General Council

Mr. George Michelis was appointed as Chairman of the General Council of the Hellenic Financial Stability Fund (HFSF) in May 2015.

Mr. Michelis has many years of banking experience having held senior positions in various organizations. From 2004 to 2007 he was the CEO of Bancpost, a subsidiary of Eurobank in Romania. From 1984 to 1990 he held senior positions in Commercial Bank, and served as General Manager from 1989 to 1990 and General Manager & Vice Chairman of the Board of Directors from 1996 to 2004. From 1990 to 1995 he was the Executive Vice President and the Chief Operating Officer at Egnatia Bank, of which he was a founding member.

He served as Administrative Director at the Onassis Cardiac Surgery Center and has been member of Boards and Executive Committees in many financial institutions and organizations in Greece and abroad, such as the Commercial Bank of Greece in Germany and in Cyprus, the Athens Stock Exchange SA, the Hellenic Bank Association, and the Visa International. He has also served as Mayor of Skopelos from 2011 to 2014.

He holds a M.A. in economics from Boston College, Chestnut Hill, USA and a Doctorate (Ph.D.) in Economics from Northeastern University in Boston, USA.

From 1978 to 1984 Mr. Michelis taught economics at various universities in the United States and has published many articles on the financial sector. His most recent publications are "The role of technology in the banking industry in the next decade" published in the Bulletin of the Hellenic Bank Association and the "Measuring customer satisfaction measurement in the private bank sector" published in the European Journal of Operational Research.
Non Executive Member
Mr. Steven Franck is currently a Managing Director at Tetrad Capital Partners, a stakeholder advisory and investment management firm. Mr. Franck’s sector expertise includes financial institutions, technology, media and telecommunications (TMT), aviation, oil & gas, and power generation.

Mr. Franck has over 17 years of investment banking and capital markets experience in valuing businesses, investing and raising capital across equity and fixed income products. Since 2009, when he joined Alvarez & Marsal, he has worked extensively in bank restructuring in Europe, including: leading the Lehman Brothers European derivatives restructuring trading team; commercial real estate restructuring in Central & Eastern Europe for Austria’s Hypo Alpe-Adria Bank; and working in Cyprus with the Special Administrator for Cyprus Popular Bank during the banking emergency.

In Greece, Mr Franck served as the Strategy & Restructuring Advisor to the Hellenic Republic Asset Development Fund (HRADF) and with HFSF during the purchase and assumption of Agricultural Bank and the creation of the New Hellenic Postbank. He also worked with the US Federal Deposit Insurance Corporation (FDIC), DG Competition and the Troika to consider unique bank restructuring cases.

At BNP Paribas from 2006 to 2009, Mr. Franck worked on the Distressed Debt and Special Situations Trading Desk. He previously worked at Morgan Stanley for 10 years in Equity, Credit and Special Situations Research.

Mr. Franck also served in the US Navy, where he accumulated 2300+ flight hours and served at the White House.

Mr. Franck holds a MSc. in Management of Technology from the Massachusetts Institute of Technology (MIT) Sloan School of Management, a MSc. in Operations Research from the Naval Postgraduate School and a BSc. in Mechanical Engineering from Cornell University.
Non Executive Member
Mr. Christoforos Stratos is a seasoned international finance and banking expert, having held senior executive positions in banking institutions in London, Paris and Madrid, focusing on credit, structured finance and asset management.

He currently advises various corporates on finance and fundraising issues, and in 2011 he was a Senior Advisor to the Head of Wholesale Lending at the Spanish bank Banco Bilbao Vizcaya Argentaria, S.A.(BBVA), focusing on its business development strategy and on the restructuring of its corporate loan portfolio.

From 2007 to 2010 he was a Partner at Santander Infrastructure Capital Management Ltd, a private equity fund investing in infrastructure assets in Europe and Latin America.

He spent a good portion of his earlier career, from 1999 to 2007, as a corporate and investment banker with Credit Agricole and its predecessor organisations, starting with Banque Indosuez in Piraeus. From 2001 το 2007 he was Managing Director and Global Head of Infrastructure Finance, where he led the financing, privatisation or acquisition of various large scale transportation, energy & utilities projects on a global basis.

Mr. Stratos holds a Master of Business Administration (MBA) from INSEAD, Fontainebleau, France and a Bachelor of Science (Bsc) in Industrial Engineering from Lehigh University, Bethlehem, Pennsylvania, USA.
Non Executive Member
Mr. Elias Karakitsos is Chairman of Global Economic Research, which provides economic and financial research on the economies and financial markets of the US, Europe and Japan to financial institutions and shipping companies. He is also a Partner and Strategist of Twintop Consultants and an Associate Member of the Centre of Economic and Public Policy (CEPP), Department of Land Economy, University of Cambridge.

He is an academic with nearly 25-years of service at Imperial College, University of London, where he held the chair in economics until 2001 and was subsequently a Visiting Professor until 2004. He was Head of Economics at Imperial College for ten years (1987-1997) and joined CEPP in 2004. He is the author of six books, nearly 100 papers in learned journals and more than 500 research reports on economies and financial markets for the benefit of the financial institutions and shipping companies that he is acting as an advisor.

During his career he has had an impact as an economic advisor to governments and financial institutions and he has ten years of experience in asset management as a manager and strategist. He has acted as an economic advisor to the UK (1980-87) and the US (1987) governments on economic policy and as a consultant to DG II of the European Commission (1992-95) on monetary union, economic convergence and the issues of a multi-speed Europe. He also gave Evidence to the House of Commons on Monetary Policy (1980) and on International Monetary Arrangements (1983). He has also acted as economic and investment advisor to many financial institutions including Oppenheimer, Allianz, Credit Agricole, Standard Chartered, Abbey National and Citigroup.

Professor Karakitsos holds a Bachelor of Science (B.Sc.) in Economics from the Athens University of Economics & Business, and a Master of Science (M.Sc.) and a Doctorate of Philosophy (Ph.D.) in Economics from the University of Surrey, England.
Non Executive Member
Mr. Sigurgeirsson is Director of the General Secretariat and International Relations at the Central Bank of Iceland and Chairman of the Central Bank Asset Holding Company

Prior to assuming his current responsibilities at the Central Bank of Iceland, he occupied, for more than fifteen years, several managerial positions as Economist, Deputy Director and Director of the International Department in the fields of debt management, foreign exchange reserves management, external debt of the Republic of Iceland and International Relations.

Since January 2015 Mr. Sigurgeirsson is also a member on the Task Force for Lifting Capital Controls in Iceland.

During his career in the financial sector, he has been Assistant to the Executive Director from 2000 to 2002 and Alternate Executive Director, Nordic-Baltic Chair from 2005 to 2008, at the International Monetary Fund.

Mr. Sigurgeirsson holds a Cand Oecon Degree from the University of Iceland, Faculty of Business Administration and Economics.
Non Executive Member, Representative of the BoG
Mr. Vassilios Spiliotopoulos is the Head of the Monetary Policy Operations Section within the Financial Operations Department at the Bank of Greece, where he has been employed since 2000.

His area of expertise is the implementation of monetary policy, while in recent years he has been heavily involved in the analysis and assessment of the liquidity profile and the funding needs of the Greek banks. He has also worked on risk management and crisis management issues.

Since 2003 he has been representing the Bank of Greece in various Eurosystem task forces, working groups and committees. Prior to joining the Bank of Greece, he worked in Greek banks in the sectors of corporate banking and mutual funds.

Mr. Spiliotopoulos is a graduate of the National and Kapodistrian University of Athens, Department of Mathematics and he holds an MBA from the University of Newcastle upon Tyne in England.
Non Executive Member, Representative of the Ministry of Finance
Mrs. Raftopoulou is a Special advisor to the Vice President of the Government in Financial issues.

During her multi annual working experience she has held management positions and has worked in the private sector as Chief Accountant in a pharmaceutical company, as well as in the public sector as professor at the Technical High Schools of Megara and Anavryta, in the Directorate of Agriculture Ministry in Corinth, and since 1984 at the Agricultural Bank of Greece (ATE) in the credit application review and the risk management sectors. She was also Head of Corporate Division of ATE until February 2012.

She has participated in projects such as the reorganization and modernization of ATE Bank and the consultation on the Acts of the Governor of the Bank of Greece (BoG) regarding the implementation of the new capital adequacy framework of Basel II, as a member of the Credit Risk Committee of the Greek Banks Association. She has also participated in the evaluation of the Operational Programme “Competitiveness and Entrepreneurship” in the sectors of energy and natural resources.

Mrs. Raftopoulou has graduated and has a Master of Science in Agricultural Economics from Agricultural University of Athens. She has also published a study on the “Evolution of agricultural products prices in decades 1950’s, 1960’s, 1970’s and 1980’s, and a study on the “Productivity of Greek livestock”.

Members – Term

The General Council shall consist of nine (9) non-executive members. Seven (7) of its members, including the Chairman, shall be persons with international experience in banking matters. The other members of the General Council shall be a representative of the Ministry of Finance, and a person nominated by the Bank of Greece.

The members of the General Council shall be selected by a Selection Panel (Article 4A of Law 3864/2010) following a public call for expression of interest and shall be appointed by a decision of the Minister of Finance. Their appointment cannot extend beyond June 2020 (paragraph 6 of article 2 of Law 3868/2010 as amended). Any vacancy on the General Council 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 the aforementioned article 4A, to serve the remaining term of the departed member. With the exception of the representative of the Ministry of Finance and the nominee from the Bank of Greece in the General Council all appointments, including renewal of appointments and respective remuneration of member of the General Council, shall require the prior agreement of the Euro Working Group Working Group.


The General Council shall decide on its own initiative or upon proposal of the Executive Board, on matters specified below and shall be charged with the oversight over the proper operation and fulfillment of the objective of the Fund. In particular the General Council:
  1. Is informed by the Executive Board for its actions and monitors the compliance of the Executive Board with the provisions of the present law and in particular with the principles enshrined in Article 2 of Law 3864/2010, as amended.
  2. Decides on the matters related to the provision of capital support, the exercise of voting rights and the disposal of the HFSF’s participation.
  3. Approves the general policies and, the by-laws and internal rules and the organizational structure (IROS) applicable to the administration and operations of the HFSF, including the HFSF’s code of conduct for its members, the conflict of interest’s policy, the insider trading policy and the information barriers policy.
  4. Approves the appointment of the senior management of the HFSF, including Chief Financial Officer, the Chief Operations Officer, the Chief Internal Auditor, the Chief Risk Officer, the Chief Investment Officer, and the Chief Legal Counsel.
  5. Approves the HFSF’s general terms and conditions of personnel’s employment and the remuneration policy. The remuneration policy has to be competitive so as to attract and retain high-quality and expert candidates. When approving the remuneration policy, the General Council shall take into account the remuneration levels of staff of similar qualification in the Greek banking system.
  6. Approves the annual budget of the HFSF.
  7. Approves the annual report and other formal reports and the financial statements of the HFSF.
  8. Approves the appointment of the external auditors of the HFSF.
  9. Approves the establishment of one or more advisory bodies, determine their terms and conditions of appointment of their members, and determine the terms of reference of such bodies.
  10. Establishes one or more committees consisting of members of the General Council and/or other persons, and defines their responsibilities.
  11. Adopts the rules of procedure for the General Council and the HFSF’s Procurement Regulation which regulates the procurement of goods and services, for any procurement falling within the values provided in article 23 par. 2 case I.a and par. 4 of Law 4281/2014, as an exception from the relevant provisions and subsequent procurement rules of the said Law.
  12. Takes the decisions and exercises such other powers and tasks as explicitly granted to the General Council by the present Law or any other law.
The Chief Executive Officer (CEO) shall be responsible to the General Council for the execution of General Council’s decisions and for control of the administration and operations of the HFSF. The CEO or in his absence the other member that replaces him shall report, as often as required to the General Council and not less than ten times each year.


The General Council shall meet as often as the business of the HFSF may require but not less frequently than ten times per calendar year. Meetings of the General Council shall be called and chaired by its Chairman. In his absence, the meetings shall be called by a member of the General Council, other than the representative of the Ministry of Finance and the person appointed by the Bank of Greece. A quorum for the conduct of business at any meeting of the General Council shall consist of at least five (5) members of the General Council. Each member of the General Council shall have one vote. Save as otherwise provided in this Law, decisions shall be adopted by a majority of the members present at the meeting. In the event of a tied vote, the person chairing the meeting shall cast a tie-breaking vote.


The remuneration and compensation of members of the General Council:
  • 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.
  • No remuneration or compensation shall be based on the HFSF’s profits or any of its revenues.
  • The remuneration or compensation received by the members of the General Council shall be such that qualified and expert persons can be recruited and retained.