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Parliamentary questions
3 August 2018
E-002324/2018
Answer given by Mr Moscovici on behalf of the European Commission

The overarching objective of the Hellenic Corporation for Assets and Participations Fund (HCAP) is to manage valuable Greek assets and to protect, create and ultimately maximise their value.

The privatisation programme is set out in the Asset Development Plan adopted by Greece(1). Outright sales are one option, while a number of large projects in the Asset Development Plan are implemented through concessions, where ownership stays with the Greek State. The aim is continued implementation of the privatisation programme agreed within the framework of the European Stability Mechanism Programme signed in August 2015 as well as in the post programme period. Sale of assets by the HCAP is not related to performance of the privatisation programme.

As far as the State Owned Enterprises are concerned, the HCAP's potential sources of revenue are divestment of shareholdings or dividend distributions to the HCAP as shareholder. The State has provided guidance that the HCAP's positions in most State Owned Enterprises are not to be reduced for the period of the current strategic plan (which has a horizon of three years). Accordingly, dividend revenue is expected to be the main source of income for the HCAP for the foreseeable future.

The HCAP's emphasis is to increase value and profitability primarily via improved governance and professional management of the State Owned Enterprises. The State Owned Enterprises are subject to a coordination mechanism so as to ensure that their operations reflect their social relevance. The efficiency gains and improvements in service quality are expected to generate over the long-term a satisfactory financial return comparable to peers in other countries.

Regarding real estate assets, the objective would also be the maximisation of their financial value, including through renting the properties, leases or direct sales. Revenue to the HCAP will be again in the form of dividend distributions from the real estate subsidiary (Public Properties Company — ETAD).

(1)https://ec.europa.eu/info/sites/info/files/economy-finance/annex_1_-_asset_development_plan.pdf Latest version at the time of the fourth review: https://ec.europa.eu/info/sites/info/files/economy-finance/adp_approvedbykysoip14.6.2018_en.pdf

Last updated: 3 August 2018Legal notice