In need the private investment to focus on which sustainable areas of development at the same time to create a new system on the basis of which our financial system operates and the position of a modern framework of sustainable financing, underlined the Minister of Finance, Mr. Christos Staikourasin his speech at conference organized by the Hellenic Capital Market Commission, on “The Future of Sustainable Financing”

At the same time he made one extensive reference to what the government has promoted so far and the financial staff, emphasizing that they have achieved important goals, despite the fact that the Greek economy is facing external pressures due to the current difficult situation at the level.

In his speech, Mr. Staikouras emphasized that they exist three key points where the efforts have been focused, noting that:

• We have reformed, strengthened and modernized the corporate governance framework of listed companies, by legislating a framework that, among other things, aims to enhance transparency and sustainable corporate growth.
• We legislated the modernization of the operating framework of the Hellenic Capital Market Commission, as well as the organization of the restructuring. At the same time, a project of digital reform of the Hellenic Capital Market Commission has been launched, with a time horizon of the year 2025, and with financing from the resources of the Recovery Fund. A project that will contribute to the effective operation of the Supervisory Authority.
• We are preparing a strategy for the development of the Greek Capital Market.

The speech of the Minister of Finance

I would like to thank the Hellenic Capital Market Commission for inviting me to welcome the Conference on “The Future of Sustainable Financing”. The Conference which is a continuation of the initiatives undertaken by the Hellenic Capital Market Commission in the field of prudential supervision, the promotion of the modern trends of the international capital markets and the effective integration of the European institutional developments in Greece.

Ladies and gentlemen,

It is a fact that for sustainable development, all the productive forces of society and the economy must play a role, including the financial system. THE reorientation of private capital to more sustainable investments requires a review of the way our financial system works and the establishment of a modern sustainable financing framework.

This will contribute to the strengthening of the financial system, to the strengthening of the resilience and competitiveness of the Greek economy and to the high and sustainable growth, adapted to the new regulations set by the environment and the ecosystem. The policies applied in the economy also contribute in this direction, despite the unexpected, exogenous, multi-level crises that we are experiencing.

Crises that did not, however, stand in the way of Greece’s progress. Because during this period, our country has not stopped developing, upgrading and strengthening. THE Greek economy showed remarkable resilience and strong dynamicsconfirming the Commission’s estimates that they rank, in the short and medium term, the fastest growing economies in the Eurozone.

With intensive, methodical, collective work we have achieved almost all the important goals it sets at the front of the economy, closing painful chapters of the past and opening a new, more promising page for the future. As reflected in the historic decision of the Eurogroup in Luxembourg for the exit of Greece from the Enhanced Supervision regime and its return – after 12 years – to European normalcy. THE Greece is no longer an exception in the Eurozone.

As reflected in the 12 upgrades of the creditworthiness of the Greek economy in the last 3 years, which bring it just a “step” before the investment grade. Before the conquest, that is, of the last great goal of this four-year period, which has been set for 2023, and which has been set to do. As, however, Mr.is also recorded in key indicators of the economy.

With the most basic of these, GDP should not have higher rates, amounting to 7% based on the first quarter of 2022, significantly higher than the European average, climbing to a higher decade, in terms of volume. At the same time, the composition of GDP is improving, as much of this growth is based on significant boosting investment and exports.

In fact, the The European Commission predicts that the Greek economy will grow strongly and sustainably in both 2022 and 2023, with Greece “champion” in Europe, for the next two years, in investments and exports. The above achievements and the positive prospects that they have formed, are a result of the development strategy that we have as a country, the main pillar of which is the joy of promoting “sustainability and sustainable development”, both in the business and financial environment.

Ladies and gentlemen,

In this context, the The Finance Department has proceeded to the planning and adoption of a series of actions and interventions towards the creation of a new model of sustainable financing and green growth.

1st In the field of the domestic capital marketA number of targeted reforms and actions have taken place in recent times, with the ultimate goal of upgrading, modernizing and shaping its regulatory framework so that it responds effectively to the new conditions and includes the market.

• We have reformed, strengthened and modernized the corporate governance framework of listed companies, by legislating a framework that, inter alia, aims to enhance transparency and sustainable corporate growth.
• We legislated tthe modernization of the operating framework of the Hellenic Capital Market Commission, as well as the organization of the restructuring. At the same time, a project of digital reform of the Hellenic Capital Market Commission has been launched, with a time horizon of the year 2025, and with financing from the resources of the Recovery Fund. A project that will contribute to the effective operation of the Supervisory Authority.
• We are preparing a strategy for the development of the Greek Capital Market.
• We received technical assistance from the European Commission for the formulation of a “Strategic Development Strategy of the Greek Capital Market”, with the aim of promoting targeted actions and legislative initiatives for the substantial upgrade and modernization of the domestic Capital Market. This project is structured in four axes: a. Upgrading the Greek capital market to a developed market, b. Strengthening capital market supervision, c. Optimal ways to mobilize the demand and supply of products in the Greek capital market and d. Enhancing the use of financial technology (Fintech) and sustainable financing instruments.
• We are launching technical assistance projects from the European Commission forpreparation of a “National Strategy for Sustainable Financing” through the design of appropriate financial tools to cover the financial public towards the transition operation.
• We design it issue of government green bond within 2022provided the appropriate financial conditions exist.
• We recommended Working group at the Ministry of Finance on sustainable financing and practical economic transition. The task of the working group is to formulate strategic directions and to draw up a roadmap for the effective integration of the sustainability dimension into economic policy and the financial system. In this context, the Working Group will move forward in the coming months in the strategic directions, with the aim of: a. The emergence of appropriate sustainable financial tools and economic policies to report the transition of the real economy, with specific to small and medium enterprises. b. The effective contribution of the fiscal policy and the publishing strategy of the Greek State, in order to achieve the further mobilization of resources for the act of transition, while ensuring social cohesion. c. Ensuring that the country’s green economic transition would be a lever for growth and extroversion, as well as a tool to support the resilience of the Greek economy. Also in the financial sector, it has a significant improvement in its fundamental figures, especially regarding the management of banks’ assets and liabilities, so that the banks can act as a belt for the transmission of liquidity to the Greek economy, which will result from the Fund’s resources. . Recovery for the financing of sustainable investments.
• In the assets of credit institutions, the amount of “red” loans decreased significantly. In particular, the total of non-performing exposures was 75 billion. euro in June 2019, with the index of non-performing exposures reaching 43.6% of total loans. In March 2022, “red” loans amounted to 17.7 billion. euro, and the index at 12.1%.
• In the liabilities – now – of credit institutions, liquidity improved significantly. Indicatively, deposits and households increased by about 42 billion. between June 2019 and April 2022, and amounted to 178 billion euros, which is the highest record since the beginning of the crisis in 2010. Through the consolidation of their balance sheets, banking institutions acquire an active role in managing the recovery of the Recovery Fund and the financing of sustainable investment projects.
• In her leg liquidity boost In the economic economy through the funds of the Recovery Fund, it is important to mention that our national Recovery and Sustainability Plan “Greece 2.0”, was designed and created in harmony with the UN Agenda 2030, aiming at the emergence of a new model. for the country.

A model that could in the strong recovery and maintenance of economic growth, without exclusions, through reforms and investments that promote the green economy, innovation and digital transformation, the strengthening of social solidarity and justice.

In this direction, the investments of “Greece 2.0” focus on the Green and the digital transition, given that 37% of their expenses in the climate and 20% in the promotion of the digital transition of private services.

In this context:

• 12.7 billion euros from the Recovery Fund Mr.are aimed at businesses to finance the selection of business plans and investments, through the form of bank lending, in sectors related, inter alia, to “green and sustainable” growth.
• More than 10 billion euros isso far, the total budget of the projects that have been included in the Recovery Fund, including the private investments that belong, among others, to the pillars of the “green transition”.

Ladies and gentlemen,

It follows from the above that the Government takes initiatives and supports actions in all areas of the economy.
Of course, the challenges are huge and the uncertainties are great. we have, however, proved that in difficult times we can! That is why, with confidence in our strengths and a starting point for everything we have achieved so far, we continue the demanding, but at the same time upward path that we have set. I am realistically optimistic that we can lead our economy to an environment of high and sustainable development, through the implementation of investments, reform and utilization of new technologies, with the aim of building an economy that is productive, extroverted, socially just, green, inclusive and inequalities.