Hellenic Financial Stability Fund (HFSF) on Friday released its interim financial statements, for the nine month period ended September 30, 2015.
Chief Executive Officer of the HFSF, Mr. Aris Xenofos, commenting on the results said: “During the first nine months of 2015 the value of the Fund’s portfolio was significantly burdened due to the unstable Greek Securities Market (the Stock Exchange Banking Index -82 pct), as well as due to the return of the unutilised EFSF bonds (10.9 billion euros), thus reaching a total capital of 4.7 billion euros. This change in the Fund’s portfolio has reduced its financial result, however the operating expenses of the Fund were significantly reduced by 80 pct over the previous year (9/2015: 3.6 million euros versus 9/2014: 18.7 million). During the third quarter the Fund’s activities were particularly intense where important processes and initiatives were undertaken regarding the planning of the upcoming recapitalisation of the systemic banks and the significant changes to the law governing the operations of the Fund.”
European Financial Stability Facility (EFSF) Notes
During the nine month period ended, interest income amounted to 15 million euros versus 58.6 million in the respective period in 2014. The decrease in interest income is due to the re-delivery of the European Financial Stability Facility (EFSF) Notes held by the Fund, on 27/02/2015. The balance in 2015, except from the coupons of EFSF Notes, includes the proceeds from the cash management account with Bank of Greece (BoG) amounted to 6 million euros.
Expenses amounted to 2.2 million euros versus 2 mln during the respective period in 2014. The increase is due to the increase of the number of personnel. Operating expenses amounted to 1.5 million euros versus 16.7 million in the respective period in 2014. The result from financial instruments at FVTPL amounted to 8.271 billion euros loss in the 9 month period ended 30/09/2015 versus 5.094 billion loss in the respective period of 2014. As of September 30, 2015 the Fund’s cash and balances amounted to 344.3 million euros versus 670 million as of 31 December 2014. Following the re-delivery of the EFSF Notes on 27/02/2015, the HFSF proceeded with the reduction of its paid in capital by the amount of 10.9 billion euros. As of September 30, 2015 HFSF’s capital amounted to 38.8 billion.
