PISC to Seize Operations on August

PISC to Seize Operations on August

PISC has moved its decisions about which companies will be included in Article 6 and which will receive short-term funding, to mid –late August.

Sources indicate that the Commission met yesterday on the above subjects (initial meeting was scheduled for July 27), but didn’t make any decisions, since the required audits were not completed by the departments. PISC board members, however, considered the case of Proti Insurance, especially the modified short-term funding program submitted by the five intermediaries.

These agents have informed the Commission that they intend to take the burden off the company by covering its share capital increase with a loan from Proton Bank.

The modification of the program concerns the decision not to take the loan of 15 million directly from the bank as individuals, but through a brokerage firm, which was formed for this sole purpose.

Meanwhile, according to the same sources the 15 million euro loan has been disbursed by Proton Bank and deposited into a special account from which it will be transferred to First Insurance’s account in order to immediately commit to the guaranty of funds, if PISC approves the firm’s special participation in the insurer’s capital.

Decision expected sometime in  August.

Click here for the Greek article.

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