Executive Board

Chief Executive Officer
Dr. Martin Czurda has vast experience in the banking sector having held senior positions in various international banking institutions.

In particular, end 2015 till 2016, Dr. Czurda was the Chairman of the Non-Executive Board at Swiss owned Valartis Bank AG, Austria appointed by a public trustee in order to sell the majority of the banking operations and wind up the remaining parts.

From 2013 to 2015, following the privatization of Austrian Anadi Bank AG (formerly Hypo Alpe-Adria-Bank AG) he has served as the Chief Executive Officer (CEO) for the new owners from India and UK. During this time, he reorganized the bank and transformed it from a non-viable credit institution to a private profitable bank.

He has also served as restructuring Chief Risk Officer (CRO) and Chief Financial Officer (CFO) at a Slovene bank in Vienna in 2012-2013, and from 2009 to 2012 he has been appointed CEO at Amsterdam Trade Bank, a Russian/Dutch bank in Amsterdam, with the mission to change the previous business model into a trade and commodity finance bank profiting from the trade flows between Russia/CIS and Europe.

In the past he has acted as Non-Executive member in many organizations on the Board of Directors such as Austrian Hypo (Mortgage) Association, SREI Infrastructure Ltd and Amsterdam Trade Bank.

Has also served as Managing Director (MD), Division Head of Global Markets and Division Head of Financial Institutions at Raiffeisen Zentralbank, Vienna and started his commercial banking career with Bank Austria, Vienna.

Martin Czurda holds a Doctorate Degree (Dr.) in Economics and a Master’s Degree (M.A.) in Business Administrations from the University of Economics, Vienna, Austria.

Deputy Chief Executive Officer
Mr. Ilias Xirouhakis has over 25 years of experience in the financial sector, in senior managerial positions of banks and other companies of the financial sector in Greece and abroad. Several of the companies he has worked for are Global Leaders in their areas of business activity.

In 1990’s he held positions in Visa International (European Middle East and African headquarters-London UK) and Reuters (UK). In Greece he has successfully served in several senior managerial and C-suite positions in banks (National Bank of Greece, Marfin Popular Bank, Geniki bank, Interbank etc) and other companies of the financial sector (Interamerican Cards, General cards and financial services, Marfin collections services etc).

He is a graduate of the London Metropolitan University (UK), holds a Bachelor of Arts (Honors) degree in business forecasting and economics. He holds a Masters’ degree in macroeconomics and economics of the European Union from Exeter University in the United Kingdom, specialized in the European Union's monetary policy and the common currency (Euro).

He also holds a Masters of Business Administration (MBA) in Banking Management specialized in Risk Management (Credit & Operational Risk) and the Electronic Payment Systems, also from Exeter University. Furthermore is graduate of the International Directors Banking Program for Executives of INSEAD University (France) with special focus on the Corporate Governance of global Financial Institutions.

Member of Executive Board
Mrs. Marica Frangakis has worked in the financial sector for many years. Her most recent appointments include as a non-executive member of the Board of Directors of ALPHA Bank (2015-2017) and as a member of the General Council of the Hellenic Financial Stability Fund (2017-2019). As of May 2019, she is a member of the Executive Board of the HFSF, nominated by the Bank of Greece.

Her previous appointments include Head of the Forecasting Department of the Research and Planning Division of the Agricultural Bank of Greece (1984- 1993). During this time, she was seconded to the General Directorate of Agriculture of the European Commission (1979-1980), while she served in the Privatisation Unit of the Governor’s Office of ABG (1989-1993). Mrs. Frangakis then transferred to Ethniki Kefalaiou SA, an affiliate of the National Bank of Greece Group, dealing with assets and liabilities management (1993- 2010). She was head of the Division dealing with the operation and sale of companies placed under restructuring &/or liquidation.

Mrs. Frangakis holds a BSc Degree in Analytical and Descriptive Economics from the London School of Economics (LSE), University of London and a Master’s degree (MA) in Development Economics from the University of Sussex, United Kingdom. She is a member of the Board of the “Nicos Poulantzas Institute” and of the Steering Committee of the EuroMemo Group.

Members – Term

The Executive Board shall consist of three members, two of which, including the Chief Executive Officer, shall be persons with international experience in banking matters or in matters relating to the resolution of credit institutions and one of which shall be a person nominated by the Bank of Greece. One executive member will be assigned the task to enhance the role of the Hellenic Financial Stability Fund (HFSF) in facilitating the resolution of NPLs of the credit institutions in which the Fund participates.

The members of the Executive Board shall be selected by a Selection Panel (article 4A of Law 3864/2010) following a public call for expressions of interest and appointed by a decision of the Minister of Finance. Their appointment is for three years and may be renewed but cannot exceed the term of the Fund, namely 31 December 2022. Any vacancy on the Executive Board shall be filled within sixty (60) days, that can be extended if needed for another thirty (30) days, by the appointment of a new member, under the provisions of article 4A, to serve the remaining term of the departed member. Appointments and renewals of the term of members of the Executive Board including their respective remuneration shall require the prior agreement of the Euro Working Group Working Group.


The Executive Board shall be charged with the preparation of the HFSF’s tasks and the implementation of its decisions its competent bodies and conduct of its operations necessary for the administration and operation, as well as for the fulfilment of its objective.

The Executive Board has indicatively the following powers and tasks:
  1. Proposes to the General Council on the issues that the General Council decides according to Article 4 under the paragraph 9 of Law 3864/2010.
  2. Implements the decisions of the General Council taken either upon or without proposal from the Executive Board.
  3. Takes all actions required or deemed advisable for the administration or operations of the Fund, including the Fund’s powers and responsibilities under Article 2 of Law 3864/2010, procurement of goods and services, entering into contractual commitments on behalf of the HFSF, appointing the staff and advisors of the Fund, and generally representing the HFSF.
  4. Delegates any of his powers or tasks to any of its members or to the HFSF’s cadres, in accordance with the general terms and conditions adopted by the General Council and with due consideration to the avoidance of conflicts of interests, provided that the Chief Executive Officer shall primarily exercise his powers pursuant to the provisions of the HFSF Law. The Executive Board appoints a group to assist the tasks of the member of the Executive Board who has been assigned the task to enhance the role of the HFSF in facilitating the resolution of Non-Performing Loans.
  5. Has such other powers and tasks as explicitly granted by this Law or any other law.
  6. Represents judicially and extra-judicially the HFSF and binds it towards any third party.
  7. Exercises any other power which is not expressly granted to the General Council.
  8. All powers under this Law and any other law that are vested in the Fund shall be deemed vested in the Executive Board, unless specifically reserved for the General Council.


The Executive Board shall meet as often as the business of the HFSF may require but not less than once a week. Meetings of the Executive Board shall be called by the Chief Executive Officer or, in his absence, by the person replacing him, who is the other member of the Executive Board, referred to in the second subparagraph of paragraph 3 of Article 4 of Law 3864/2010, as amended. Two members shall constitute a quorum for Executive Board meetings. Each member of the Executive Board shall have one vote. Save as otherwise provided in this Law, decisions shall be adopted by a majority of two (2) members present at the meeting.


The remuneration and compensation of members of the Executive Board:
  • Shall be determined by the Selection Panel decision and shall be stated in the legal instruments relating to their appointment and shall be disclosed in the HFSF’s annual report.
  • Shall be such that qualified and expert persons can be recruited and retained.
  • No remuneration or compensation shall be based on the HFSF’s profits or any of its revenues.