A big issue of conflict of interest arises from the revelation that the Ministry of National Economy had entrusted tasks of Independent Supervisor for «Red loans» and the Guarantee Programmes «Hercules» a consulting company directly linked to a Loan Requirements Management Company by Titles, commonly servicer.
The evidence that Jungla brings to the public comes from out of court sent today by INKA, the consumer union «Right» and trade associations, to the Governor of the Bank of Greece, Giannis Stournaras, with notification to the Minister of National Economy, the Supreme Court Prosecutor's Office and others.
Please note that at the end of May, when G. Stournaras had been on the relevant Parliamentary Committee for the renewal of his term of office, under pressure from questions concerning the business plans of the servicers and the State Guarantee Programs «Hercules», and in the wake of IMF recommendations on transparency in Banks, Funds and Services, in order to... escape answer «there is an appointed Supervisor».
But let us see who was an Independent Supervisor. from April 2024, to February 2025.
The link between AEGIS and EUPRAXIS
The S.K. AEGIS LTD CONSULTING is based in Athens, in 195 Michalakopoulou Street. According to GEMIS, partners are Kyriakopoulos Ioannis and Kyriakopoulos EliasBoth company managers.
The EUPRAXIS FSI is also based in Athens, in 195 Michalakopoulou Street. Chairman and CEO of the company is Kyriakopoulos Elias.
According to data from the Bank of Greece, EUPRAXIS FSI is one of the total 17 Demand Management Companies from Loans and Credits operating in Greece with permission from TTE itself. Its authorisation from the Central Bank was made in 2019, and with the last authorisation dated 17/12/2024.
On 19 April 2024 a contract was signed between the Ministry of National Economy and Finance S.K. and AEGIS LTD CONSULTING for «provision of independent supervisor services, pursuant to Article 16 of Law 4649/2019 following the re-introduction of the guarantee scheme for securitisations of credit institutions for the period from 04/12/2023 to 31/12/2024 («HERAKLE III»)....».
«The first deliverable relates to the analysis of the current situation, including a review of «HERAKLE I» and «HERAKLE II», the description of the programme «HERAKLE III», the number of applications submitted and the applications approved, as well as an assessment of the expected applications within 2024, based on the published data. The submission of the deliverable will be made by the Independent Supervisor to the armament service of the Ministry of National Economy and Finance».
The contract document stated that the final report would be delivered on 28/02/2025.
«The submission of deliverables will be made by the Independent Supervisor to the relevant Commission’s Hercules Case Team. With the finalisation by the Independent Supervisor of each deliverable, after receiving and incorporating possible comments or comments from the Group, the latter will send a relevant e-mail message accepting and receiving the deliverable to the Independent Supervisor, who will promote it without delay to the competent Office of the Ministry of Economic Affairs and Finance».
The bodies that sent the court to the commander of TTE, Giannis Stournara, They argue in this that the Bank of Greece cannot rely on ignorance of either the existence of EuPraxis FSI or the nature of its activity as a debt management company.
And because AEGIS took over the role of Independent Supervisor of the Programme «Hercules» and «it appears publicly to include or relate to an authorised servicer, NPL service activities, etc., asking whether the Bank of Greece should have examined or requested that a genuine, potential or emerging conflict of interest be considered.
The... «drama» servicers
On 18/10/2024 the Capital.gr website published a report entitled «Because servicers increase loan sales».
The article described The... «drama» servicers forced to sell loans because auctions were not going well.
In this he also hosted elements from his speech Sunflower Sunflower, on the Programme «Hercules» and servicers, as founder and CEO «Hellenic Investment Recovery Advisors» (HIRA).
«Interesting information regarding the management of "Heraklis" loans has been provided by the founder and CEO of Hellenic Investment Recovery Advisors Group (HIRA), Elias Kyriakopoulos, (ed.: "AGIS SK" company has been appointed as independent supervisor of the project, providing its relevant services to the European Commission)... speaking to NPL Days Hellas...».
In simple terms, the President and CEO of a debt management company (servicer), which via S.K. AEGIS LTD CONSULTING provided evidence as Independent Supervisor to the Commission and the Ministry of National Economy for the programmes «Hercules», as founder of HIRA publicly described the problems of the industry...
