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Greece hires consultant to review boards of systemically important banks

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Greece hires consultant to review boards of systemically important banks

Greece's Hellenic Financial Stability Fund selectedconsulting firm Spencer Stuart to review the boards and committees of thecountry's systemically important banks.

The review is in accordance with a memorandum of understandingthat Greece and the European Commission signed in August 2015. The evaluation,which will apply criteria that are beyond minimum supervisory requirements,will be carried out in line with prudent international practices and thepresent European and national compliance and legal framework.

The HFSF, with the technical assistance from the EuropeanBank for Reconstruction and Development, will evaluate the size, operation,organization, structure and allocation of powers within the boards and committees,and it will propose improvements and amendments to each institution's corporategovernance framework.

The August2015 agreement between Greece and its international creditorsresulted in the European Stability Mechanism approving the first tranche offinancial assistance for the country.