A new super privatization fund to include all Greek State assets and enterprises headed for privatization through TAIPED, the existing State Privatization Fund, and other related subsidiaries, is in the process of being established and will be strictly monitored by the country’s lenders.

The aim of the new privatization fund, to be named Greek Holding and Property Company and given a life span of 99 years, will be to “utilize assets that will contribute funds to the country’s investment policies” and also to “help reduce the Greek State’s financial obligations”.

Beisdes TAIPED, the new super privatization fund will take under its wings the Financial Stability Fund (THS), the Public Property Company (ETAD), as well as the Public Holding Company (EDIS), now being formed.

TAIPED is expected to offer 19 privatizations to the overall effort, including a 17 percent stake of PPC, the main power utility, 35 percent of ELPE (Hellenic Petroleum), 65 percent of DEPA (Public Gas Corporation), and 24 percent of EYDAP ( Athens Water Supply and Sewage Company). However, an article specifying the transfer of TAIPED’s holdings to the new privatization fund is missing from the related draft bill.

The new privatization fund’s Supervisory Board, to be comprised of five members – three of which will be appointed by local officials and two by the European Commission and the European Stability Mechanism (ESM), including the board’s chairman – will play a crucial role. Decisions will require the support of four votes to be implemented.

The Supervisory Board’s role will include appointing the chairman of the Administrative Board, to manage the utilization of Greece’s public assets.

The draft bill for the new privatization fund includes an attachment endorsing an agreement for the sale of 14 Greek peripheral airports to a consortium comprised of Germany’s Fraport and the Copelouzos corporate group.