On the ice the bankers bonuses until 2023

By Leonidas Stergiou

The message that the government will not allow the distribution of bonuses to bankers in this difficult situation was sent yesterday by the Chief Financial Advisor of the Prime Minister, Mr. Alexis Patelis. To this end, the Ministry of Finance will amend the new law on the HFSF, which will clarify that the payment of bonuses from the years 2020 and 2021 will not be allowed. This practically means that the general meetings will be able to approve bonuses from the uses 2022, ie payments from 2023 onwards.

The new law, the draft of which was submitted for consultation by May 13 and is to be passed soon by Parliament (originally set for June 1), provided for the abolition of the Financial Stability Fund (FSF) veto on bank bonuses. where it participates and which have a percentage of red loans below 10%. According to information, all four systemic banks, where the HFSF participates, had requested bonuses for their executives from the years 2020-2021 in view of the new law. In fact, for this reason, it was decided with the HFSF to create a special reserve, where any profits will be collected, in order to approve bonuses when the circumstances and the institutional framework allow it. It is recalled that the HFSF is a major shareholder in the National Bank with 40.39% of its shares, in Piraeus it holds 27%, in Alpha Bank 1.4%, in Eurobank 1.4% and in Attica Bank 62.93% .

Mr. Patelis, speaking on the radio station Real Fm, stated that the government can not allow bonuses to bankers, in this difficult situation and announced a special provision that will clarify it in the new law.

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The new law on HFSF – What it provides