About

General Council

Chairman
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 has more than twenty five (25) years of international banking and finance experience having held senior executive positions in banking institutions in London, Paris and Madrid, focusing on credit, structured finance and asset management. He was appointed Non-Executive Member of the General Council of HFSF in November 2014.

He advises various corporates on finance and business development strategies, and spent time as Senior Advisor at the Spanish bank Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), focusing on the restructuring of the Wholesale Lending business development strategy and loan portfolio.

Previously he was a Partner of Santander Infrastructure Capital Management Ltd, a private equity fund investing in infrastructure assets in Europe and Latin America, and the Executive Vice President of Aguas Nuevas, a private water utility in Chile.

He spent a good portion of his earlier career, from 1989 to 2007, as a corporate and investment banker with Banque Indosuez/Calyon/Credit Agricole in a number of senior management positions as Managing Director in the structured finance division. He was also member of credit and investment committees, Global Head of Infrastructure Finance where he developed business plans and risk strategies for new products, and led numerous large-scale syndicated loan transactions and loan restructurings.

Mr. Stratos holds a Master of Business Administration (MBA) from INSEAD in France, and a Bachelor of Science (Bsc) in Industrial Engineering from Lehigh University, Pennsylvania, USA.
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
Mr. Maetze has thirty (30) years of banking experience having held senior management positions in Commerzbank, Dresdner Bank and HypoVereinsbank (now UniCredit Bank AG) in Germany and Singapore. He is a proven expert in Financial Institutions business, actively participated in the two (2) largest bank mergers in Germany, oversaw various business transformation exercises and the development as well as the implementation of successful business unit strategies during the financial crisis and in post-merger situations.

From 2007 to 2015 he was Member of Commerzbank’s Executive Management Board with responsibilities including the global Financial Institutions business of Commerzbank. Prior to this he was Global Head of Financial Institutions at Dresdner Bank.

Mr. Maetze has served/is serving on a number of Boards in Banking, Finance and Financial Technology (Financial Technology) as well as cultural foundations.

Mr. Maetze holds a BSc. from the Frankfurt School of Finance and Management and participated in various management programs at Harvard Business School, Institut Européen d'Administration des Affaires (INSEAD), International Institute for Management Development (IMD), Management School St. Gallen, as well as Baden-Badener Unternehmergespräche (BBUG).
Non Executive Member
Dr. Dagmar Valcárcel is a Managing Director, Head of Strategic Resolution, Insurance Operations at Barclays Non-Core, the divestment division of Barclays Bank PLC. She leads the divestment of Barclays' life insurance operations across Western Europe based in Spain.

Prior to taking up her current role, Dr. Valcárcel was General Counsel Western Europe, responsible for the risk management and legal support to the Retail and Business Banking, Wealth and Investment Management and the Corporate and Investment Banking divisions of Barclays throughout Continental Europe.

She joined Barclays in 2010, in Switzerland, from Terra Firma Capital Partners UK, where she was a Director in the Legal, Tax and Structuring Team. Prior to Terra Firma, she worked at Freshfields Bruckhaus Deringer in UK and Germany, at Clyde & Co in UK and at General & Cologne Re in Germany.

She is Chairperson of the Executive Committee of Barclays Vida y Pensiones Compañia de Seguros, S.A.U, Madrid, Spain and a member of the Supervisory Board of amedes Holding GmbH, Hamburg, Germany.

Dr. Valcárcel holds a PhD in Law from Rheinische Friedrich-Wilhelms-Universiät, Bonn, Germany and is qualified in England & Wales, Germany and Spain. She is a Fellow of Studienstiftung des deutschen Volkes and she speaks German, Spanish, English and French.
Non Executive Member
Mr. Radovan Jelasity is the CEO and Chairman of the Board of Directors at Erste Bank Hungary (EBH) in Budapest, Hungary. He has managed the turnaround of EBH, consolidated several subsidiaries back into the bank and cleaned up the Non-Performing loan portfolio down to a single digit. In addition, he has concluded several acquisitions and implemented a new overall business strategy for the bank.

Mr. Jelasity served as Governor of the National Bank of Serbia between 2004 and 2010 and Vice Governor from 2000 until 2003. He had a critical role in consolidating the Serbian banking and insurance sectors, strengthening the regulatory and supervisory framework and representing Serbia in key negotiations with international financial institutions. As Vice Governor he was a board member of the Banking Rehabilitation Agency, where he helped reorganize the banking system and launch the privatization of several large banks.

Previously, Mr. Jelasity worked for McKinsey & Company in Frankfurt, focusing on banking projects in Germany, Poland and Bulgaria. He started his banking career in 1995 with Deutsche Bank in Frankfurt where he worked for four years as a Regional Manager responsible for Central and Eastern Europe.

Mr. Jelasity is a member of the board of the Hungarian Banking Association, holds a Master of Business Administration (MBA) in Finance from the University of Illinois, Chicago, USA and a Bachelor of Science (BSc) in Marketing from the University of Belgrade, Yugoslavia.

Non Executive Member, Nominated by the Bank of Greece
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.

Responsibilities

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.

Meetings

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.

Remuneration

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.