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The appointment of the new board member will be announced at the Bank`s next general meeting of shareholders, which will also decide on Mr. Miskou`s election to the audit committee, while the corresponding procedure will be followed within the legal and regulatory framework with respect to the review process of the new member through the European Central Bank`s single supervisory mechanism. With regard to the “adequacy” of the measure, the Commission notes that the measure, which was mainly necessary for ISPs, is intended to ensure that the bank meets regulatory capital requirements and remains eligible for central bank liquidity. First, given that the Bank of Piraeus is a systemically important bank in Greece and that the measure aims to contribute to Greece`s financial stability, the measure seems appropriate at first. However, the Commission has doubts and, at this stage, is not in a position to feel that all measures have been taken immediately to prevent the bank from needing help again in the future. At this time, it is not known who will control the bank as soon as bridge recapitalization is replaced by permanent recapitalization. The bank can either be under state control or minority private owners can benefit from high control and leverage. In both cases, the Commission wishes to ensure that the quality of the bank`s management, and in particular its lending procedure, does not deteriorate. For example, if the bank is under state control, it should not suffer from mismanagement, misvaluation or the execution of non-business-oriented loans. At present, the Commission doubts that the current corporate governance framework can limit public interference and coordination.

Conversely, if the majority of Piraeus Bank`s voting rights were held in the future by an investor who placed only a limited amount of money and benefited from call options on government-owned shares, that investor might be tempted to take excessive risks. Finally, I would like to say that there is a risk that the way the bank is run will deteriorate and that the restoration of sustainability and the maintenance of financial stability may deteriorate. In the absence of clarity as to who the bank will own and control the bank in the future, the Commission doubts at this stage the relevance of the aid measure and invites the Greek authorities, the bank and interested third parties to submit their comments and information. The agreement puts the platform at 410 million euros. The total purchase price for the purchase of 80% of the platform was agreed at 328 million euros. Eurobank Ergasias S.A. (Bank or Eurobank) announces that on 28.11.2019, the Hellenic Financial Stability Fund (HFSF) has been informed of the end of the mandate since 16.12.2019 as the HFSF`s representative on the Board of Eurobank (BoD). Konstantinos Angelopoulos and requested that Mr Dimitrios Miskou be appointed on 16.12.2019 as the new representative of the HFSF for the Eurobank Board of Directors, in accordance with the provisions of L.3864/2010 and the framework agreement on relations between Eurobank and HFSF (RFA).