The Financial Stability Fund (FSF) has released its fourth and final Sustainable Development Report with a reference period of 2023, as it moves towards its merger with the Superfund by the end of 2024.

As reported by the HFSF, since its establishment it has played a decisive role in the transformation and restructuring of the Greek banking sector, strengthening corporate governance structures, risk management and the internal control system, viable and sustainable development and social responsibility. This Report highlights the HFSF’s strategic directions for sustainable development and presents the direct and indirect positive impact of its actions both on the banking system and on society as a whole.

Based on the data of 2023, the Report states, the Fund focused on creating sustainable value. As an active shareholder, the Fund played an important role in promoting practices of sustainable development, social responsibility and strong corporate governance in the banking sector, contributing for another year to the improved performance of the Greek systemic banks and the non-systemic Attica Bank.

With the support of the Fund, as stated in its relevant announcement, systemic banks further reduced their environmental footprint and strengthened their strategy with policies that promote “green” entrepreneurship and effective management of climate risks. At the same time, the HFSF placed special emphasis on financial inclusion, promoting it equal access to financesupporting vulnerable groups and facilitating access to banking services. In these fields, banks have made significant progress through the development of new products and services.

The Fund dedicates Chapter 3 of the Report to initiatives, actions and selected quantitative figures of the Greek systemic banks and Attica Bank. Also, the HFSF urges the Greek systemic banks to better align their efforts regarding the promotion of sustainable development in the provision of business credit, identifying potential synergies with specific international cooperation initiatives between banks. In addition, the HFSF actively encourages Greek banks to participate in the ENGAGE4ESG initiative, which is funded by the European Union and aims to promote the financing (eg housing, renovation) of energy efficient properties.

At the same time, as stated in the announcement, the Fund significantly contributed to the promotion of financial stability with a view to protecting the public interest, successfully completing the divestment of its holdings from the vast majority of systemic banks, while strengthening the values ​​of transparency and responsibility .

As banks emerge as an important force in achieving the UN Sustainable Development Goals (SDGs), and stakeholders demand a strong commitment to priorities related to the environment, society and strong corporate governance, the Fund worked closely with the Greek banking industry to enable the transition to a sustainable future. It is noted that the HFSF, recognizing the need for additional relevant actions, remains committed to engaging in a meaningful way with all stakeholders in order to achieve greater progress.

The chairman of the Board of Directors, Mr. Andreas Verykios, on the occasion of the publication of the Sustainability Report, said: “As we complete this important cycle of HFSF actions, the fourth Sustainable Development Report is proof of our long-term commitment to sustainable development and financial stability. With a commitment to environmental responsibility and transparency, we have achieved significant results, working closely with Greek banks to create a strong banking system for the benefit of the economy and society.”

The managing director, Mr. Ilias Xirouhakis, said: “At HFSF, we realize that the sustainable development of banking activities is becoming increasingly important. In 2023, with the integration of the new Strategy, we focused on the successful implementation of the divestment from our holdings and on reducing the environmental footprint of both the Fund and the banks in which we participated. True to our commitment to adopting the highest standards of environmental and social responsibility and corporate governance, we remain committed to supporting the public interest through responsible banking and sustainable development.”

The Sustainable Development Report for 2023 was prepared in accordance with the Global Reporting Initiative (GRI) international standards and received limited assurance from an external independent sworn auditor based on ISAE 3000 (Revised) and АА1000 standards.