimitrios Mantzounis, chief executive of Alpha, and Michalis Sallas, non-executive chairman of Piraeus, are also under scrutiny.
Aristides Xenofos, HFSF chief executive, declined to confirm how many would fail the tests — the results of which could come next month. But he said: "We are taking a qualitative approach [to the evaluations]: the composition, the skills and the dynamics of the board — all these matter.
"We have to consider is the board the right mix given the current financial conditions and the bank's strategy? For example, on the resolution of non-performing loans and the challenges of the Greek economy?"
Athens has caved in to an ultimatum from its creditors and agreed to rush through long-resisted economic reforms in return for a third bailout
Spencer Stuart, a US-based executive recruitment firm, is acting as adviser and leading the hunt for replacements. The new cadre must have a minimum 15 years' banking experience outside Greece and have severed ties with the country's financial sector at least 10 years ago.
Close attention will also be paid to the heads of the committees handling risk, audits and remuneration, Mr Xenofos said.
The make-up of the new boards is expected to be announced before the annual shareholder meetings of the four banks in June.
Analysts said a clearing out of longstanding Greek bank board members was necessary if the battered financial system was to regain the confidence of international investors.
Andreas Koutras, a financial consultant with Valere Capital, said: "Unless the old guard are removed and a serious overhaul of governance takes place you can't expect a reputable senior banker from abroad to lend his name to a Greek bank."
Greece's big lenders have delayed addressing their mounting piles of non-performing loans during the country's six-year recession. NPLs now account for more than half of their portfolios.
Despite raising more than €7bn in capital last year, Greece's banks remain chronically short of liquidity. Of the €40bn in deposits withdrawn from Greek banks last year, less than €5bn has been returned. Provisioning remains high and a large percentage of restructured loans turned sour last year as the economy worsened.
A separate assessment of the governance of the Greek banking sector is being conducted by the European Central Bank under its single supervisory mechanism. The SSM is also close to completing an evaluation of the HFSF's own board of directors, whose appointments were initially approved by the European Commission and International Monetary Fund — Greece's main creditors along with the ECB.
Οι ξένοι δεν έφεραν στην Ελλάδα μόνο λεφτά, αλλά και ΜΜΕ παγκοσμίου εμβέλειας & δημοσιογράφους !!!
Clear-out imminent at Greek bank boards
Kerin Hope in Athens
Kerin Hope in Athens
About 20 of the 55 individuals on the boards of the four lenders were likely to fail "fit and proper" tests being conducted by the Hellenic Financial Stability Fund, the rescue vehicle backed by Athens' international creditors, according to two senior Greek officials.
FirstFT is our new essential daily email briefing of the best stories from across the web
The evaluations are part of a drive to implement rigorous new criteria for how board members are chosen at National Bank of Greece, Alpha Bank, Eurobank and Piraeus Bank. The aim is to boost board-level expertise and improve corporate governance by severing the nexus of ties between top bankers, government ministers and powerful business groups — a system known as diaploki, or entanglement.
The tests are also an attempt to pre-empt an effort by the leftwing Syriza government to install its own placemen on the banks' boards in line with its policy of tightening state control of the economy.
"Even if the government pushes its own people for some of these posts . . . it will be difficult for any their candidates to pass the 'fit and proper' aspect of the process," said a senior banker.
The most high-profile victim is likely to be Louka Katselli, NBG non-executive chairwoman who was appointed less than a year ago. Ms Katselli's career in politics — she served as economy minister in 2009-11 before founding her own party — breaches the required four-year "cooling off" period for candidates with political affiliations.
Nikos Karamouzis, non-executive chairman of Eurobank, Dimitrios Mantzounis, chief executive of Alpha, and Michalis Sallas, non-executive chairman of Piraeus, are also under scrutiny.
Aristides Xenofos, HFSF chief executive, declined to confirm how many would fail the tests — the results of which could come next month. But he said: "We are taking a qualitative approach [to the evaluations]: the composition, the skills and the dynamics of the board — all these matter.
"We have to consider is the board the right mix given the current financial conditions and the bank's strategy? For example, on the resolution of non-performing loans and the challenges of the Greek economy?"
Athens has caved in to an ultimatum from its creditors and agreed to rush through long-resisted economic reforms in return for a third bailout
Spencer Stuart, a US-based executive recruitment firm, is acting as adviser and leading the hunt for replacements. The new cadre must have a minimum 15 years' banking experience outside Greece and have severed ties with the country's financial sector at least 10 years ago.
Close attention will also be paid to the heads of the committees handling risk, audits and remuneration, Mr Xenofos said.
The make-up of the new boards is expected to be announced before the annual shareholder meetings of the four banks in June.
Analysts said a clearing out of longstanding Greek bank board members was necessary if the battered financial system was to regain the confidence of international investors.
Andreas Koutras, a financial consultant with Valere Capital, said: "Unless the old guard are removed and a serious overhaul of governance takes place you can't expect a reputable senior banker from abroad to lend his name to a Greek bank."
Greece's big lenders have delayed addressing their mounting piles of non-performing loans during the country's six-year recession. NPLs now account for more than half of their portfolios.
Despite raising more than €7bn in capital last year, Greece's banks remain chronically short of liquidity. Of the €40bn in deposits withdrawn from Greek banks last year, less than €5bn has been returned. Provisioning remains high and a large percentage of restructured loans turned sour last year as the economy worsened.
A separate assessment of the governance of the Greek banking sector is being conducted by the European Central Bank under its single supervisory mechanism. The SSM is also close to completing an evaluation of the HFSF's own board of directors, whose appointments were initially approved by the European Commission and International Monetary Fund — Greece's main creditors along with the ECB.
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