Financial News: Finance ministry amendments on privatisations, OPAD and banks

A number of amendments were tabled in Parliament by the finance ministry on Friday, dealing with privatisations, the Greek statistical authority ELSTAT, the civil servants' health care fund OPAD and the absorption of bank subsidiaries by their parent company.
These include an amendment proposing that all funds generated through the privatisation, sale or other form of exploitation of state enterprises be used exclusively to pay down debt. It also proposes that the environment and transport ministers participate in the committee for restructuring and privatisations.

It further outlines special procedures for hiring financial consultants through a three-member committee for assigning projects, another three-member committee for monitoring and executing contracts and a five-member committee to check on the legality of project assignment procedures.

The amendment concerning OPAD calls for the payment of 90 percent of its debts toward health care service suppliers in order to restore the smooth provision of medical care for OPAD insured. It further gives social insurance funds access to the electronic prescriptions data base in order to check the implementation of laws concerning pharmaceuticals and health care services and impose penalties when these are broken.
Penalties are imposed by the Health Care Providers' Coordinating Council based on the reasoned reports submitted to it.

The amendment concerning banks allows a credit institution carrying out a restructuring plan and absorbing a financial services company in which it owns 100 percent of the stock to transfer any losses incurred to the books of the credit institution and offset these against any profits that arise in the next three years.

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