Letter of Inquery - Venizelos

8/3/2019 Letter of Inquery - Venizelos

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Anlage


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RAT DEREUROPISCHEN UNION

Brssel, den 21. Juli 2011(OR. en)

ERKLRUNG DER STAATS- UND REGIERUNGSCHEFS DES EURO-WHRUNGSGEBIETS UND DER EU-ORGANE

Wir bekrftigen erneut unser Bekenntnis zum Euro und unsere Entschlossenheit, alles Notwendigezu tun, um die Finanzstabilitt im gesamten Euro-Whrungsgebiet und in dessen Mitgliedstaatensicherzustellen. Ferner sind wir nach wie vor entschlossen, Konvergenz, Wettbewerbsfhigkeit undSteuerung im Euro-Whrungsgebiet zu strken. Seit Beginn der Staatsschuldenkrise sind wichtigeManahmen zur Stabilisierung des Euro-Whrungsgebiets, zur Reform der Vorschriften und zurEntwicklung neuer Stabilisierungsinstrumente ergriffen worden. Der Aufschwung ist im Euro-Whrungsgebiet bereits deutlich zu spren und der Euro steht auf einem soliden wirtschaftlichenFundament. Jedoch zeigen die bestehenden Herausforderungen, dass weitergehende Manahmengetroffen werden mssen.

Heute haben wir uns auf die folgenden Manahmen geeinigt:

Griechenland:

1. Wir begren die Manahmen, die die griechische Regierung getroffen hat, um dieffentlichen Finanzen zu stabilisieren und die Wirtschaft zu reformieren, sowie das neueManahmenpaket, einschlielich der Privatisierungen, das unlngst vom griechischen

Parlament verabschiedet wurde. Es sind dies beispiellose, aber notwendige Anstrengungen,um der griechischen Wirtschaft wieder zu einem nachhaltigen Wachstum zu verhelfen. Unsist bewusst, welche Anstrengungen diese Anpassungsmanahmen fr die griechischenBrgerinnen und Brger bedeuten, und wir sind berzeugt, dass diese Opfer unumgnglichsind, um die Wirtschaft wieder anzukurbeln, und zur knftigen Stabilitt und zum Wohl desLandes beitragen werden.

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2. Wir sind uns einig, ein neues Programm fr Griechenland zu untersttzen und zusammenmit dem IWF und dem freiwilligen Beitrag des Privatsektors die Finanzierungslckevollstndig zu schlieen. Der offizielle Gesamtbetrag der Finanzierung wird etwa 109 Mrd.Euro betragen. Mit diesem Programm sollen, insbesondere ber niedrigere Zinsstze undlngere Laufzeiten, die Schuldentragfhigkeit und das Refinanzierungsprofil Griechenlandsentscheidend verbessert werden. Wir rufen den IWF auf, weiterhin zur Finanzierung des

neuen Programms fr Griechenland beizutragen. Wir beabsichtigen, fr die nchsteAuszahlung die EFSF als Finanzierungsinstrument zu verwenden. Wir werden die strikteEinhaltung des Programms auf der Grundlage der regelmigen Beurteilungen derKommission in Verbindung mit der EZB und dem IWF sehr eng berwachen.

3. Wir haben beschlossen, die Laufzeit knftiger EFSF-Darlehen an Griechenland so weit wienur mglich von derzeit 7,5 Jahren auf mindestens 15 und bis auf 30 Jahre mit einertilgungsfreien Zeit von 10 Jahren zu verlngern. In diesem Zusammenhang werden wir eineangemessene berwachung nach der Durchfhrung des Programms sicherstellen. Wir werdenEFSF-Darlehen zu Zinsen zur Verfgung stellen, die denen der Zahlungsbilanzfazilitt(derzeit ca. 3,5 %) entsprechen und die nahe bei, jedoch nicht unter den EFSF-

Finanzierungskosten liegen. Wir haben ferner beschlossen, die Laufzeiten der derzeitigenGriechenland-Fazilitt erheblich zu verlngern. Dies wird durch einen Mechanismus ergnzt,der geeignete Anreize zur Umsetzung des Programms bietet.

4. Wir fordern eine umfassende Strategie fr Wachstum und Investitionen in Griechenland. Wirbegren die Entscheidung der Kommission, eine Arbeitsgruppe einzusetzen, die mit dengriechischen Behrden zusammenarbeiten wird, um die Strukturfonds auf die AspekteWettbewerbsfhigkeit und Wachstum, Schaffung von Arbeitspltzen und Ausbildungauszurichten. Wir werden die EU-Fonds und Institutionen wie die EIB fr diese Zweckeeinsetzen und die griechische Wirtschaft wieder in Schwung bringen. Die Mitgliedstaaten unddie Kommission werden unverzglich alle erforderlichen Ressourcen mobilisieren, um eineauerordentliche technische Untersttzung bereitzustellen, damit Griechenland die Reformendurchfhren kann. Die Kommission wird ber die Fortschritte auf diesem Weg im OktoberBericht erstatten.

5. Der Finanzsektor hat seine Bereitschaft erklrt, Griechenland auf freiwilliger Basis durch eineReihe von Optionen zu untersttzen, mit denen die langfristige Tragfhigkeit insgesamtweiter gestrkt wird. Der Beitrag des privaten Sektors wird sich netto auf etwa 37 Mrd. Euro1

belaufen. Die Bonittssteigerung wird zur Absttzung der Qualitt der Sicherheiten dienen,damit diese weiterhin fr den Zugang der griechischen Banken zu Liquidittsoperationen desEurosystems genutzt werden knnen. Sofern erforderlich werden wir angemessene

Ressourcen zur Rekapitalisierung griechischer Banken bereitstellen.

1 Unter Bercksichtigung der Kosten der Bonittssteigerung fr die Zeit 2011 - 2014. Weitere12,6 Mrd. Euro werden ber ein Schuldenrckkaufprogramm aufgebracht werden, so dassinsgesamt 50 Mrd. Euro zur Verfgung stehen werden. Fr den Zeitraum 2011 - 2019 wird

die Beteiligung des privaten Sektors einem Beitrag von netto etwa 106 Mrd. Euroentsprechen.


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Beteiligung des Privatsektors:

6. Was unser allgemeines Konzept fr die Beteiligung des Privatsektors im Euro-Whrungs-gebiet betrifft, so mchten wir deutlich machen, dass fr Griechenland eine auergewhnlicheund einmalige Lsung erforderlich ist.

7. Die brigen Eurolnder bekrftigen feierlich ihre unumstliche Entschlossenheit, die vonihnen selbst begebenen Anleihen vollstndig zu bedienen und all ihre Verpflichtungen zueiner nachhaltigen Haushaltspolitik und zu Strukturreformen voll einzuhalten. Die Staats- undRegierungschefs des Euro-Whrungsgebiets untersttzen vorbehaltlos diese Entschlossenheit,da die Glaubwrdigkeit smtlicher staatlicher Kreditnehmer ein entscheidendes Element frdie Gewhrleistung der Finanzstabilitt im Euro-Whrungsgebiet insgesamt ist.

Stabilisierungsinstrumente:

8. Zur Verbesserung der Wirksamkeit der EFSF und des ESM und zur Bekmpfung derAnsteckungsgefahr kommen wir berein, die Flexibilitt dieser Instrumente unter Bindung anentsprechende Auflagen zu erhhen, so dass sie

auf der Grundlage eines vorsorglichen Programms ttig werden knnen;

die Rekapitalisierung von Finanzinstituten durch Darlehen an Regierungen, auch inNicht-Programmlndern, finanzieren knnen;

an den Sekundrmrkten auf der Grundlage einer Analyse der EZB, in der dasVorliegen auergewhnlicher Umstnde auf dem Finanzmarkt und Gefahren fr dieFinanzstabilitt festgestellt werden, und auf der Grundlage eines einvernehmlichgefassten Beschlusses der Mitgliedstaaten der EFSF/des ESM intervenieren knnen, umeine Ansteckung zu verhindern.

Wir werden die erforderlichen Verfahren zur Umsetzung dieser Beschlsse so rasch wiemglich einleiten.

9. Erforderlichenfalls wird eine Besicherungsvereinbarung getroffen, damit das denMitgliedstaaten des Euro-Whrungsgebiets aus ihren Garantien fr die EFSF erwachsendeRisiko abgedeckt wird.

Haushaltskonsolidierung und Wachstum im Euro-Whrungsgebiet:

10. Wir sind entschlossen, den Programmlndern sofern sie diese Programme erfolgreich

durchfhren weiterhin Untersttzung zu leisten, bis sie den Marktzugang wiedererlangthaben. Wir begren die feste Entschlossenheit Irlands und Portugals, ihre Programme strikteinzuhalten, und wir bekrftigen, dass wir uns nachdrcklich fr den Erfolg dieserProgramme einsetzen. Die Zinsstze und Laufzeiten der Darlehen der EFSF, die wir frGriechenland vereinbart haben, werden auch fr Portugal und Irland gelten. In diesemZusammenhang nehmen wir die Bereitschaft Irlands zur Kenntnis, sich konstruktiv an denBeratungen ber den Entwurf der Richtlinie ber eine Gemeinsame konsolidierteKrperschaftssteuer-Bemessungsgrundlage (GKKB) und an den strukturierten Beratungenber Fragen der Steuerpolitik im Rahmen des Euro-Plus-Pakts zu beteiligen.


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11. Alle Mitgliedstaaten des Euro-Whrungsgebiets werden die vereinbarten haushaltspolitischenZiele strikt einhalten, ihre Wettbewerbsfhigkeit verbessern und gegen die makro-konomischen Ungleichgewichte vorgehen. Die ffentlichen Defizite werden in allenLndern, mit Ausnahme der Programmlnder, bis sptestens 2013 auf unter 3 % reduziertwerden. In diesem Zusammenhang begren wir das jngst von der italienischen Regierungvorgestellte Haushaltspaket, das es Italien ermglichen wird, sein Defizit im Jahr 2012 auf

unter 3 % zu senken und 2014 einen ausgeglichenen Haushalt zu erreichen. Ferner begrenwir die ehrgeizigen Haushalts-, Finanz- und Strukturreformen, die Spanien in Angriffgenommen hat. Auf der Grundlage der Ergebnisse der Belastungstests fr Banken werden dieMitgliedstaaten fr ihre Banken angemessene Auffang-Mechanismen vorsehen.

12. Wir werden die im Juni angenommenen Empfehlungen fr wachstumsfrdernde Reformenumsetzen. Wir ersuchen die Kommission und die EIB, die Synergien zwischen denDarlehensprogrammen und den EU-Fonds in allen Lndern, die eine Hilfe der EU bzw. desIWF erhalten, zu verstrken. Wir untersttzen alle Bemhungen um eine Verbesserung ihrerFhigkeit, Mittel aus den EU-Fonds zur Frderung von Wachstum und Beschftigung zuabsorbieren, einschlielich ber eine zeitweilige Anhebung des Kofinanzierungsanteils.

Wirtschaftspolitische Steuerung:

13. Wir rufen zu einer raschen Fertigstellung des Gesetzgebungspakets zur Strkung desStabilitts- und Wachstumspakts und der neuen makrokonomischen berwachung auf. DieMitgliedstaaten des Euro-Whrungsgebiets werden den polnischen Vorsitz uneingeschrnktdabei untersttzen, mit dem Europischen Parlament Einigung ber die Abstimmungs-modalitten bezglich der prventiven Komponente des Pakts zu erzielen.

14. Wir verpflichten uns, bis Ende 2012 nationale haushaltspolitische Rahmen einzufhren, wiedies in der Richtlinie ber die haushaltspolitischen Rahmen vorgesehen ist.

15. Wir sind uns unter Bercksichtigung der jngsten diesbezglichen Vorschlge derKommission darin einig, dass die Abhngigkeit von externen Ratings im EU-Regelungs-rahmen verringert werden sollte, und wir sehen den Vorschlgen der Kommission zuRatingagenturen erwartungsvoll entgegen.

16. Wir ersuchen den Prsidenten des Europischen Rates, in enger Abstimmung mit demPrsidenten der Kommission und dem Prsidenten der Euro-Gruppe bis Oktober konkreteVorschlge fr bessere Arbeitsmethoden und fr ein verbessertes Krisenmanagement imEuro-Whrungsgebiet vorzulegen.


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HELLENICREPUBLICMINISTRYOFFINANCE

THEMINISTER

STRICTLY CONFIDENTIAL

To: All Regulated Holders of Greek Government Bonds (as definedbelow)

From: Ministry of FinanceThe Hellenic Republic

Date: 25 August 2011

Re: Confidential Inquiry Regarding Holdings ofGreek Government Bonds (as defined below)

The Hellenic Republic (Greece), acting in consultation withgovernments in Euro Area countries and elsewhere, is requesting that eachregulated holder of certain Greek government bonds and bonds issued byHellenic Railways Organization SA as set out in Annex III (GreekGovernment Bonds or GGBs) report to its national regulator thatinstitutions holdings of GGBs as of 30 June 2011. Each institutionsresponse to this inquiry will be kept strictly confidential and only aggregateddata will be made available to Greece and other involved parties in thecontext of the voluntary liability management transaction referred to below.This letter is strictly confidential and should not be passed on to any otherperson.

Background

On 21 July 2011, the Heads of State or Government of theEuro Area and EU Institutions released a Statement (the 21 July 2011Statement, a copy of which is attached as Annex I) regarding the need forprivate sector involvement to strengthen further the overall sustainability ofGreek public debt.


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The sustainability of Greece's public debt profile and thereduction of the risks associated with investing in Greek public debt are ofparamount concern for the European Union and the global financialcommunity. Only a coordinated approach to the Greek public debt situationinvolving contributions from both public and private stakeholders will

materially improve the debt dynamics for Greece and thus be in the bestinterests of all creditors of the country.

The official sector can be expected to provide new financing toGreece as outlined in the 21 July 2011 Statement, but only when there arecommitments provided by Greeces private creditors that will support thesustainability of the Greek fiscal situation.

This Inquiry

This inquiry is being sent at our request to your institution byyour national ministry of finance or your national regulator (for the purposes

of this inquiry, your Regulator). You should respond to this inquiry only tothat Regulator and not to Greece or to any other party.

We understand that (i) your response to this inquiry will be heldin strict confidence by your Regulator, (ii) institution-by-institution informationwill only be available to your Regulator and (iii) only aggregated data (notinstitution-by-institution information) will be made available to Greece and theother parties charged with implementing the 21 July 2011 Statement.

The Financing Proposal

The financing proposal submitted on 21 July 2011 byrepresentatives of Greeces private sector creditors laid out four options(each an Option) through which private sector holders of eligible GGBscould participate in a voluntary transaction to support the sustainability ofGreek public debt. The main commercial terms of these Options are set outin Annex II to this inquiry.

In order to prepare for the implementation of a voluntary liabilitymanagement transaction consistent with these Options, and in particular toarrange for the financial support that will be required from official sectorinstitutions in connection with that transaction, it is necessary to obtain as

soon as possible an indication of the expectations of institutional holders ofeligible GGBs regarding their eventual participation in such a transaction.That is the purpose of this inquiry. In particular, any decision you make toparticipate in such a voluntary transaction should be based on the final termsof the offer memorandum and not on the terms of this inquiry.


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Separately, a cash buyback for Greek public debt (including forcertain GGBs not eligible to participate in the voluntary transaction describedabove), referred to in the 21 July Statement, may take place in parallel with

the transaction described in this letter. However, this potential buyback is notone of the Options the subject of the current inquiry, and for the purposes ofyour response to this inquiry you are therefore requested to indicate one ormore of the Options as set out in Annex II in respect of your eligible GGBs.

List of GGBs

To facilitate each institutions response to this inquiry, weattach as Annex III a list of all GGBs that Greece may elect to include in theeventual liability management transaction. We would ask that you respondto your Regulator in the form provided as Annex IV to this inquiry separately

for each eligible GGB held by you on 30 June 2011, in each case makingreference to the bond identification number assigned to the relevant GGB inAnnex III.

Responses

If your parent company is located within the EuropeanUnion, only the parent company of the regulated institution(s) is requested torespond to its Regulator on behalf of all consolidated and unconsolidated,regulated and unregulated entities forming part of your corporate group.

If your parent company is NOT located within the European

Union, then your institution is requested to respond to your Regulator onbehalf of your institution and all unregulated subsidiaries unless anotherinstitution in your group is responding to another Regulator in relation to suchunregulated subsidiaries.

If according to the two above paragraphs, you are requested torespond to your Regulator, then please submit a response to your Regulatorin the form of Annex IV as soon as practicable but in any event not later than5.00 p.m. Central European Time on 9 September 2011.


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Your response should cover:

the legal names of your institution and all other relevantentities (as requested above); and

all GGBs identified in Annex III owned or held by you(including such subsidiaries or affiliates) -- other than GGBsfor which you act as custodian or nominee on behalf of athird party -- as of 30 June 2011. If you have sold ortransferred or acquired any GGBs subsequent to that date,you may indicate this in your response to your Regulator,but for these purposes kindly report your total holdings as of30 June 2011; and

for each such GGB, an indication (non-binding) of the

Option(s) you would expect to choose for that GGB if aliability management transaction consistent with theattached description of the Options is presented to you andother holders of eligible GGBs by Greece around earlyOctober 2011.

Critical Mass Threshold

Greece shall not be obliged to proceed with any portion of thetransaction described in this letter unless holders of eligible GGBs tender, inresponse to Greece's eventual Invitation to Tender, eligible GGBs having a

principal amount equal to not less than 90% of all eligible GGBs, including90% of that portion of the eligible GGBs maturing during the period fromJune 30, 2011 through August 31, 2014. If these thresholds (or either ofthem) are not met, Greece shall not proceed with any portion of thetransaction described in this letter if it determines, in consultation with theofficial sector, that the total contribution of private sector creditors towardsthe financing needs of Greece and Greece's debt sustainability resulting fromthis transaction is insufficient to permit the official sector to support the newmulti-year adjustment program for Greece announced on July 21, 2011.

Further Information

Further information relating to this Letter of Inquiry will beavailable from our website: www.pdma.gr. All questions should be submittedvia this website, and all responses to questions received will be publishedopenly on this website.

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Thank you for your cooperation.

Yours faithfully,

The Hellenic Republic, acting through itsMinistry of Finance

By:

Name: Evangelos Venizelos

Title: Minister of Finance

Attachments: Annex I 21 July 2011 Statement

Annex II Description of Options

Annex III List of Eligible GGBs

Annex IV Form of Response to Inquiry

THIS LETTER DOES NOT CONSTITUTE AN OFFER OF SECURITIESFOR SALE IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPANOR ELSEWHERE BY GREECE OR ANY OTHER SOVEREIGN OR ANYOTHER ENTITY. ANY SECURITIES THAT ARE ULTIMATELY OFFEREDPURSUANT TO THE LIABILITY MANAGEMENT TRANSACTIONREFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S.SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"),AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TOU.S. PERSONS UNLESS AN EXEMPTION FROM THE REGISTRATIONREQUIREMENTS OF THE SECURITIES ACT IS AVAILABLE. ANY OFFER

OF SECURITIES PURSUANT TO THE LIABILITY MANAGEMENTTRANSACTION WILL BE MADE BY MEANS OF AN OFFER DOCUMENTTHAT WILL BE PREPARED BY GREECE FOR DISTRIBUTION TOPERSONS ELIGIBLE TO PARTICIPATE IN SUCH OFFER.


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Annex I

21 July 2011 Statement


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COUNCIL OF

THE EUROPEAN UNION

Brussels, 21 July 2011

STATEMENT BY THE HEADS OF STATE OR GOVERNMENT OF THE EURO AREA

AND EU INSTITUTIONS

We reaffirm our commitment to the euro and to do whatever is needed to ensure the financial

stability of the euro area as a whole and its Member States. We also reaffirm our determination to

reinforce convergence, competitiveness and governance in the euro area. Since the beginning of the

sovereign debt crisis, important measures have been taken to stabilize the euro area, reform therules and develop new stabilization tools. The recovery in the euro area is well on track and the euro

is based on sound economic fundamentals. But the challenges at hand have shown the need for

more far reaching measures.

Today, we agreed on the following measures:

Greece:

1. We welcome the measures undertaken by the Greek government to stabilize public financesand reform the economy as well as the new package of measures including privatisation

recently adopted by the Greek Parliament. These are unprecedented, but necessary, efforts tobring the Greek economy back on a sustainable growth path. We are conscious of the efforts

that the adjustment measures entail for the Greek citizens, and are convinced that these

sacrifices are indispensable for economic recovery and will contribute to the future stability

and welfare of the country.


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Private sector involvement:

6. As far as our general approach to private sector involvement in the euro area is concerned, wewould like to make it clear that Greece requires an exceptional and unique solution.

7. All other euro countries solemnly reaffirm their inflexible determination to honour fully theirown individual sovereign signature and all their commitments to sustainable fiscal conditionsand structural reforms. The euro area Heads of State or Government fully support this

determination as the credibility of all their sovereign signatures is a decisive element for

ensuring financial stability in the euro area as a whole.

Stabilization tools:

8. To improve the effectiveness of the EFSF and of the ESM and address contagion, we agree toincrease their flexibility linked to appropriate conditionality, allowing them to:

- act on the basis of a precautionary programme;

- finance recapitalisation of financial institutions through loans to governments including

in non programme countries ;

- intervene in the secondary markets on the basis of an ECB analysis recognizing the

existence of exceptional financial market circumstances and risks to financial stability

and on the basis of a decision by mutual agreement of the EFSF/ESM Member States,

to avoid contagion.

We will initiate the necessary procedures for the implementation of these decisions as soon as

possible.

9. Where appropriate, a collateral arrangement will be put in place so as to cover the risk arisingto euro area Member States from their guarantees to the EFSF.

Fiscal consolidation and growth in the euro area:

10. We are determined to continue to provide support to countries under programmes until theyhave regained market access, provided they successfully implement those programmes. We

welcome Ireland and Portugal's resolve to strictly implement their programmes and reiterate

our strong commitment to the success of these programmes. The EFSF lending rates and

maturities we agreed upon for Greece will be applied also for Portugal and Ireland. In thiscontext, we note Ireland's willingness to participate constructively in the discussions on the

Common Consolidated Corporate Tax Base draft directive (CCCTB) and in the structured

discussions on tax policy issues in the framework of the Euro+ Pact framework.


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11. All euro area Member States will adhere strictly to the agreed fiscal targets, improvecompetitiveness and address macro-economic imbalances. Public deficits in all countries

except those under a programme will be brought below 3% by 2013 at the latest. In this

context, we welcome the budgetary package recently presented by the Italian government

which will enable it to bring the deficit below 3% in 2012 and to achieve balance budget in

2014. We also welcome the ambitious reforms undertaken by Spain in the fiscal, financial and

structural area. As a follow up to the results of bank stress tests, Member States will providebackstops to banks as appropriate.

12. We will implement the recommendations adopted in June for reforms that will enhance ourgrowth. We invite the Commission and the EIB to enhance the synergies between loan

programmes and EU funds in all countries under EU/IMF assistance. We support all efforts to

improve their capacity to absorb EU funds in order to stimulate growth and employment,

including through a temporary increase in co-financing rates.Economic governance:

13. We call for the rapid finalization of the legislative package on the strengthening of theStability and Growth Pact and the new macro economic surveillance. Euro area members will

fully support the Polish Presidency in order to reach agreement with the European Parliament

on voting rules in the preventive arm of the Pact.

14. We commit to introduce by the end of 2012 national fiscal frameworks as foreseen in thefiscal frameworks directive.

15. We agree that reliance on external credit ratings in the EU regulatory framework should bereduced, taking into account the Commission's recent proposals in that direction, and we look

forward to the Commission proposals on credit ratings agencies.

16. We invite the President of the European Council, in close consultation with the President ofthe Commission and the President of the Eurogroup, to make concrete proposals by October

on how to improve working methods and enhance crisis management in the euro area..


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Annex II-1

ANNEX II

Description of Options

1. Exchange into 30 Year Instrument at Par: New Par Bonds

Issuer: Hellenic Republic.

Principal amount: 100% of the principal amount, or (where applicable) theEuro equivalent of the principal amount (determined atthe spot exchange rate on the Rate Fixing Date), ofeligible GGBs offered for exchange.

Maturity: Bullet, 30 years.

Interest rate: The interest rate (which will comprise of an initial rate

applicable to years 15 increasing by 0.50% p.a. foryears 6-10 and a further 0.50% p.a. for years 11-30)will be determined at or about the time of launch of theliability management transaction (the Rate FixingDate) to result in a net present value of 79% of theface value of eligible GGBs tendered.

Such net present value would be calculated as a sumof:

(i) the net present value of interest payments of theNew Par Bonds discounted at the rate of 9% per

annum; and

(ii) the purchase price1 of the New Par BondDefeasance Assets (defined below), which willrepresent the purchase price determined by referenceto the market cost of funding for such issuer of NewPar Bond Defeasance Assets (defined below).

Based on Euro mid-swap rates prevailing on 21 July2011 the initial interest rate for New Par Bonds issuedon that date would have been 4.0%.

Such interest rate will accrue on the principal amount ofthe New Par Bonds (the Notional Principal Amount),notwithstanding the principal defeasance (as describedbelow).

1 For purposes of evaluating the Options in the context of the Letter of Inquiry, please assume the

spread included in the interest rate of the defeasance assets for each Option is the same.


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Annex II-2

Interest payment: Annually, in arrear, actual/actual.

Denomination: Euro1.00, and multiples thereof.

Trading

restrictions:

Tendering holders will be entitled to select between

New Par Bonds that are freely tradable and New ParBonds that are subject to trading restrictions for 10years following the issue date.

Principaldefeasance:

On the issue date, the aggregate principal amount ofthe New Par Bonds shall be defeased by the deliveryon or before the issue date of New Par BondDefeasance Assets to or to the order of a trustee. Thetrustee shall hold such assets on trust for the benefit ofall bondholders (the Trust). As a result of suchprincipal defeasance, the Hellenic Republic will bereleased from its obligation to pay the principal of the

New Par Bonds.

New Par Bond Defeasance Assets means 30-yearbonds issued by one or more sovereigns, supranationalentities, sovereign agencies and/or sovereign-backedentities which are AAA-rated at the time of issuanceand which in aggregate have an initial face value andaccrue interest at a single fixed rate, compoundedannually, such that, on the 30th anniversary of the issuedate of the New Par Bonds, the redemption amount ofthe New Par Bond Defeasance Assets will equal the

Notional Principal Amount of the New Par Bonds.

At maturity of the New Par Bonds, the redemptionamount of the New Par Bond Defeasance Assets willbe released from the Trust and delivered tobondholders.

Claim uponacceleration ofNew Par Bonds:

Upon a default and acceleration of the New Par Bonds,holders would have a claim against the HellenicRepublic (the "Default Payment Amount").

The Default Payment Amount will be equal to:

(i) the Notional Principal Amount, together with allaccrued but unpaid interest thereon through the date ofacceleration, less

(ii) an amount equal to the Defeasance AccretedAmount (provided that the Default Payment Amount willnever be less than zero).


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Annex II-3

The "Defeasance Accreted Amount" will be calculatedby the trustee holding the New Par Bond DefeasanceAssets as the accreted amount of the New Par BondDefeasance Assets on the date of the acceleration ofthe New Par Bonds.

For the avoidance of doubt, the New Par BondDefeasance Assets will continue to be held, for thebenefit of the bondholders, under the Trust until theoriginal maturity date of the New Par Bonds regardlessof acceleration.

Status: Unsecured and unsubordinated obligations of theHellenic Republic.

Negative Pledge: Yes.

Cross Default: Yes.

Collective ActionClause:

Yes. To include aggregation across all bonds (includingbonds to be issued pursuant to the CommittedFinancing Facility) issued pursuant to this transaction.

Purchase andcancellation:

The Hellenic Republic may at any time purchase NewPar Bonds in any manner, in full or in part.

Such New Par Bonds shall be surrendered forcancellation, and (following any such cancellation) theNotional Principal Amount shall be reduced by the

principal amount of the New Par Bonds so cancelledand the corresponding New Par Bond DefeasanceAssets will be released to the Hellenic Republic.

Governing law: English law.

Listing: EU regulated market.

ECB eligibility: The New Par Bonds are expected to be ECB eligible.


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Annex II-4

2. Committed Financing Facility

Holders of eligible GGBs will, in lieu of offering their eligibleGGBs for exchange, be entitled irrevocably and unconditionally to commit, atthe time of settlement of the exchange offers under Options 1, 3 and 4, to

provide financing to Greece (the Committed Financing Facility) at thebeginning of the calendar quarter in which the eligible GGBs in respect ofwhich this Option is selected mature (the Funding Date), by either:

(a) purchasing new bonds, having an initial principal amount equal to theprincipal amount, or (where applicable) the Euro equivalent of theprincipal amount (determined at the spot exchange rate on the RateFixing Date), of the relevant GGBs, and a maturity of 30 years fromtheir issue date (the Rollover Par Bonds).

The interest rate (which will comprise of an initial rate applicable toyears 15 increasing by 0.50% p.a. for years 6-10 and a further 0.50%p.a. for years 11-30) will be determined at or about the time of thelaunch of the liability management transaction (the Rate Fixing Date)in respect of Rollover Par Bonds issued prior to the end of September2014 to result in a net present value of 79% of the face value of therelevant eligible GGBs on the respective Funding Date. Such netpresent value would be calculated as a sum of: (i) the net presentvalue of interest payments of the Rollover Par Bonds discounted atthe rate of 9% per annum; and (ii) the principal amount of the RolloverPar Bonds discounted at the 30-Year Forward Rate (defined below)plus a margin equal to the credit spread for the issuer of the RolloverPar Bonds defeasance assets for the issuance of bonds of similarmaturity on the Rate Fixing Date.

"30-Year Forward Rate" will be the 30-year zero coupon discount ratederived from the forward EUR swaps curve as of the Rate Fixing Datewhich is the forward EUR 30-year mid-swaps rate on thecorresponding future Funding Date as determined on the Rate FixingDate.

For Rollover Par Bonds issued after the end of September 2014, theinterest rate and net present value will be determined at the date ofissuance of those bonds as described above to result in a net presentvalue of 79% of the face value of the relevant eligible GGBs on therespective Funding Date except that the purchase price of theRollover Par Bonds defeasance assets will be determined using the30-year mid swaps rate at or about the date of issue and the creditspread for the issuer of the Rollover Par Bonds defeasance assetsapplicable at the time for the issuance of bonds of similar maturity.


24/39

Annex II-5

Based on Euro mid-swap rates prevailing on 21 July 2011 the initialinterest rate for Rollover Par Bonds issued on that date would havebeen slightly above 4.0%.

Other than the issue date, fixed interest rate, maturity date andpayment dates, the Rollover Par Bonds will have terms substantiallysimilar to the New Par Bonds, including the principal defeasancefeature, and will also be available on a freely transferable basis orsubject to restrictions on trading for 10 years from each relevantRollover Par Bonds issue date (at the option of the holder); or

(b) making a cash advance to Greece in an amount equal to the principalamount, or (where applicable) the Euro equivalent of the principalamount (determined at the spot exchange rate on the Rate FixingDate), of the relevant GGBs. Such advance will accrue interest at a

rate equal to the rate applicable to the Rollover Par Bonds that wouldhave been issued under paragraph (a) of this option, and having termsand conditions substantially similar to the terms and conditions of suchbonds, including the principal defeasance feature.

Entities selecting this Option 2 will be asked to choose either(a) or (b) in respect of the relevant GGBs.

3. Exchange into 30 Year Instrument at Discount: New Discount Bonds


Principal amount: 80% of the principal amount, or (where applicable) theEuro equivalent of the principal amount (determined atthe spot exchange rate on the Rate Fixing Date), ofeligible GGBs offered for exchange.

Maturity: Bullet, 30 years.

Interest rate: The interest rate (which will comprise of an initial rateapplicable to years 15 increasing by 0.50% p.a. for

years 6-10 and a further 0.30% p.a. for years 11-30)will be determined at or about the time of launch of theliability management transaction (the Rate FixingDate) to result in a net present value of 79% of theface value of eligible GGBs tendered.

Such net present value would be calculated as a sumof:


25/39

Annex II-6

(i) the net present value of interest payments of theNew Discount Bonds discounted at the rate of 9% perannum; and

(ii) the purchase price2 of the New Discount Bond

Defeasance Assets (defined below), which willrepresent the purchase price determined by referenceto the market cost of funding for such issuer of NewDiscount Bond Defeasance Assets (defined below).

Based on Euro mid-swap rates prevailing on 21 July2011 the initial interest rate for New Discount Bondsissued on that date would have been 6.0%.

Such interest rate will accrue on the principal amount ofthe New Discount Bonds (the "Notional PrincipalAmount"), notwithstanding the principal defeasance (as

described below).



Tradingrestrictions:

Tendering holders will be entitled to select betweenNew Discount Bonds that are freely tradable and NewDiscount Bonds that are subject to trading restrictionsfor 10 years following the issue date.

Principal

defeasance:

On the issue date, the aggregate principal amount of

the New Discount Bonds shall be defeased by thedelivery on or before the issue date of New DiscountBond Defeasance Assets to or to the order of a trustee.The trustee shall hold such assets on trust for thebenefit of all bondholders (the Trust). As a result ofsuch principal defeasance, the Hellenic Republic will bereleased from its obligation to pay the principal of theNew Discount Bonds.

New Discount Bond Defeasance Assets means 30-year bonds issued by one or more sovereigns,

supranational entities, sovereign agencies and/orsovereign-backed entities which are AAA-rated at thetime of issuance and which in aggregate have an initialface value and accrue interest at a single fixed rate,compounded annually, such that, on the 30th

2For purposes of evaluating the Options in the context of the Letter of Inquiry, please assume the

spread included in the interest rate of the defeasance assets for each Option is the same.


26/39

Annex II-7

anniversary of the issue date of the New DiscountBonds, the redemption amount of the New DiscountBonds Defeasance Assets will equal the NotionalPrincipal Amount of the New Discount Bonds.

At maturity of the New Discount Bonds, the redemptionamount of the New Discount Bond Defeasance Assetswill be released from the Trust and delivered tobondholders.

Claim uponacceleration ofNew DiscountBonds:

Upon a default and acceleration of the New DiscountBonds, holders would have a claim against the HellenicRepublic (the "Default Payment Amount").

The Default Payment Amount will be equal to:

(i) the Notional Principal Amount, together with all

accrued but unpaid interest thereon through the date ofacceleration, less

(ii) an amount equal to the Defeasance AccretedAmount (provided that the Default Payment Amount willnever be less than zero).

The "Defeasance Accreted Amount" will be calculatedby the trustee holding the New Discount BondDefeasance Assets as the accreted amount of the NewDiscount Bond Defeasance Assets on the date of theacceleration of the New Discount Bonds.

For the avoidance of doubt, the New Discount BondDefeasance Assets will continue to be held, for thebenefit of the bondholders, under the Trust until theoriginal maturity date of the New Discount Bondsregardless of acceleration.

Status: Unsecured and unsubordinated obligations of theHellenic Republic.


Cross Default: Yes.


Yes. To include aggregation across all bonds (includingbonds to be issued pursuant to the CommittedFinancing Facility) issued pursuant to this transaction.


The Hellenic Republic may at any time purchase NewDiscount Bonds in any manner, in full or in part.


27/39

Annex II-8

Such New Discount Bonds shall be surrendered forcancellation, and (following any such cancellation) theNotional Principal Amount shall be reduced by theprincipal amount of the New Discount Bonds socancelled and the corresponding New Discount Bond

Defeasance Assets will be released to the HellenicRepublic.


Listing: EU regulated market.

ECB eligibility: The New Discount Bonds are expected to be ECBeligible.

4. Exchange into New 15-Yr Average Life Bonds at Discount: New

Discount Amortising Bonds


Principal amount: 80% of the principal amount, or (where applicable) the Euroequivalent of the principal amount (determined at the spotexchange rate on the Rate Fixing Date), of eligible GGBsoffered for exchange

Maturity: 17 years, amortising in five equal annual instalmentscommencing in year 13.

Interest rate: The interest rate will be determined at or about the time of thelaunch of the liability management transaction (the RateFixing Date) to result in a net present value of 79% of theface value of eligible GGBs tendered.

Such net present value will be calculated as the sum ofprobability weighted cumulative amounts receivable by theinvestor discounted at a rate equal to the zero-coupondiscount rate (deducted from the benchmark EUR swap rate)with a maturity date equal to the respective interest andprincipal amount payment date.

Probability weighting is calculated as year-on-year defaultprobability derived from the assumed credit spread beingequal to the difference between 9% and 15-year EUR swaprate and a recovery assumption of 40%.

Cumulative amounts calculated as the sum of:

(i) all interest and principal payments received from the


28/39

Annex II-9

Hellenic Republic to such date;

(ii) 40% of the outstanding principal amount of the NewDiscount Amortising Bonds (being the assumed market valueof the Trust Assets on such date); and

(iii) in the case of an Early Release Trigger Event, the sum of60% of the outstanding principal amount of the New DiscountAmortising Bonds plus 1 year of accrued interest, in each casemultiplied by the recovery rate assumption of 40%.

Based on Euro mid-swap rates prevailing on 21 July 2011 theinterest rate for New Discount Amortising Bonds issued onthat date would have been 5.9%.

Such interest rate will accrue on the principal amount of theNew Discount Amortising Bonds (being the original principal

amount less any amortisation amounts previously paid andless any Early Release Amounts (as defined below) releasedfrom the Trust Assets), notwithstanding the principaldefeasance (as described below).



Trading restrictions: Tendering holders will be entitled to select between NewDiscount Amortising Bonds that are freely tradable and NewDiscount Amortising Bonds that are subject to trading

restrictions for 5 years following the issue date.Principaldefeasance:

On the issue date, 40% of the aggregate principal amount ofthe New Discount Amortising Bonds shall be defeased by thepayment on or before the issue date of an amount equal to40% of the aggregate principal amount of the New DiscountAmortising Bonds to or to the order of a trustee who shallpurchase Defeasance Bonds (as described below) to be heldby the trustee on trust for the benefit of all bondholders (theTrust, and the Defeasance Bonds and the proceeds of saleor redemption thereof held pursuant to such Trust, the TrustAssets).

The Hellenic Republic will be entitled to receive the interestearned on the Trust Assets prior to their release tobondholders, which interest will not form part of the TrustAssets. The Hellenic Republic will have no residual interest inthe Trust Assets.

The Defeasance The Defeasance Bonds will:


29/39

Annex II-10

Bonds: (i) be issued by sovereigns, supranational entities,sovereign agencies and/or sovereign-backed entities whichare AAA-rated at the time of issuance;

(ii) pay a floating rate of interest on a quarterly basis at a

rate of 3-month EURIBOR plus a spread determined byreference to the market cost of funding for such issuer ofDefeasance Bonds; and

(iii) have the same maturity and amortisation paymentschedule as the New Discount Amortising Bonds.

Scheduled releaseof Trust Assets:

On each amortisation payment date, an amount equal to thelesser of:

(i) 40% of the relevant principal amortisation amount; and

(ii) each holder's pro rata share of the remaining Trust Assets,will be released from the Trust and paid to holders.

The Hellenic Republic will remain obliged to repay an amountequal to 60% of such principal amortisation amount.

Early release ofTrust Assets:

Following the occurrence of an Early Release Trigger Event(as defined below) and determination of a Final Price withrespect to a Credit Event on the Hellenic Republic (each asdetermined in accordance with ISDA credit default swapmarket convention for Western European Sovereigns), the

Trustee will liquidate an amount of the Defeasance Bonds witha face amount equal to the lesser of:

(i) the face amount sufficient to realise cash in an amountequal to the Early Release Amount; and

(ii) each holder's pro rata share of the remaining TrustAssets,

and the liquidation proceeds thereof will be released from theTrust and paid to holders.

The early release of such amounts will decrease the principalamount of the New Discount Amortising Bonds for the purposeof accrual of interest and decrease the amount of Trust Assetsavailable to be released on future amortisation dates (asdescribed above) and/or upon acceleration of the NewDiscount Amortising Bonds.

If the liquidation value of any Defeasance Bonds sold on anyearly release is less than 100%, the Hellenic Republic shall


30/39

Annex II-11

be required on the date of payment of the final instalment ofprincipal (or acceleration) to pay bondholders an amount (a"Make-Whole Amount") equal to the aggregate principalamount of the Defeasance Bonds so liquidated less theirliquidation value, subject to a minimum of zero.

"Early Release Trigger Event" means the occurrence of one orboth of the following events:

(i) non-payment of principal on the New DiscountAmortising Bonds when due on any amortisation date (but, forthe avoidance of doubt, not non-payment of interest only); and

(ii) a Restructuring in respect of the Hellenic Republic(as determined in accordance with ISDA credit default swapmarket convention for Western European Sovereigns).

The Early Release Amount will be an amount calculated inrespect of each New Discount Amortising Bond as:

(i) the outstanding principal amount of each New DiscountAmortising Bond (being the original principal amount less anyamortisation amounts previously paid and less any EarlyRelease Amounts previously released from the Trust Assets);multiplied by

(ii) 100 per cent. minus the Final Price determined by anISDA credit default swap auction in respect of the HellenicRepublic; multiplied by

(iii) 80 per cent.

Release of TrustAssets on maturityor acceleration:

Following redemption of the New Discount Amortising Bonds,whether on final maturity or early acceleration, all remainingTrust Assets will be distributed to holders pro rata.

The Hellenic Republic will remain obliged to repay an amountequal to 60% of the principal amount outstanding of the NewDiscount Amortising Bonds (being, in this case, the originalprincipal amount less any amortisation amounts previouslypaid), plus interest accrued to the date of repayment and any

Make-Whole Amounts. Status: Unsecured and unsubordinated obligations of the Hellenic

Republic.


Cross Default: Yes.


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Annex II-12


Yes. To include aggregation across all bonds (including bondsto be issued pursuant to the Committed Financing Facility)issued pursuant to this transaction.


The Hellenic Republic may at any time purchase New

Discount Amortising Bonds in any manner, in full or in part.

Such New Discount Amortising Bonds shall be surrendered forcancellation, and (following any such cancellation) theoutstanding principal amount of the New Discount AmortisingBonds shall be reduced by the principal amount of the NewDiscount Amortising Bonds so cancelled and thecorresponding Trust Assets shall be released to the HellenicRepublic.


Listing: EU regulated market.ECB eligibility: The New Discount Amortising Bonds are expected to be ECB

eligible.

It is anticipated that this Option 4 will only be made available for GGBsmaturing prior to 1 January 2014, and this Option 4 is expected to be limitedto a maximum of 25% of the aggregate principal amount, or (whereapplicable) the Euro equivalent of the principal amount, of all GGBsparticipating in the liability management exercise or the committed financingfacility.


32/39

Annex III-1

ANNEX III

List of Eligible GGBs

BondIdentification

Number

Issuer Currency Coupon/Coupon

Type

Maturity ISIN

1 Hellenic Republic EUR 3.9 20-Aug-11 GR0114019442

2 Hellenic Railways Organization SA EUR 3.972 08-Sep-11 XS0200419355

3 Hellenic Republic EUR 4.4 19-Dec-11 GR0110020220

4 Hellenic Republic EUR 0 22-Dec-11 GR0326041242


6 Hellenic Republic EUR 2 11-Jan-12 GR0124019531

7 Hellenic Republic EUR 4.3 20-Mar-12 GR0110021236

8 Hellenic Republic EUR FRN 15-May-12 XS0147393861

9 Hellenic Republic EUR 5.25 18-May-12 GR0124018525

10 Hellenic Republic EUR 5.25 20-Jun-12 GR0124020547

11 Hellenic Republic EUR 1 30-Jun-12 GR0106003792


13 Hellenic Railways Organization SA EUR 4.915 13-Sep-12 FR0000489676

14 Hellenic Railways Organization SA EUR 3.5625 21-Dec-12 XS0208636091


16 Hellenic Republic EUR FRN 31-Dec-12 GR0508001121

17 Hellenic Republic EUR FRN 20-Feb-13 GR0512001356


19 Hellenic Railways Organization SA EUR 4.495 02-Apr-13 XS0165688648



22 Hellenic Republic USD 4.625 25-Jun-13 XS0372384064

23 Hellenic Republic EUR 3.9 03-Jul-13 GR012402256824 Hellenic Republic CHF 2.125 05-Jul-13 CH0021839524

25 Hellenic Republic EUR 4.4268 31-Jul-13 GR0110023257

26 Hellenic Republic EUR 4 20-Aug-13 GR0114021463

27 Hellenic Republic EUR 4.52 30-Sep-13 GR0124023574


29 Hellenic Republic EUR 6.5 11-Jan-14 GR0128002590

30 Hellenic Railways Organization SA EUR 5.46 30-Jan-14 XS0142390904


32 Hellenic Republic EUR VAR 21-May-14 XS0097596463





37 Hellenic Republic EUR FRN 04-Feb-15 GR0514020172

38 Hellenic Railways Organization SA JPY 7.35 03-Mar-15 JP530005AR32

39 Hellenic Republic JPY 5.8 14-Jul-15 JP530000CR76





33/39

Annex III-2

BondIdentification

Number

Issuer Currency Coupon/CouponType

Maturity ISIN

43 Hellenic Railways Organization SA EUR 4.68 29-Oct-15 FR0010027557

44 Hellenic Republic EUR 3.7 10-Nov-15 GR0124027617

45 Hellenic Republic JPY 5.25 01-Feb-16 JP530000BS19

46 Hellenic Republic EUR 4.59 08-Apr-16 XS016595667247 Hellenic Republic EUR FRN 11-Apr-16 XS0357333029

48 Hellenic Republic EUR FRN 21-May-16 GR0516003606

49 Hellenic Railways Organization SA EUR FRN 24-May-16 XS0193324380


51 Hellenic Republic JPY 5 22-Aug-16 JP530000CS83


53 Hellenic Republic JPY 4.5 08-Nov-16 XS0071095045

54 Hellenic Railways Organization SA JPY 4.5 06-Dec-16 JP530005ASC0



57 Hellenic Railways Organization SA EUR 4.028 17-Mar-17 XS0215169706

58 Hellenic Republic EUR FRN 04-Apr-17 GR0528002315

59 Hellenic Republic EUR 5.9 20-Apr-17 GR0118012609

60 Hellenic Republic EUR FRN 01-Jul-17 GR0518072922

61 Hellenic Republic EUR FRN 01-Jul-17 GR0518071916

62 Hellenic Republic JPY 4.5 03-Jul-17 XS0078057725


64 Hellenic Republic JPY 3.8 08-Aug-17 XS0079012166

65 Hellenic Republic EUR 4.675 09-Oct-17 GR0118013615


67 Hellenic Republic EUR 4.59 03-Apr-18 GR0120003141

68 Hellenic Republic EUR FRN 05-Jul-18 XS0260024277

69 Hellenic Republic EUR 4.6 20-Jul-18 GR012403064570 Hellenic Republic EUR VAR 22-Feb-19 XS0286916027

71 Hellenic Republic EUR 5.014 27-Feb-19 GR0122002737


73 Hellenic Republic EUR 5 11-Mar-19 IT0006527532

74 Hellenic Republic JPY 3 30-Apr-19 XS0097010440

75 Hellenic Republic EUR VAR 03-Jun-19 XS0097598329

76 Hellenic Republic EUR 6 19-Jul-19 GR0124031650


78 Hellenic Republic EUR 6.5 22-Oct-19 GR0133001140


80 Hellenic Republic EUR 6.25 19-Jun-20 GR0124032666

81 Hellenic Republic EUR VAR 13-Jul-20 XS0224227313


34/39

Annex IV-1

Annex IV

Form of Response to Inquiry

[Response Due Not Later than 5.00 p.m. Central European Time on 9

September 2011]

Strictly Confidential

To: [Name of Regulator]

Attention:

Email:

Fax:

From: [Name of Responding Institution]

Date: __________ 2011

Re: Inquiry Regarding GGB Holdings

We acknowledge receipt of the 25 August 2011 inquiry from theHellenic Republic regarding institutional holdings of GGBs as of 30 June2011 (the Inquiry). Capitalised terms used in this response have themeanings given to those terms in the Inquiry.

We are submitting this response on behalf of the undersigned institution aswell as the following subsidiaries or affiliates of this institution within ourgroup3:

3Include all relevant consolidated and unconsolidated, regulated and unregulated entities

forming part of the corporate group of either (i) the parent regulated institution within theEuropean Union that is submitting this response or (ii), if your parent company is not locatedwithin the European Union, the regulated institution that is submitting the response (unlessanother institution in your corporate group is responding to another regulator in relation tosuch entity).


35/39

Annex IV-2

[Name(s) and address(es) of all relevant entities]

1. We have listed in Schedule 1 to this response all GGBs owned or held

by us (including the subsidiaries and other consolidated entitiesidentified above) as of 30 June 2011 other than GGBs held in acustodian or nominee capacity for third parties.

2. For each such holding of GGBs, we have also indicated the Optionthat we would expect to elect for that holding were a liabilitymanagement transaction consistent with the Options to be presentedto us and other holders of GGBs in the near future. We understandthat this indication is not binding and that our eventual participation insuch a transaction may differ from this indication.

3. We understand that the information contained in this response will beheld by you in strict confidence and only aggregated data (which doesnot identify the name of our institution or our holdings of GGBs) will beprovided to Greece and the other parties charged with implementingthe 21 July 2011 Statement.

Yours faithfully,

[Name of Responding Institution]

Contact Details:

[Name of individual]

Email:

Telephone:

Schedule 1 List of GGB Holdings


36/39

Respondents GGB Holdings

BondIdentification

Number

Legal nameof holder of

GGBs

PrincipalAmount heldas of 30 June

2011

PrincipalAmount sold/transferredsubsequentto 30 June

2011

PrincipalAmountacquired

subsequent to30 June 2011and still held

as of responsedate

Principal Amount in respect of which

Option 1 Option 2

Bond [] [To beprovided byaddressee of

inquiry]

[To beprovided byaddressee of

inquiry]


inquiry]


inquiry]

[To be providedby addresseeof inquiry]


inquiry]

pao

Bond []

* Note that Option 4 is only available for GGBs maturing prior to 1 January 2014.


37/39

IDW zur Abbildung der Risiken aus griechischen Staatsanleihenin Zwischenabschlssen zum 30. Juni 2011

vor dem Hintergrund aktueller Entwicklungen (20.07.2011)

Vor dem Hintergrund der Staatsschuldenkrise in Griechenland haben der Ban-

kenfachausschuss und der Versicherungsfachausschuss des IDW unter Einbe-

ziehung des Vorsitzers des Hauptfachausschusses am 19. Juli 2011 erneut Zwei-

felsfragen der Bewertung griechischer Staatsanleihen beraten. Im Mittelpunkt

stand dabei die Behandlung in Zwischenabschlssen von Kreditinstituten, Versi-

cherungsunternehmen oder anderen Investoren zum 30. Juni 2011, insbesonde-

re ob zu diesem Zeitpunkt ein Erfordernis zu auerplanmigen Abschreibungenbzw. einem impairmentauf griechische Staatsanleihen besteht.

Hiervon ist nach Auffassung des IDW nach heutigem Kenntnisstand auszugehen.

Die Entwicklung der politischen Diskussionen ber die letzten Wochen lsst es

mittlerweile als unwahrscheinlich erscheinen, dass ein Sttzungspaket fr Grie-

chenland ohne Beteiligung privater Glubiger realisiert werden kann. Dement-

sprechend sieht das IDW gegenwrtig keine ausreichend belastbaren Hinweise

fr Lsungsanstze, die eine auerplanmige Abschreibung bzw. ein impair-

mentabwenden knnten. In dieser Einschtzung sieht sich das IDW auch durch

Ausknfte der Bundesregierung besttigt. Vorbehaltlich besserer Erkenntnisse

bis zum Ende des Aufstellungszeitraums kann im Rahmen einer prferischenDurchsicht von Zwischenabschlssen zum 30. Juni 2011 der Prfer den Zwi-

schenabschluss daher nur dann als ordnungsgem beurteilen, wenn der Zwi-

schenabschluss das o.a. Erfordernis zu auerplanmigen Abschreibungen bzw.

zu einem impairmentangemessen bercksichtigt.

Angesichts der erhhten Risiken, die mit Investitionen in griechische Staatsanlei-

hen verbunden sind, und der betrchtlichen Unsicherheiten ber den weiteren

politischen Umgang mit der griechischen Staatsschuldenkrise, ist es nach Auf-

fassung des IDW weiterhin unerlsslich, dass durch die Berichterstattung in An-

hang und/oder Lagebericht eine angemessene Transparenz hergestellt wird. Diefr die Bilanzierungs- und Bewertungsentscheidungen tragenden Argumente und

die mit ihnen verbundenen Unsicherheiten (Risiko einer Beteiligung privater

Glubiger zu noch unbekannten Bedingungen, Verschrfung der Risiken von

Investments in griechische Staatsanleihen) sind von den Bilanzierenden ange-

messen zu erlutern. Darber hinaus sind weiterhin Angaben zur Grenord-

nung des (direkten und indirekten) Exposures notwendig. Dabei sollten auch das

Nominalvolumen bzw. die Anschaffungskosten der Anleihen, ihre aktuellen

Buchwerte und Zeitwerte sowie die auf sie vorgenommenen Abschreibungen

deutlich werden. Im Falle eines Zwischenabschlusses nach IFRS sollten diese

Angaben gesondert fr die Kategorien held to maturity, loans and receivablesund available for saleerfolgen.

Anlage 3


38/39

1

IDW zu den Auswirkungen des Gipfeltreffens der Staats- und Regierungs-

chefs der Euro-Zone am 21. Juli 2011 auf Zwischenabschlsse zum

30. Juni 2011 (29.07.2011)

Der Bankenfachausschuss und der Versicherungsfachausschuss haben unterBeteiligung des Vorsitzers des Hauptfachausschusses die Auswirkungen desGipfeltreffens der Staats- und Regierungschefs der Euro-Zone am 21. Juli 2011auf Zwischenabschlsse von Kreditinstituten, Versicherungsunternehmen oderanderen Investoren zum 30. Juni 2011 errtert. Nach Auffassung des IDW be-sttigen die Beschlsse der Staats- und Regierungschefs zur weiteren Sttzung

Griechenlands die bisherige Einschtzung (vgl. IDW Aktuell vom 20. Juli 2011),dass das Erfordernis besteht, in den Zwischenabschlssen auf griechischeStaatsanleihen auerplanmige Abschreibungen bzw. ein impairmentvorzu-nehmen. Die Beschlsse stellen klar, dass die Sttzung Griechenlands fortannicht mehr allein durch die brigen Staaten der Euro-Zone und den IWF erfolgt,sondern auch die privaten Glubiger herangezogen werden. Damit liegt ein sog.impairment triggerim Sinne von IAS 39.59 nunmehr zweifelsfrei vor.

Das Erfordernis zu auerplanmigen Abschreibungen bzw. einem impairmentsieht das IDW nach dem aktuellen Kenntnisstand nicht nur fr diejenigen Glu-

biger, die in dem sog. financing offerdes IIF namentlich aufgefhrt sind, son-dern auch fr alle anderen Glubiger, die Zwischenabschlsse zum 30. Juni2011 aufstellen. Dieser Sichtweise liegt die berlegung zugrunde, dass dieSttzungsbeitrge der brigen Staaten der Euro-Zone und des IWF unter demVorbehalt der Beteiligung privater Glubiger in dem seitens der Politik geforder-ten Umfang stehen. Mithin kann die weitere Zahlungsfhigkeit Griechenlandsnur bei einem Zusammenwirken von ffentlicher Hand und privaten Glubigernals gewhrleistet unterstellt werden. Unmageblich ist insoweit, dass in der Ab-schlusserklrung der Staats- und Regierungschefs sowie in dem financing offerdes IIF von einer freiwilligen Beteiligung der privaten Glubiger die Rede ist.

Die Beteiligung der privaten Glubiger soll ber einen Anleihetausch bzw. eineReinvestition flliger in neue Anleihen umgesetzt werden, bei der unter derPrmisse einer Umsetzung nach Magabe des financing offer an die Stelleder bislang umlaufenden Anleihen vier optionale Varianten langfristiger und zu-stzlich gesicherter Anleihen treten. Das Erfordernis zu auerplanmigen Ab-schreibungen bzw. einem impairmenterstreckt sich grundstzlich auf smtlicheheute umlaufenden Anleihen, die Gegenstand des Tauschs bzw. der Reinvesti-tion sein knnen. Weder der Abschlusserklrung noch dem financing offeristabschlieend zu entnehmen, dass dies nur fr Anleihen mit einer bestimmten

maximalen Restlaufzeit gelten soll. Dennoch wird in den dem IDW bislang be-kannten Auslegungen der Abschlusserklrung bzw. des financing offerdurch-

Anlage 4


39/39

weg davon ausgegangen, dass nur diejenigen Anleihen Gegenstand einesTauschs bzw. einer Reinvestition seien, die sptestens bis Ende des Jahres2020 fllig werden. Vor diesem Hintergrund sind auerplanmige Abschrei-bungen bzw. ein impairmentauf diejenigen Anleihen nicht zwingend, die erstnach Ende des Jahres 2020 fllig werden, sofern der Bilanzierende davon aus-geht, dass diese Anleihen aufgrund der Sttzungsmanahmen vollstndig be-dient werden knnen, und er auch nicht beabsichtigt, sie im Rahmen des ge-planten Rckkaufprogramms zu einem unter dem aktuellen Buchwert liegendenWert zu veruern.

Fr die Bemessung des auerplanmigen Abschreibungsbedarfs bzw. desimpairmentlossbei Anleihen, die den Kategorien held to maturityoder loansand receivableszugeordnet sind, ist zu bercksichtigen, dass deren Wert ma-geblich durch die cash flowskonstituiert wird, die der Bilanzierende nachTausch bzw. Reinvestition aus den neuen Anleihen erwarten kann. Nach demfinancing offersollen alle vier Varianten der neu auszugebenden Anleihen soausgestattet werden, dass bezogen auf einen (rechnerischen) Nominalwert von100% die knftigen Zins- und Tilgungszahlungen zu einem Barwert von 79%fhren. Nach Auffassung des IDW ist es aus Praktikabilittsgrnden nicht zubeanstanden, wenn fr Zwecke der Bewertung in den Zwischenabschlssen

zum 30. Juni 2011 dieser Barwert den bisherigen Buchwerten gegenbergestelltund eine negative Differenz als Betrag der auerplanmigen Abschreibungbzw. als impairment lossangesehen wird; der Barwert von ggf. bis zum Vollzugdes Umtausches zu erwartenden Zinszahlungen aus der einzutauschendenAnleihe ist ergnzend zu bercksichtigen. Ferner weist das IDW darauf hin,dass es nach IAS39.AG84 alternativ mglich ist, den auerplanmigen Ab-schreibungsbedarf bzw. impairment lossauf Grundlage des Marktwerts der An-leihe zum Stichtag des Zwischenabschlusses zu ermitteln.

Bei Anleihen der Kategorie available for saleverlangt IAS 39.67-68 im Falle

eines impairmenteine Umbuchung der negativen Differenz zwischen dem fairvaluezum Abschlussstichtag und den Anschaffungskosten (d.h. des kumulier-ten Kursverlustes) aus der Neubewertungsrcklage in die Gewinn- und Verlust-rechnung, wobei fr die Ermittlung des fair valuedie Grundstze vonIAS 39.AG69-AG82 gelten. Dies kann zur Folge haben, dass in den Zwischen-abschlssen zum 30. Juni 2011 eine Ergebnisbelastung eintritt, die den ange-sichts des Umfangs der Beteiligung der privaten Glubiger tatschlich zu erwar-tenden Verlust berzeichnet. Es empfiehlt sich auf solche Folgen in geeigneterForm im Anhang oder Lagebericht hinzuweisen.

Letter of Inquery - Venizelos

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