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Parliamentary questions
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27 June 2018
Question for written answer E-003535-18
to the Commission
Rule 130
Nikolaos Chountis (GUE/NGL)

 Subject:  SMP/ANFA profits for the years 2012-2016
 Answer in writing 

The Eurogroup’s decision on 22 June 2018 refers to the use of the profits from the SMP/ANFA bonds for the years from 2017 onwards, as well as the profits from the ECB’s SMP bonds for the year 2014, as a medium-term upfront measure for the Greek debt.

Based on the replies from the Commission(1) and the President of the ECB(2) to my earlier questions regarding the amounts that have ultimately been returned to Greece from the excessive profits from the SMP/ANFA bonds, we may reach the conclusion that the Eurosystem and, by extension, the Member States, to which part of the excessive profits were returned as dividends, had a profit of approximately EUR 6.2 billion for the years 2012-2016.

More specifically, of the total profit of EUR 10.5 billion that the Greek bonds created for their holders in 2012-2016, only EUR 4.3 billion were returned to the Greek budget.

Given that:
a) the aforementioned amounts of EUR 6.2 billion pertain to profits that the Eurosystem and Greece’s European creditors made from interest and capital gains, and;
b) that, post-2018, the EU will implement fiscal measures in Greece equal to 2% of the GDP, through cuts in pensions and reducing the tax-free income threshold, the Commission is asked:

Will pensions be cut and will the tax-free income threshold be reduced post-2018 while the ECB and national central banks withhold excessive profits of EUR 6.2 billion from the SMP/ANFA bonds?


Original language of question: EL 
Last updated: 13 July 2018Legal notice