MEP Maria Zacharia (NI) has submitted a priority written question to the European Commission, raising concerns about the independence of the monitoring trustee and the effective risk transfer under the 'Hercules' programme (SA.53519), a state guarantee mechanism for securitisation of non-performing loans (NPLs) approved by the Commission. Zacharia's question, dated 11 June 2026, targets the programme's compliance with its approval conditions, potentially affecting Greek banks, NPL servicers, investors, and EU taxpayers who bear the risk of state guarantees.
The question, submitted under Rule 144 of the European Parliament's rules of procedure, asks the Commission to address three specific issues. First, Zacharia questions whether direct or indirect professional, financial, or business relationships between the monitoring supervisor and entities in the NPL market would undermine the independence of the supervisory mechanism, and what measures the Commission intends to take. Second, she requests that the Commission review whether credit institutions' financial involvement or control over funds, servicers, or vehicles that acquired or managed NPLs compromised the substantive transfer of risk required by the programme's approval. Third, she calls for the publication—even partially and with redactions—of independence assessment documents, monitoring trustee reports, and correspondence with Greek authorities regarding the programme's approval, implementation, extension, and renewal.
The 'Hercules' programme, which allows Greek banks to securitise NPLs with a state guarantee, was approved on the condition of an independent monitoring mechanism and effective risk transfer outside the banking system. Zacharia's question suggests that publicly available data raise doubts about these conditions being met, potentially exposing the EU budget to hidden liabilities. The Commission is expected to reply within approximately six weeks, and its answer will signal its stance on the programme's compliance and transparency.
Zacharia's question pushes for stricter oversight and transparency in state aid programmes, advocating for independent supervision and genuine risk transfer to protect public finances. The expected follow-up is a Commission response that will clarify whether it will investigate the allegations, demand corrective measures, or disclose relevant documents.