In connection with the numerous publications about the Bank of Attica, I have decided to publicly record a brief history of the Engineering Fund’s participation in the bank, either as CMEDE or in its new form as TMDE.

The involvement of the Greek Engineers Foundation in Attica Bank (then TSMEDE) begins in 1997 with the transfer of 14 million shares (which then amounted to approximately 34% of the share capital of Attica Bank) from Emporiki Bank.

Until October 2009 and before the start of the global financial crisis and the country’s recovery from the debt crisis, TSMEDE invested a total of 104.4 million euros, thus controlling 42.87% of its share capital of Bank of Attica.

The manifestation of the Greek debt crisis in the country and its impact on the financial system of Greece did not go unnoticed by Attica Bank. To bolster its financial performance, the bank increased its share capital and issued a convertible bond loan in 2013 and 2015, respectively, with TSMEDE taking the lead in the bank’s survival efforts and paying a total of 2050 for both of these capital actions. 5 million euros, increasing the participation rate to 51.3%.

However, the peak of the crisis for the Greek banking system finally came in 2015 and 2016, when the European Central Bank carried out two consecutive asset quality reviews (AQR) of Greek banks during these years. Once again, TSMEDE, as the majority shareholder, after several tugs of war, finally paid out 384 million euros, increasing its participation in the bank’s authorized capital to 56.25%.

It was also TSMEDE’s latest investment in the bank, as the inclusion of the engineering insurance sector in EFKA allowed for a more flexible scheme designed to support the activities of the dynamic class of Greek engineers. Thus, this new legal entity (TMEDE), with only $46.3 million in share capital increases in 2018 and 2021, participates with 14.7% in Attica Bank and, together with Ellington, constitutes strategic private investors bank jointly controlling about 24.6% of the bank’s voting rights, with the likelihood that this percentage will eventually exceed 50%.

The leaders of TEE and CMEDE constantly made erroneous decisions about participating in a bank that did not help the engineering industry.

At this stage, Attica Bank is implementing – with the active support of supervisory and national authorities – its privatization plan.

After a brief fixation of the facts, I will also publicly express my opinion, which is also recorded in the minutes of the manager of the TEE, regarding the participation of the Engineering Fund in the bank.

The leaders of TEE and CMEDE constantly made erroneous decisions about participating in a bank that did not help the engineering industry, but only individuals and companies. The result of these decisions was the loss of hundreds of millions, as I wrote above. From May 2015, when I took over as president of TEE, until today, with the rational management that the TMEDE administration has carried out, the continuous investment of money into the bottomless well has ceased. However, the conditions for continuing our participation in the bank, so that the bank can be brought to profitability and return to our Fund part of the investment to date, are as follows: immediate transfer of management of the bank to strategic private investors, i.e. the TMEDE-Ellington scheme, and an increase in the scheme’s share of more than 60%.

It is certain and clear that the management of TEE and TMEDE seeks to return some of the investments made in the past to their fund by adjusting the bank’s rate and yield, just as it is certain and clear that no money is being collected. to be invested in an uncertain course and, of course, in a bottomless well.

* Mr. Giorgos Stasinos is the President of the Hellenic Chamber of Tech.