In an interview to Sunday’s Kathimerini newspaper, HFSF’s chief executive Ms Sakellariou said that Greek banks’ capital shortfalls (if any) arising from the ECB’s comprehensive assessment (AQR and stress test) underway will be manageable (implying the private sector will fully cover any capital needs), refraining however from providing any further indications. 

Out of EUR50bn funds it was originally endowed with, the HFSF has already injected EUR25.5bn to the 4 systemic banks and used some EUR14.4bn for the cleaning up of non-systemic ones. Including some recoveries so far, it has been left with some EUR11.5bn available resources. 

Given that the current market value of HFSF holdings in the 4 systemic banks aggregate to cEUR18bn and another EUR2bn are likely to be recovered from ‘bad banks’, Ms Sakellariou expects the HFSF to recoup more than EUR30bn (out of the original EUR50bn) in total, way above the EUR16bn recovery estimate which the Troika (EU/IMF) has built in current projections for public debt.