Hellenic Republic Asset Development Fund
| Hellenic Republic Asset Development Fund | |
|---|---|
| legal form | Corporation |
| founding | July 1, 2011 |
| Seat | Athens |
| management |
|
| Website | Official website |
| As of March 30, 2015 | |
The Hellenic Republic Asset Development Fund (short: HRADF ) ( Greek ΤΑΙΠΕΔ: Ταμείο Αξιοποίησης Ιδιωτικής Περιουσίας του Δημοσίου German: value funds for the public private assets) is a joint stock company with the Greek government as its sole shareholder and a share capital amounting to 30 million euros. The HRADF was established in the wake of the Greek sovereign debt crisis on July 1, 2011 by Law 3986/2011 “Urgent measures for the implementation of the medium-term framework of the financial strategy”.
As of March 2015, the Board of Directors consists of five members and two additional non- voting observers from the Eurozone and the European Commission .
The tasks of the AG are the sale, development or liquidation of all assets transferred to it (English: assets ) of the Greek state to private investors . In total, state investments worth 50 billion euros are to be privatized.
The original chairman of the HRADF, Takis Athanasopoulos, and the general secretary of the Ministry of Finance, Giorgos Mergos, resigned on March 9, 2013 following a prosecutor's investigation into suspected breach of trust worth 100 million euros. Mergos' successor was Christina Papakonstantinou, previously Secretary General for Tax Policy in the Ministry of Finance. Stelios Stavridis was appointed as the new chairman in March 2013. In August 2013, the Ministry of Finance asked Stavridis to resign on suspicion of corruption. In November 2013 Constantinos S. Maniatopoulos was nominated as new chairman. The 72-year-old worked as Director General for Energy in the European Commission and was CEO of OLP. OLP operates the largest port in Greece, the port of Piraeus .
In February 2015, Paschalis Bouchoris held the position of CEO and Emmanuel Kondylis that of the chairman.
The Greek government under Alexis Tsipras completely changed the members of the Board of Directors in March 2015. Since then, Stergios Pitsiorlas (Chairman) and Antonios Leousis (CEO) have been the leading members of the HRADF Board of Directors.
The assets
All assets transferred by the state to the HRADF can no longer be transferred back.
The assets fall into three categories:
- Property ( real estates )
- Company shares ( shares )
- Rights ( rights )
The assets in the HRADF portfolio include:
| Asset | category |
|---|---|
| 35 properties | Real estate sales |
| Athens International Airport SA | Sale of company shares |
| Hellenic Petroleum (HELPE) (Refinery Operator) | Sale of company shares |
| ODIE (Hellenic Horse Racing) horse racing organizer |
Sale of company shares |
|
Ellinikon airport area |
Extension of the existing contract for 20 years and sale of company shares |
| LARCO Nickel Mining Company |
Sale of company shares |
| Athens Water Supply and Sewage Company (EYDAP) | Sale of company shares |
| Thessaloniki Water Supply and Sewage Company (EYATH) | Sale of company shares |
| OLP port of Piraeus |
Sale of company shares |
| OLTH port of Thessaloniki |
Sale of company shares |
|
OTE telephone company |
Sale of company shares |
| Four Airbus planes | Sale of company shares |
|
DEPA / DEFSA gas supplier |
Sale of company shares |
|
PPC (DEI) energy supplier |
Sale of company shares |
| International Broadcast Center ( IBC ) | Sale of company shares, sale of real estate in Athens |
|
EAS - Hellenic Defense Systems armaments company |
Sale of company shares |
|
ELBO vehicle manufacturer |
Sale of company shares |
| Hellenic Motorways Five highways |
Sale of operating rights |
|
Egnatia Ave Highway |
Sale of operating rights |
| Hellenic Football Prognostics Organization (OPAP) | Sale of company shares |
| ALPHA bank | Sale of company shares |
| National Bank of Greece | Sale of company shares |
| Piraeus Bank | Sale of company shares |
| Natural gas storage facility in the south of Kavala | Sale of rights |
| Greek lottery | Sale of licenses |
| State gambling company Hellenic Football Prognostics Organization (OPAP) (sports) betting provider |
Extension of the existing contract |
| 39 regional airports and airfields | Sale of operating rights |
| “Mobile Spectrum” digital dividend |
Sale of rights |
| "Mobile Telephony Frequencies" | Rights / sale of company shares |
| Hellenic Post (ELTA) | Sale of company shares |
| ten ports | Voting rights |
Expected earnings :
|
|
Expected proceeds
The Troika expected a speedy sale of the state holdings. In spring 2011, the European Commission's Occasional Paper 82 assumed that holdings worth 50 billion euros would be privatized by the end of 2015.
In October 2011, the team of experts from the European Commission corrected the cumulative income from privatizations for the years 2011 to 2013 downwards in Occasional Paper 87 . The goal of generating revenues of 50 billion euros through the investments by the end of 2015 was maintained.
After investments worth a total of 1.558 billion euros were received at the end of 2011, the European Commission changed its expectations again. For the end of 2015, 19 billion euros in revenue were expected. In Occasional Paper 94 , the team of experts left open at what point in time the 50 billion euros will be redeemed .
December 2012
Since the HRADF was founded , a lot of preparations have been made to privatize state holdings. This includes the appointment of technical, financial and legal consultants as well as agreements and communication with the management of the companies concerned and the ministries. Companies were restructured, the status of state aid and approvals clarified, and the approval of rights and other regulations regulated. This positive development was interrupted by a lack of political decisions. The unclear political (keyword: new elections) and financial situation in Greece caused this interruption from April to July 2012. The government was unable to achieve the goals it had set itself with regard to privatization. With a new management team and the implementation of 38 out of 89 work packages ( government actions ) from September 2012, the privatization process has picked up speed again.
| year | Revenue (cumulative) (in billion euros) |
|||||
|---|---|---|---|---|---|---|
| 2012 | 0.1 | |||||
| 2013 | 2.6 | |||||
| 2014 | 4.5 | |||||
| 2015 | 6.5 | |||||
| 2016 | 8.5 | |||||
| 2017 | 10.9 | |||||
| 2018 | 14.2 | |||||
| 2019 | 17.8 | |||||
| 2020 | 22.0 | |||||
| ... | ... | |||||
| 20 ?? | 50 | |||||
Remarks:
|
||||||
Completed transactions
The following transactions contributed to the proceeds for the Greek state as part of its privatization efforts:
| Asset | date | Share sold (in%) |
Remaining shares owned by the Greek state (in%) |
Income (in EUR million) |
Cumulative income since 2011 (in EUR million) |
Outstanding income (in EUR million) |
|---|---|---|---|---|---|---|
| OTE (share sale) |
July 2011 | 10 | 4th | 392 | 392 | - |
| OPAP 1 (license extension 2020-2030) |
October 2011 | - | - | 375 | 767 | 85 |
| OPAP 2 (sale of new license for VLTs) |
October 2011 | - | - | 474 | 1,241 | 86 |
| Mobile Telephony Spectrum (license extension) |
December 2011 | - | - | 317 | 1,558 | - |
| Four Airbus planes (sale) |
February and March 2012 | - | - | 32 | 1,590 | - |
| International Broadcast Center (IBC) (sale) |
December 2012 | - | - | 69 | 1,659 | 12 |
| DEPA / DEFSA (sale) |
March 2013 | - | - | - | - | - |
| Ellinikon (sale) |
December 2013 | - | - | - | - | - |
Notes :
|
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On July 30, 2013, a 12-year license from the state lottery was awarded to the consortium Hellenic Lotteries SA . The agreement provides for a one-off payment of EUR 190 million and a guaranteed minimum income of EUR 580 million over twelve years. In total, Greece will take in at least EUR 770 million in 12 years.
On November 25, 2014, Fraport AG was declared the preferred bidder for a total of 14 regional airports in Greece. Fraport's offer provides for a one-off payment of EUR 1.234 billion plus an annual fee of EUR 22.9 million.
Web links
- Internet presence of the HRADF (Greek / English)
- Internet presence of the Greek Ministry of Finance (Greek / English)
- Publications of the Directorate General for Economic and Financial Affairs
Individual evidence
- ↑ HRADF: Board of Directors. (No longer available online.) 2015, archived from the original on November 25, 2012 ; accessed on March 30, 2015 (English). Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ^ Hellenic Republic Ministry Of Finance: Law 3986. (PDF; 865 kB) Urgent measures for the implementation of the Medium - Term Fiscal Strategy 2012–2015. In: Government Gazette A 152 / 01.06.2011. June 1, 2011, Retrieved April 22, 2019 (Greek).
- ^ Michaela Balis: Interested parties wanted for Greek public real estate. Listing the properties proves to be time consuming. In: Germany Trade & Invest. August 12, 2011. Retrieved December 17, 2012 .
- ↑ a b HRADF: The Fund. (No longer available online.) 2012, archived from the original on December 13, 2012 ; accessed on December 17, 2012 (English). Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ a b c Directorate-General for Economic and Financial Affairs: The Second Economic Adjustment Program for Greece - March 2012. (PDF; 1.4 MB) Occasional Papers 94 - March 2012. European Commission, May 15, 2012, accessed on May 13 , 2012 December 2012 (English).
- ^ Greece: Chief privatizer Athanasopoulos gives up , Süddeutsche.de, March 11, 2013
- ^ Head of Greek privatization fund, Finance Ministry general secretary resign over power plant charges , ekathimerini.com, March 9, 2013
- ^ Christiane Schlötzer: New chief privatizer Stelios Stavridis. The man who beats up Greece's property. In: Süddeutsche.de. March 13, 2013, accessed May 8, 2013 .
- ↑ Suspected corruption. Greece fires again head of privatization agency. In: faz.net. August 18, 2013, accessed November 6, 2013 .
- ↑ Greece nominates new privatization agency chief, third in seven months. In: reuters.com. August 28, 2013, accessed November 6, 2013 .
- ↑ Kerin Hope: Greece backtracks on privatization. In: ft.com. February 4, 2015, accessed March 30, 2015 .
- ↑ Creditors, market react to TAIPED shift. In: en.athenspress.gr. March 18, 2015, accessed March 30, 2015 .
- ↑ a b c d e Directorate-General for Economic and Financial Affairs: The Second Economic Adjustment Program for Greece - First Review December 2012. (PDF; 3.2 MB) Occasional Papers 123 - December 2012. European Commission, December 17, 2012 , accessed on December 21, 2012 .
- ↑ Directorate-General for Economic and Financial Affairs: The Economic Adjustment Program for Greece Fourth Review - Spring 2011. (PDF; 1.7 MB) Occasional Papers 82 - July 2011. European Commission, August 2, 2011, accessed December 4 2012 (English).
- ↑ Directorate-General for Economic and Financial Affairs: The Economic Adjustment Program for Greece Fifth Review - October 2011. (PDF; 1.1 MB) Occasional Papers 87 - October 2011. European Commission, December 7, 2011, accessed December 13 2012 (English).
- ↑ Archive link ( Memento of the original from January 28, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and not yet checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Archive link ( Memento of the original from January 19, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
