Despite the positive assessment by the Hellenic Financial Stability Fund, I have reached certain decisions that I would like to share with you today. I have completed a course of 25 years as Chairman of the Bank and 30 years in the development and management of banking and other financial institutions.

In these 25 years in Piraeus Bank, an exceptional task has been accomplished. Starting from December 1991 with 200 employees and a market share of 0.1% of the Greek banking market, we created a Bank with a significant size, in excess of 20,000 employees and a market share close to 30%. We have played a crucial role in the restructuring of the banking system, we developed innovative products and services, we supported the business community and contributed to the economic growth. Electronic banking, green banking and agri-banking are only a few examples.

Nevertheless, it is obvious that, after the completion of the last recapitalization, a new corporate and economic environment has emerged for the banking system and also for Piraeus Bank. In this new environment, the experience of senior executives, but mostly the dynamism of younger management is required, who will bear the responsibility to lead the Bank in this new era.

Considering the recent developments, I have informed competent authorities from the beginning of 2016 of my intention not to participate in the new organizational structure of the Group.